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本文以2007-2013年我国上市公司为研究对象,从投资效率和贷款违约视角,考察了企业的利润操控行为对信贷配置效率的影响。研究发现,企业通过利润操控获取信贷资源后,进行了更多的过度投资,表现出更高的贷款违约概率。从而说明,企业的利润操控行为影响了银行的信贷配置方式,扭曲了信贷资源的配置效率。本文从贷款企业的利润操控行为出发,为优化信贷资源的配置效率提供了一个全新的视角,弥补了现有文献较为片面的认识。
In this paper, the listed companies in China from 2007 to 2013 as the research object, from the perspective of investment efficiency and loan default, the paper examines the impact of profit manipulation behavior of enterprises on credit allocation efficiency. The study finds that after the enterprises get credit resources through profit manipulation, they make more overinvestment and show higher probabilities of loan defaults. This shows that the profit manipulation behavior of enterprises affects the bank’s credit allocation and distorts the allocation efficiency of credit resources. This paper, starting from the profit control behavior of loan enterprises, provides a brand new perspective for optimizing the allocation efficiency of credit resources and makes up for the one-sided understanding of the existing literature.