Lines of Credit and Investment Efficiency
研究发现银行信用额度能缓解企业融资约束、提升投资效率，但对融资约束少、治理差或政治关联强的企业，反而可能引发过度投资和效率损失。
As an important means of financing and external sources of liquidity,the bank lines of credit play an increasingly important role in the firms' operations and liquidity management.However,not all firms can use lines of credit efficiently after they obtain them.This paper empirically verifies that in general the access to lines of credit can mitigate the firms' financing constraints and improve investment efficiency.However,for those firms facing fewer financing constraints,with poorer quality of corporate governance or stronger political connections,the access to bank lines of credit is less likely to promote investment efficiency.The results of this study indicate to some extent that,the bank lines of credit not only play a role in easing financing constraints, but may also cause over-investment and efficiency distortions for firms with higher agency costs.