Financial Development,Bank Loans and Corporate Investment
研究银行贷款对中国上市公司过度投资的控制作用，发现该作用在民营企业中更强且随地区金融发展增强，但2003年银行业改革未提升此效果。
On the perspective of corporate investment,this paper examines the control effect of bank loans in China.The empirical results show that,bank loans have control effect on overinvestment problem in the Chinese listed companies,but this control effect does not strengthen with regional financial development in China, the third-stage banking reform beginning in 2003 also does not enhance this control effect Further evidence shows that the control effect of bank loans is stronger in private listed companies than that in state-owned listed companies.What's more,the control effect of bank loans in private listed companies will strengthen by regional financial development in China.Whatever the nature of ownership is,the third-stage banking reform does not enhance this control effect in both types of companies.This research not only contributes to comparing the role of debt in different institutional environment,but also helps explore the effect of regional financial development and banking reform in China dynamically.