Heterogeneity in the effects of bank lines of credit on capital investment efficiency
研究了银行信贷额度如何通过影响托宾Q中的增长机会和股票估值来改善企业资本投资效率，并发现其正面效应在经济下行、市场情绪低迷和贷款标准严格时减弱，对高融资约束、高杠杆和短运营周期的企业帮助更大。
Abstract This paper explores the effects of bank lines of credit on corporate investment efficiency. Credit lines impact capital investment efficiency by influencing fundamental growth opportunities and non‐fundamental stock valuations in Tobin's Q. Furthermore, firms with credit lines reduce under‐investment, contributing to an overall improvement in investment efficiency. Although credit lines enhance capital investment efficiency, their positive impact diminishes during economic downturns, low market sentiment, and stringent lending standards. Firms characterized by specific traits, such as high financial constraints, high leverage, and short operating cycles, tend to derive greater benefits in capital investment efficiency through access to credit lines.