河南师范大学学报(哲学社会科学版)

投资和融资是企业重要的财务决策，二者间的互动关系和影响机制对企业发展意义重大。本文基于企业所有制差异，以2008—2018年沪深A股上市企业为研究样本，考察商业信用对企业投资效率的直接影响，以及商业信用通过缓解创新投资活动中的融资约束状况而对企业投资效率产生的间接激励作用。研究发现，商业信用通过发挥债权的相机治理作用提升了企业的投资效率，缓解了企业投资不足；企业研发强度在商业信用和企业投资效率的关系中发挥了重要的纽带作用，商业信用通过缓解融资约束提升企业创新投资水平，由此引发的行业同群效应会增加行业竞争程度，降低企业非效率投资。另外，就企业所有制差异而言，利用商业信用，非国有企业不仅能更有效地直接缓解非效率投资状况，也能更好地通过增加投资力度而间接提升投资效率。就企业规模差异而言，小规模企业投资效率在直接效应和间接效应中获益更加明显。因此，应引导不同企业合理利用商业信用、适度提升研发强度，实现投资效率的优化。

Investment and financing are important financial decisions for enterprises, and the interaction and influence mechanism between the two can have a meaningful impact on the development of enterprises. Based on the perspective of the differences in enterprise ownership, this study takes the Shanghai and Shenzhen A-share listed enterprises from 2008 to 2018 as a research sample to investigate the direct impact of commercial credit on the investment efficiency of enterprises and the indirect incentive effect by alleviating the financing constraints in innovative investment activities. The research found that commercial credit promotes the efficiency of enterprise investment by playing the role of contingent governance of creditor's rights, which mainly shows that it alleviates the underinvestment of enterprises. The intensity of enterprise research and development plays an essential role in the relationship between commercial credit and enterprise investment efficiency. Specifically, commercial credit helps enterprises to increase innovation investment by easing financing constraints, which leads to the industry group effect that will increase the degree of industry competition and thus reduce enterprises' non-efficient investment. In addition, regarding the difference in enterprise ownership, the investment efficiency of non-state-owned enterprises can benefit more from both direct and indirect effects. In terms of differences in the size of enterprises, the investment efficiency of small-scale enterprises benefits more clearly from direct and indirect effects. Therefore, different enterprises should be guided to reasonably use commercial credit and moderately increase research and development intensity to optimize investment efficiency.