中文摘要：

本文从金融生态环境视角,研究金融资源配置对企业产能过剩的影响。在中国金融抑制和地区金融生态环境差异化的背景下,金融资源配置与产能利用率负相关,与产能过剩概率正相关。金融生态环境改善,一方面能提升产能利用率,但另一方面却会通过金融资源配置降低产能利用率。金融生态环境越好的地区,银行信贷资源配置导致产能利用率下降更为严重,引发产能过剩的概率更大,但债券融资影响产能利用状况的地域差异性没有得到验证。金融生态环境增强银行借款与产能利用率负相关性的作用情况,只存在于产能过剩行业。企业产能扩张的深层动因在于,股东利用金融生态环境优势,进行负债扩张,可以提升净资产收益率。银行借款与发行债券这两种负债融资方式之间,存在替代效应。

英文摘要：

From the view of financial ecological environment, this paper studies the influence of financial resource allocation on the enterprise overeapacity. Under the background of financial repression and the diversity of the regional financial ecological environment, the financial resource allocation is negatively related to the capacity utilization, but positively related to the probability of overcapacity. Improving financial ecological environment on one hand can promote capacity utilization, but on the other hand, may reduce capacity utilization through the financial resource allocation. In regions of better financial ecological environment, the credit resources reduce capacity utilization more seriously and are more likely to lead to overcapacity,while the regional difference of bond financing affecting the capacity utilization is not verified. Only in industries of overcapacity, financial ecological environment enhances the negative correlation between bank loan and capacity utilization. The deeper reason of enterprise capacity expansion is the measure that shareholders expand with debt, taking advantage of financial ecological environment, can increase return on equities. There is substitution effect between bank loan and issuing bonds as well.