企业集团、政府干预与投资效率

Business Group, Government Intervention and Investment Efficiency

中文关键词:  企业集团  政府干预  投资效率  所有制  工具变量  政策冲击

英文关键词:business group  government intervention  investment efficiency  ownership  instrumental variable  policy shock

中文摘要:

      利用2003—2012年中国上市公司数据,文章实证分析了企业集团、政府干预及其交互作用对企业投资效率的影响。研究结果表明:首先,企业集团降低了非效率投资从而提高了投资效率,并且企业集团对投资效率的影响具有对称性,即对于过度投资样本,企业集团可以降低过度投资程度；对于投资不足样本,企业集团可以减少投资不足程度。其次,政府干预增加了非效率投资从而降低了投资效率,并且这种影响主要集中于过度投资样本。再次,企业集团可以缓解政府干预对投资效率的负面影响。文章的研究结论对监管机构、上市公司以及投资者均具有重要的启发意义。

英文摘要:

      Using the data of China's listed companies during the years from 2003 to 2012, this paper empirically analyzes the impact of business group and government intervention as well as their interaction upon investment efficiency. The research results indicate the following. Firstly, business group reduces the inefficient investment and thus improves the investment efficiency. Moreover, the impact of business group upon investment efficiency is symmetrical, i.e. in the case of overinvestment, business group may reduce the degree of overinvestment, but in the case of underinvestment, business group can reduce the degree of underinvestment. Secondly, government intervention increases the inefficient investment and thus reduces the investment efficiency, the impact of which mainly focuses on the case of overinvestment. Thirdly, business group can reduce the negative impact of government intervention on investment efficiency. This research conclusion in this paper is of great importance and enlightening to regulatory authority, listed company and investors. 