第
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刘晓敏
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Reform of Administrative Approval System
,
Nature of Business
Ownership and Corporate Investment Efficiency
FAN Shaojun
1
, YANG Youhong
2
& LIU Xiaomin
2
(
1. School of Accountancy
,
Central University of Finance and Economics
,
Beijing 100081
,
China
;
2. School of Business
,
Beijing Technology and Business University
,
Beijing 100048
,
China
)
Abstract
: By using the data of Chinese listed companies during the years from 2001 to 2012, with the business investment
in fixed assets and intangible assets as the main object, this paper establishes relevant mathematical model, uses multiple regres鄄
sion method, and empirically analyzes the impact of administrative approval system reform on corporate investment scale and effi鄄
ciency. This study finds that with other factors controlled, the administrative approval system reform can significantly increase the
investment scale of enterprises, and its role in increasing business investment scale is of non鄄linear relationship with a greater im鄄
pact on non鄄state鄄owned holding companies. However, the regression analysis shows that the administrative approval system re鄄
form fails to improve the investment efficiency of enterprises, which reduces the investment efficiency of enterprises.
Key Words
: administrative approval; institution reform; nature of ownership; investment scale; investment efficiency
(
本文责编
摇
王沈南
)
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