通过对政府干预企业投资活动的理论阐释与动机的分析，本文研究了政府干预对企业投资效率与价值的影响。研究发现：（1）整体而言，政府干预加剧了企业的过度投资，对企业投资不足的缓解却具有非对称性。（2）由于产权控制特征的不同，政府干预对企业投资效率的影响存在差异，民营企业的投资不足和地方国有企业的过度投资对地区政府干预程度的敏感性交替最大化。（3）政府干预对国有企业投资不足的缓解，是政府推动投资扩张动机整体抬高了投资率的结果。（4）进一步的研究发现：在政府干预程度较高的地区，地方国有企业的过度投资与市场价值之间显著正相关；相反，在市场化进程较快的地区，民营企业的投资不足则具有负面的市场反应。企业投资效率与价值效应的非一致性表明，政府干预是经济转型过程中市场化程度滞后的一种制度性替代机制。
Abstract
Based on explanation and motivation of government intervention in enterprise investment activities, this paper studies the effect of government intervention, property characteristics on enterprise investment efficiency. The results show that: (1) Overall, the government intervention exacerbated overinvestment, but cannot ease underinvestment. (2) Due to property control characteristics, the influence of government intervention on the efficiency of business investment is different. Overinvestment of local state-owned enterprises and underinvestment of private enterprises have maximum sensitivity of the government's intervention. (3) The government intervention ease underinvestment of state-owned enterprises is the results of government investment expansion motivation, and raises the whole investment rate. (4) Further study found out that in the high government intervention area, between overinvestment of the local state-owned enterprises has significant positive correlation to the market value; on the contrary, in the area where marketization develops faster, private enterprise investment has a negative market reaction. As the investment efficiency and value effect are not coincident, the government intervention is a kind of substitution mechanism of market economic transition process.
关键词
政府干预 /
制度环境 /
产权特征 /
投资效率
Key words
government intervention /
institution environment /
property pattern /
capital investment
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] 经济增长前沿课题组.高投资、宏观成本与经济增长的持续性[J].经济研究,2005(10):12-23.
[2] 杨培鸿.重复建设的政治经济学分析:基于委托代理框架的模型[J].经济学季刊,2006(1):468-480.
[3] Shang-Jin Wei.Wasted Capital:Firm Ownership and Investment Efficiency in China[J].IMF Working Paper,2007 No.07/9.
[4] Shleifer,Vishny,1997.A Survey of Corporate Governance[J].Journal o f Finance,52(4):737-783.
[5] Cohen,Coval and Malloy,2011,Do Powerful Politicians Cause Corporate Downsizing?[J].Journal of Political Economy,119(6):1015-1062
[6] Thomas and Philpp,2013.Efficient Recapitalization[J].Journal of Finance,13(1) :1-42.
[7] 周黎安.晋升博弈中政府官员的激励与合作——兼论我国地方保护主义和重复建设问题长期存在的原因[J].经济研究,2004,12(6):33-41.
[8] Hongbin Li and Li-An Zho,2005,Political Turnover and Economic Performance:the Incentive Role of Personnel Control in China[J].Journal of Public Economics,(89):1743-1762.
[9] 林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004,1(2):12-23.
[10] Firth, Michael, Lin, Chen and Wong, Sonia,2008. Leverage and Investment under a State-owned Bank Lending Environment: Evidence from China [J],Journal of Corporate Finance,14(5) : 642-653.
[11] Dewatripont and Maskin, 1995. Credit and Efficiency in Centralized and Decentralized Economies [J]. Review of Economic Studies, 62, 541-555.
[12] Rawski, Thomas G., 2001. What is Happening to China's GDP Statistics? [J]. China Economic Review, 12(4): 347-354.
[13] Chong-En Bai, JiangYong Lu, and ZhiGang Tao, 2006. The Multitask Theory of State Enterprise Reform: Empirical Evidence from China [J]. American Economic Review, 96(2): 353-357.
[14] 郝颖,刘星.政府干预、资本投向与结构效率[J].管理科学学报,2011(4):52-72.
[15] 孙铮, 刘凤委, 李增泉. 市场化程度、政府干预与企业债务期限结构[J]. 经济研究,2005(5):52-63.
[16] 方军雄. 政府干预、所有权性质与企业并购[J]. 管理世界, 2008, 9(9): 10- 19.
[17] 樊纲,王小鲁.中国市场化指数——各地区市场化相对过程2011 年度报告[M].北京:经济科学出版社.
[18] Richardson,S.Over-investment of Free Cash Flow[J].Review of Accounting Studies,2006,126(11):159-189.
[19] Gary C.B,Gilles,H,Rodrigo,S,2009.How Does Financial Reporting Quality Relate to Investment Efficiency[J].Journal of Accounting and Economics,48(7):112-131.
[20] Almeida,H.and M.Campello,2007.Financial Constraints,Asset Tangibility,and Corporate Investment[J].Review of Financial Studies,20(5):1429-1460.
基金
本文为国家自然科学基金项目（71372137，71232004，70902030），教育部人文社科项目（09YJC630242），重庆大学中央高校基本科研资助项目（CDJSK11002，CQDXWL-2012-166） 和重庆市重大决策咨询研究课题（2013-ZB-04）的阶段性成果。
PDF(1 KB)
