契约执行效率与地区工业投资差异——基于行业样本的实证研究
发布时间：2018-08-03 15:02
【摘要】：长期以来中国工业投资的地区分布极其不平衡,然而鲜有文献从不完全契约视角研究这一问题。在构建引入不完全契约的投资决策模型的基础上,利用中国30个省份26个工业行业的数据进行了实证研究。研究结果表明,契约执行效率是中国地区工业投资的一个决定因素,其对地区工业投资的正影响随着行业契约密集度的增大而提高。选择合理的工具变量克服契约执行效率的内生性问题,采用两阶段工具变量法进行回归,结果表明契约执行效率对地区工业投资的影响仍然显著为正。在一系列的稳健性检验中,上述结论均非常稳健。
[Abstract]:For a long time, the regional distribution of industrial investment in China has been extremely uneven, but few literatures have studied this issue from the perspective of incomplete contract. Based on the construction of an investment decision model with incomplete contracts, the empirical research is carried out on the basis of the data of 26 industries in 30 provinces of China. The results show that the efficiency of contract execution is a decisive factor of industrial investment in China, and its positive influence on regional industrial investment increases with the increase of contract intensity. Choosing reasonable tool variables to overcome the endogenous problem of contract execution efficiency and adopting two-stage tool variable method to regression the results show that the impact of contract execution efficiency on regional industrial investment is still significantly positive. In a series of robustness tests, the above conclusions are very robust.
【作者单位】： 西南财经大学经济学院;
【基金】：国家社会科学基金一般项目“基于不完全契约的金融市场化改革对经济增长的影响效应及机制研究”(17BJL035) 中国国家留学基金青年骨干教师出国研修项目(201606985008)
【分类号】：F424
本文编号：2162116
[Abstract]:For a long time, the regional distribution of industrial investment in China has been extremely uneven, but few literatures have studied this issue from the perspective of incomplete contract. Based on the construction of an investment decision model with incomplete contracts, the empirical research is carried out on the basis of the data of 26 industries in 30 provinces of China. The results show that the efficiency of contract execution is a decisive factor of industrial investment in China, and its positive influence on regional industrial investment increases with the increase of contract intensity. Choosing reasonable tool variables to overcome the endogenous problem of contract execution efficiency and adopting two-stage tool variable method to regression the results show that the impact of contract execution efficiency on regional industrial investment is still significantly positive. In a series of robustness tests, the above conclusions are very robust.
【作者单位】： 西南财经大学经济学院;
【基金】：国家社会科学基金一般项目“基于不完全契约的金融市场化改革对经济增长的影响效应及机制研究”(17BJL035) 中国国家留学基金青年骨干教师出国研修项目(201606985008)
【分类号】：F424
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