产业政策、政府支持与公司投资效率研究

发布时间：2018-03-29 10:03

本文选题：产业政策　切入点：政府支持　出处：《管理世界》2017年03期

【摘要】：本文研究产业政策、政府支持与公司投资效率的关系。研究发现,相对未受产业政策鼓励或未受产业政策重点支持的公司,受产业政策鼓励或重点支持公司的政府补助、长期负债较多,且该结果在省委书记或省长任期较长条件下更为显著;与此同时,公司政府补助、长期负债越多,其投资水平越高,投资效率越低,过度投资程度越高;进一步地,相对未受产业政策鼓励或未受产业政策重点支持阶段,受产业政策鼓励或重点支持阶段的公司政府补助、长期负债与投资水平(投资效率)的正(负)相关关系更强,过度投资也更为严重。研究表明,为促进地区经济发展,地方政府偏好基于国家产业政策,为本地区公司提供资金支持;然而,政府与公司间的信息不对称问题可能降低资源配置效率,引发公司过度投资,影响产业政策实施效果。本文不仅为产业政策实施的负面效应研究提供了证据,还拓展并丰富了政策不确定性与公司投资行为、产业政策与公司决策的相关研究。本文研究结论对产业政策实施的市场体系建设具有重要启示。
[Abstract]:This paper studies the relationship between industrial policy, government support and company investment efficiency. The long-term debt is more, and the result is more obvious under the condition of the long term of the provincial party secretary or governor, at the same time, the more the long-term debt, the higher the investment level, the lower the investment efficiency and the higher the degree of overinvestment. Further, companies that are relatively not encouraged by industrial policies or supported by key industrial policies, or which are encouraged or supported by industrial policies, are subsidized by the government, The positive (negative) correlation between long-term debt and investment level (investment efficiency) is stronger and overinvestment is more serious. Research shows that in order to promote regional economic development, local governments prefer to be based on national industrial policies. Providing financial support to companies in the region; however, information asymmetries between governments and firms can reduce resource allocation efficiency and trigger overinvestment by companies, This paper not only provides evidence for the study of negative effects of industrial policy implementation, but also expands and enriches policy uncertainty and corporate investment behavior. The conclusions of this paper have important implications for the construction of market system in the implementation of industrial policy.
【作者单位】：复旦大学管理学院;
【基金】：国家自然科学基金项目(71272072、71572042)的资助
【分类号】：F121.3;F275;F812.45

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