地区活力和公司投资的同步性

发布时间：2018-02-27 09:42

本文关键词： 地区活力公司投资同步性溢出效应　出处：《山西财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：改革开放三十年来,我国经济发展取得了举世瞩目的成就。与世界上一些其他经济体的发展经验相类似,投资增长对推动我国经济增长起到了举足轻重的作用。但在经济高速增长的背后却存在着投资额不足、投资效率低等问题,中国改革过程中形成的粗放式投资模式不足以支撑经济持续增长的需要,上市公司的投资规模和投资效率均有提升空间。我国又是一个多地区与产业发展不平衡的国家,若对经济发展的研究能够从一个独特的视角切入,着眼于在有关人的相互作用下企业之间的相互传染与联动,既有利于加强企业技术、知识、人才等的交流,促进企业投资与成长,又在很大程度上能活跃区域经济,促进地区与产业之间的协同发展。本文的目的在于研究我国公司投资是否具有地区同步性,并分析说明地区活力是造成公司投资同步性的一个重要影响因素。文章选取我国997个A股上市公司2001—2015年的数据为样本,借鉴Casey Dougal等对地区活力的度量方法,研究了地区活力对公司投资同步性的作用,具有理论和现实意义。本文的创新之处在于将我国地区活力和公司投资放在同一研究框架进行分析,并立足于地区活力作用的角度研究公司投资的同步性。本文先将地区活力定义为某地区范围内的公司在经济活动中由人的内生相互作用所引起的溢出效应,通过传染、扩散等方式对周围其他公司产生影响;其次结合理论和实际分析发现,样本期间我国各地区公司投资率在数值上有明显差异,且这种差异是持续性的,说明同一地区公司投资具有地区性特征;随后在掌握计量经济学研究方法及借鉴前人研究的基础上,运用投资率相关指标对样本公司进行了实证分析,发现单一公司投资受到同一地区不同行业其他公司投资的显著影响,且该影响为正,由此得出结论:同一地区的公司投资具有同步性;而后,从地区外生特性、宏观因素、公司之间的活力作用三方面探究造成公司投资同步性的原因,通过分析比较与实证研究,在排除“非活力”因素的基础上更加明确内生“活力”因素的作用,文中以房屋土地等不动产价值变动为例进行说明地区活力的影响。最后提出增强我国地区活力、促进经济增长的政策建议。政策建议从多个角度全面阐释,一方面企业应加强其自主创新能力与自身管理和建设,另一方面社会及政府也急需完善相关政策措施,建立良好的人才机制,加快产业结构调整与转型升级,同步推进区域经济可持续发展。
[Abstract]:During the past 30 years of reform and opening up, China has made remarkable achievements in economic development, which is similar to the development experience of some other economies in the world. Investment growth has played an important role in promoting China's economic growth. However, behind the rapid economic growth, there are problems such as insufficient investment, low investment efficiency, etc. The extensive investment model formed in the course of China's reform is not enough to support the need for sustained economic growth, and the investment scale and efficiency of listed companies have room for improvement. If the study of economic development can be carried out from a unique perspective and focus on the interaction and interaction between enterprises under the interaction of relevant people, it will be helpful to strengthen the exchange of technology, knowledge, talents, etc., among enterprises. To promote the investment and growth of enterprises, to a large extent, it can activate the regional economy and promote the coordinated development between the regions and industries. The purpose of this paper is to study whether corporate investment in our country has regional synchronism. The regional vitality is an important factor that causes the synchronism of company investment. This paper selects the data of 997 A-share listed companies from 2001 to 2015 as a sample, and draws lessons from Casey Dougal to measure the regional vitality. It is of theoretical and practical significance to study the effect of regional vitality on the synchronism of corporate investment. The innovation of this paper lies in the analysis of regional vitality and corporate investment in the same research framework. Firstly, this paper defines regional vitality as the spillover effect caused by the endogenous interaction of human beings in the economic activities of a certain region, through contagion, the regional vitality is defined as the spillover effect caused by the endogenous interaction of human beings in the economic activities of a certain region. Secondly, combined with theoretical and practical analysis, it is found that during the sample period, there are significant differences in the investment rate of companies in different regions of our country, and this difference is persistent. It shows that corporate investment in the same area has regional characteristics, and then, on the basis of mastering econometric research methods and drawing lessons from previous studies, the paper makes an empirical analysis on the sample companies by using the relevant indicators of investment rate. It is found that the investment of a single company is significantly affected by the investment of other companies in different industries in the same area, and the influence is positive. It is concluded that the investment of a company in the same region is synchronous, and then, from the regional extrinsic characteristics, the macro factors, This paper probes into the causes of the synchronism of the company's investment from three aspects of the dynamic function of the company. Through the analysis, comparison and empirical research, it makes clear the role of the endogenous "vitality" factor on the basis of excluding the "non-dynamic" factor. This paper takes the change of real estate value, such as housing and land, as an example to illustrate the influence of regional vitality. Finally, it puts forward some policy suggestions for enhancing regional vitality and promoting economic growth. On the one hand, enterprises should strengthen their independent innovation ability and their own management and construction. On the other hand, the society and government also need to improve relevant policies and measures, establish a good talent mechanism, and accelerate the adjustment and upgrading of industrial structure. Promote the sustainable development of regional economy simultaneously.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F127;F832.51;F275

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