产业政策对企业投资效率的影响研究

发布时间：2018-03-05 01:26

  本文选题：产业政策　切入点：投资效率　出处：《湖南大学》2015年硕士论文　论文类型：学位论文

【摘要】：投资作为企业的一项重要经济活动,其效率的高低往往影响着企业盈利绩效和未来发展,因此,国内外学者一直对投资效率研究领域十分关注。但从目前的研究现状来看,学者们在探讨该问题时大多将微观企业行为与宏观经济政策割裂开来讨论。事实上,公司投资的财务决策都是外部环境和微观主体共同演进的结果,特别是在中国,强政府干预的特征事实在研究企业投资效率时绝不容忽视。而国家产业政策作为国家干预经济的重要方式,通过提供给行业内企业倾斜性的发展资源,影响着其投资行为及效率。因此,研究宏观产业政策给企业投资效率带来的影响及作用的路径,具有一定的理论和现实意义。本文融合了政府干预、产业政策等相关理论,借鉴了已有相关文献的最新研究成果,采用实证研究的方法探讨产业政策对企业投资效率的影响及其作用路径,并在此基础上,进一步的研究了不同企业特征背景下产业政策与投资效率的关系。研究发现：产业政策将显著影响企业的投资效率,受产业政策支持的企业,其非效率投资行为将减少,即产业政策的支持与企业投资效率呈正相关关系；在短期内,产业政策主要是通过缓解企业融资约束而改变其投资效率的,由于政策的支持在短时间内无法有效增加企业的投资机会,因此无法通过提高投资机会而引起投资效率的变化；另外,产业政策主要影响民营企业的投资效率,政策的支持将使受激励的民营企业提高资源配置的效率,而产业政策并不能有效作用于国有企业,政策的扶持与国有企业投资效率的关系并不显著。在企业生命周期阶段方面,产业政策的实施将提高成长期企业的投资效率,对衰退期企业的资源配置效率将造成负面影响,对成熟期企业投资效率的作用不显著。
[Abstract]:Investment as an important economic activity of the enterprise, its efficiency affects enterprise profit and future development, therefore, the domestic and foreign scholars have been very concerned about the research in the field of investment efficiency. But from the current research, the scholars in the discussion of the problem most of the micro enterprises and macro economic policy separated discussion. In fact, the company's financial investment decisions are the external environment and microcosmic evolution of the results, especially in China, in strong government intervention in investment research on enterprise efficiency can not be overlooked. The national industrial policy as an important way of state intervention in the economy, by providing resources for development of enterprises in the industry tilt the influence of the investment behavior and efficiency. Therefore, the path effect of macro industrial policy brings to the enterprise investment efficiency and effect, and has a certain The theoretical and practical significance. This paper combines the government intervention, the theory of industrial policy, referring to the latest research results of the existing literature, using empirical research methods to explore the impact of the efficiency of investment industrial policy for the enterprise and its role in the path, and on this basis, further study the relationship between industrial policy and investment efficiency of different background enterprise characteristics. The study found: industrial policy will significantly affect the efficiency of investment, industrial policy support of the enterprise, the non efficiency investment behavior will be reduced, which is positively support industrial policy and enterprise investment efficiency related; in the short term, the industrial policy is mainly through alleviate the financing constraints and change its investment efficiency due to the policy support, in a short period of time can not effectively increase the investment opportunities, investment efficiency caused by increasing investment opportunities to 鐨勫彉鍖栵紱鍙﹀��,浜т笟鏀跨瓥涓昏�佸奖鍝嶆皯钀ヤ紒涓氱殑鎶曡祫鏁堢帲�

本文编号：1568163