Xie Weimin.Regional Differences and Influencing Factors of Corporate Investment Efficiency in China[J].The Journal of quantitative and technical economics,2018,(9):41-59 |
中国企业投资效率省际差异及影响因素研究 |
Regional Differences and Influencing Factors of Corporate Investment Efficiency in China |
|
DOI: |
中文关键词: 企业投资效率 投资不足 过度投资 省际差异 |
英文关键词: Corporate Investment Efficiency Under-investment Over-investment Regional Differences |
基金项目:本文获得国家自然科学基金项目(71302055)和中国博士后科学基金项目(2017M621020、2017T100135)的资助。 |
|
Hits: |
Download times: |
中文摘要: |
研究目标:研究中国不同省份的企业投资效率水平的差异,以及省际层面因素对地区企业投资效率差异的影响。研究方法:以2007~2016年我国非金融类A股上市公司为样本,并运用多元回归方程模型。研究发现:中国企业投资效率整体水平还存在投资效率偏离最优水平问题,但是样本期间内逐渐提升,而且不同省份间企业投资效率存在较大的差异,东部地区企业投资效率长期保持较好水平,中部地区与东部地区企业投资效率较为接近,其次是东北地区,最差是西部地区。但自2014年以来,东北地区投资效率下滑厉害,成为投资效率最差的地区。进一步研究发现,地区层面的经济发展水平、市场化程度、法律环境、非国有经济发展程度、政府干预、金融市场发展程度的差异是解释地区间企业投资效率差异的重要原因。研究创新:为评价地区间企业投资效率差异提供了证据,也为理解地区间经济增长速度和质量差异提供了新的解释。研究价值:完善地区制度环境,提高企业投资效率、缩小地区间经济增长差异。 |
英文摘要: |
Research Objectives:This paper studies the differences of enterprises investment efficiency among different provinces in China, and the influence of provincial level factors on enterprises investment efficiency. Research Methods:Based on the sample of non-financial A-share listed companies in China during 2007~2016, this paper uses the model of multiple linear regression equation. Research Findings:The empirical results show that the investment efficiency of enterprises among different provinces in China has significant differences. The investment efficiency of enterprises in the eastern region has long maintained a high level. The investment efficiency of the enterprises in the central region is close to that in eastern regions, and followed by the northeast. The investment efficiency of the enterprises in the western region is the worst. However, since 2014, the investment efficiency in Northeast China has declined sharply, and become the worst. Further, this paper finds that the regional economic development level, the degree of marketization, the degree of government intervention, the degree of financial development, the degree of legal environment, the degree of non-state economy development are the important reasons for explaining the difference of enterprises investment efficiency among different provinces in China. Research Innovations:The findings of this paper provide evidence for evaluating the difference of investment efficiency among different regions in China, and also provide a new explanation for the understanding the difference of economic growth rate and quality difference among different provinces. Research Value:Providing countermeasures for improving the regional environment, increasing the investment efficiency of enterprises, and reducing the differences in economic growth among different regions. |
View Full Text
View/Add Comment Download reader |
Close |