贵州财经大学学报

贵州财经大学学报 ›› 2022 ›› Issue (04): 61-70.

• 金融经济 • 上一篇    

地方经济增长压力提升企业投资效率了吗

张广胜1, 李园园1, 陈明利2   

  1. 1. 辽宁大学 商学院, 辽宁 沈阳 110036;
    2. 上海理工大学 管理学院, 上海 200093
  • 收稿日期:2021-10-03 发布日期:2022-07-22
  • 作者简介:张广胜(1970—),男,河南信阳人,博士,教授,博士生导师,研究方向为宏观经济与公司金融;李园园(1991—)(通讯作者),男,山东滨州人,博士研究生,研究方向为宏观经济与公司金融;陈明利(1986—),男,河南信阳人,上海理工大学管理学院财政系讲师,研究方向为公共经济学理论、微观公司金融研究。
  • 基金资助:
    国家社会科学基金重点项目"以人为核心的新型城镇化下提高农业转移人口市民化质量研究"(21AZD044);国家社会科学基金一般项目"国有资本投资运营公司经济行政型治理模式研究"(21BGL110);国家社会科学基金一般项目"不确定性容忍度对创业企业家创业激情持续性影响机理研究"(19BGL080)。

Does the pressure of local economic growth improve the efficiency of enterprise investment

ZHANG Guang-sheng1, LI Yuan-yuan1, CHEN Ming-li2   

  1. 1. Business School of Liaoning University, Shenyang Liaoning 110036, China;
    2. School of management of Shanghai University of technology, Shanghai 200093, China
  • Received:2021-10-03 Published:2022-07-22

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摘要： 通过手动搜集我国2007~2019年地方经济增长目标数据构建地方政府经济增长压力指标,探讨该指标对地方微观企业投资效率的影响和作用机制。研究表明,地方经济增长压力能够显著抑制辖区内企业的非效率投资,这种影响路径通过提升公司治理水平实现。由于产权、区域和行业异质性等的差异导致经济增长压力驱动企业投资效率的效应各有不同,基于产权性质视角,地方经济增长压力驱动企业投资效率的影响对民企更显著;基于国有企业控制层级视角,对地方国企的影响更显著;基于区域市场化进程视角,对中西部地区企业影响更为明显。进一步研究发现地方经济增长压力带来的公司治理水平的提高是促使企业投资效率提升的重要原因。

关键词: 经济增长压力, 投资效率, 公司治理

Abstract: by manually collecting the local economic growth target data of China from 2007 to 2019, this paper constructs the local government economic growth pressure index, and discusses the impact and mechanism of this index on the investment efficiency of local micro enterprises. The research shows that the pressure of local economic growth can significantly inhibit the inefficient investment of enterprises in the jurisdiction, which is realized by improving the level of corporate governance. Due to the differences of property rights, regional and industrial heterogeneity, the effects of economic growth pressure on enterprise investment efficiency are different. From the perspective of property rights, the impact of local economic growth pressure on enterprise investment efficiency is more significant for private enterprises; Based on the perspective of the control level of state-owned enterprises, the impact on local state-owned enterprises is more significant; Based on the perspective of regional marketization process, the impact on enterprises in the central and western regions is more obvious. Further research found that the improvement of corporate governance under the pressure of local economic growth is an important reason to improve the investment efficiency of enterprises.

Key words: economic growth pressure, Investment efficiency, corporate governance

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