摘要
选择沪深股市2004～2008年的非金融类上市公司为样本,参照Jorgenson(1963)的古典投资模型、Richardson(2006)的投资效率模型,从企业投资支出模型出发,以政府控制为研究背景,实证检验了产品市场竞争对企业投资效率的影响。从提供的经验证据表明:产品市场竞争有利于提高企业的投资效率,产品市场竞争越激烈的行业,投资效率越高;政府控制的企业对产品市场竞争的敏感性较低,由此扭曲了企业的投资行为,降低了投资效率。
Taking non-financial listed companies in Shanghai and Shenzhen Stock Markets as the sample,based on government control,this paper empirically analyzes the influence of product market competition on investment efficiency with Jorgenson's neo-classical model and Richardson's investment efficiency model.The result shows: product market competition helps to improve the efficiency of corporate investment;the more intense product market competition in the industry,the more efficient the investment is;government-controlled enterprises is less sensitive to product market competition,and government control of the company distorts investment behavior and reduces the efficiency of investment.
出处
《软科学》
CSSCI
北大核心
2010年第12期19-23,共5页
Soft Science
基金
河北省自然科学基金资助项目(10457206D-11)
