摘要
本文基于2003-2010年A股上市公司数据,检验了企业投资效率的动态变化。结果表明:我国企业尤其是国有控股企业的投资效率随国资监管改革显著改善,但在次贷危机期间有所降低。融资约束增大会加深投资效率下降,国有控股则有助于减轻投资效率的下降。随政府控制层级的降低,国有控股企业的投资效率逐次降低,省级政府控股企业的投资效率随改革进程的变化最为显著。控股权性质对企业投资效率的影响呈减弱趋势,这反映出市场的有效性逐渐增强。
Based on a sample of China＇ s listed companies in 2003-2010, the investment efficiency＇s change has been empirical- ly examined. The results indicate that： The investment efficiency of Chinese finns especially the SOEs is being significantly im- proved by the state assets supervision reform, but decreases during the subprime crisis. Financing constraints will deepen the decline of investment efficiency, while the state-owned holding can mitigate this decline. The investment efficiency of SOEs is gradually reduced from the central SOEs to the local government controlled, and the efficiency of provincial SOEs is most sig- nificantly improved with the reform and reduced by the crisis. The impact of the nature of majority shareholder on firms＇ in- vestment efficiency is gradually weakened, which means the China＇s market efficiency is being improved.
出处
《投资研究》
北大核心
2013年第9期15-32,共18页
Review of Investment Studies
基金
国家自然科学基金资助项目(71102054)
中央高校基本科研业务费项目(ZYGX2010J124)的资助
关键词
国资监管改革
次贷危机
投资效率
控股权性质
State Assets Supervision Reform
Subprime Crisis
Investment Efficiency
Nature of Majority Shareholder
