摘要
本文以1998~2019年A股上市公司为样本,检验了22年来我国上市公司投资水平的变化趋势。研究发现:公司的投资水平随时间推移下降,且相比国企,非国企的下降幅度更大。这种下降趋势主要是由逐年上升的经济政策不确定性,以及2003年和2008年颁布的一系列宏观调控政策造成的,部分可归因于企业自身特征变化和逐渐从紧的货币政策。进一步分析表明,企业的投资效率随着时间推移上升,且投资总量的下降趋势在去产能行业中更明显;非效率投资对企业价值的削弱作用则逐年递减。本文的结论具有一定政策意义,表明政府在制定经济政策调控企业投资效率时,也应注意频繁变动的政策对企业投资水平的负面影响。
Using a sample of Chinese A-share listed companies from 1998 to 2019,we examine the changing trend of the investment level of China’s listed companies in the past 22 years.We show that the corporate investment level has declined over time,and non-state-owned enterprises fell more sharply than state-owned enterprises.This downward trend is mainly caused by the increasing economic policy uncertainty and the series of macro-control policies promulgated in 2003 and 2008,partly due to changes in the company’s own characteristics and the gradual tightening of monetary policies.Furthermore,the investment efficiency has risen over time,and the downward trend of total investment is more obvious in the capacity reduction industry.The weakening effect of inefficient investment on enterprise value decreases year by year.The conclusion of this paper has certain policy significance,indicating that the government should pay attention to the negative impact of frequently changing policies on the level of corporate investment when formulating economic policies to regulate the investment efficiency.
作者
李青原
卢小玉
Qingyuan Li;Xiaoyu Lu(Economics and Management School,Wuhan University,Wuhan,Hubei,China 430072)
出处
《当代会计评论》
2022年第3期40-59,共20页
Contemporary Accounting Review
基金
国家社会科学基金重大招标项目“政府职能转变的制度红利研究”(批准号:18ZDA113)的资助
关键词
企业投资
投资效率
经济政策不确定性
corporate investment
investment efficiency
economic policy uncertainty
