摘要
现有关于公司治理机制对投资效率影响,主要是从公司内部结构出发,检验对投资效率的治理效果。本文的研究则从外部制度环境的三个指标(政府干预程度、金融市场化程度、中介市场发育与法律环境)出发,利用2003—2011年上市公司数据,系统探究影响公司治理与投资效率关系的制度因素。结果表明,较低的政府干预程度和较高金融发展水平,能增加公司治理对投资效率的促进作用,但这一促进作用并没有随地区法律环境改善而有所增强。这一研究结果有助于深入理解上市公司普遍投资效率低下制度原因。
Almost all of the literature related the impact of corporate governance mechanism on investment efficiency, which were studied from corporate internal structure perspective,examined the governance effect of investment efficiency. Using data of listed companies in China from 2003 to 2011, this paper conducts a research from three indicators of the external institutional enviromnent （the degree of government intervention, the level of financial marketization, and the level of intermediary market development and legal environment） to study the institutional factors which affect the relationship between corporate governance and investment efficiency. The results indicate that the lower degree of government intervention and the higher level of financial marketization can improve the function of corporate governance on investment efficiency, but this effect can not be strengthened by the improving regional legal environment. The findings contribute to deeply understand the institutional reasons of listed companies＇ low investment efficiency in China.
出处
《证券市场导报》
CSSCI
北大核心
2013年第12期28-34,共7页
Securities Market Herald
关键词
制度环境
公司治理
投资效率
institutional environment, corporate governance, investment efficiency
