摘要
选取我国制造业中小板上市公司2007—2011年数据,首先利用数据包络分析对企业投资效率进行定量评价。进而运用Tobit模型考察企业政治关联、分析师跟踪及其交互作用对企业投资效率的影响。研究表明:自2007年以来,我国中小企业投资效率呈现波动性变动,但总体而言逐步提高。国有中小企业政治关联与投资效率显著负相关。而非国有中小企业政治关联与投资效率正相关但并不显著。作为一种外部治理手段,不论在国有企业还是非国有企业,分析师跟踪均能显著提高企业的投资效率。政治关联与分析师跟踪的交互作用可以提高企业投资效率。国有企业中,二者对投资效率的影响呈现一种替代关系,而非国有企业中,呈现一种互补关系。
Selecting the manufacturing industry companies of China＇ s small and medium-sized board stock market as sample, we firstly use the method of DEA to quantitatively evaluate the investment efficiency of manufacturing SMEs. And then employ the Tobit regression model to analyze the impact of political connections, analyst following and the interaction of these two factors on their investment efficiency. We find that since the year of 2007, the efficiency of investment in small and medium enterprises in China presented a changing in volatility, but overall, it is gradually increasing. Furthermore, the political connections of our state-owned SMEs and their investment efficiency are significantly and negatively related while the non-state-owned SMEs are positively related but not significant. Thirdly, as means of external governance, analysts following can significantly improve the efficiency of investment. No matter it is state-owned or not. Lastly though it＇ s not significant, there still underlies a substitutional relationship between political connections and analysts following in state-owned SMEs and a complementary relationship in non-state-owned SMEs.
出处
《贵州财经大学学报》
CSSCI
北大核心
2014年第6期57-65,共9页
Journal of Guizhou University of Finance and Economics
