摘要
为研究宏观政策环境波动对微观企业行为的影响,对央地产业政策协同与农业企业专用性投资的关系进行探讨。以2008-2022年我国沪深A股上市的农林牧渔行业企业为样本,对中央层面和地方省级层面产业政策进行文本量化,运用熵值法和耦合协调度模型测度央地产业政策协同水平,结合农业上市企业数据,采用普通最小二乘法进行实证检验。结果表明:1)央地产业政策协同促进了农业企业专用性投资。2)央地产业政策协同通过提高企业风险承担能力、降低现金持有和缓解融资约束,促进了农业企业专用性投资。3)相比于央地选择性产业政策协同,央地功能性产业政策协同对农业企业专用性投资具有更强的促进效果;相比于国有和处在低市场化地区的农业企业,民营和处在高市场化地区的农业企业更容易受到央地产业政策协同对专用性投资的激励作用。因此,产业政策的制定和执行要注重协同性,地方政府应与中央政策保持一致,缓解央地政策间相互冲突、不协调等问题,从而降低企业的不确定性预期,促进企业投资。
To explore the impact of macroeconomic policy environment fluctuations on microenterprise behavior,the relationship between the central and local industrial policy synergy and the specific investment in agricultural enterprises are discussed.The agricultural industry enterprises listed on the Ashare markets in China from 2008 to 2022 are taken as samples in this study.The industrial policy texts at the central and local provincial levels are quantified.The entropy method and coupling coordination model are used to measure the level of central and local industrial policy synergy.Combined with the data from agricultural listed enterprises,the ordinary least squares method is adopted to conduct empirical testing.The research findings indicate that:1)The central and local industrial policy synergy promoted specific investment in agricultural enterprises.2)The central and local industrial policy synergy promoted specific investment in agricultural enterprises by enhancing the risk-taking capacity of enterprises,reducing cash holdings,and alleviating financing constraints.3)Compared to the central and local selective industrial policy synergy,the central and local functional industrial policy synergy had a stronger promoting effect on specific investment in agricultural enterprises.Compared to state-owned enterprises and enterprises located in low marketization areas,the private enterprises and enterprises located in high marketization areas are more susceptible to the incentive effect of the central and local industrial policy synergy on specific investment.Therefore,the formulation and implementation of industrial policies should focus on policy synergy.Local governments should maintain consistency with central policies,alleviate conflicts and inconsistencies between central and local policies,reduce uncertainty expectations of enterprises,and promote enterprise investment.
作者
李子婕
何玉成
LI Zijie;HE Yucheng(College of Economics and Management,Huazhong Agricultural University,Wuhan 430070,China)
出处
《中国农业大学学报》
CAS
CSCD
北大核心
2024年第7期259-271,共13页
Journal of China Agricultural University
基金
现代农业产业技术体系建设专项(CAR-21)
国家自然科学基金项目(71573098)。
关键词
央地产业政策协同
专用性投资
熵值法
耦合协调度模型
农业上市企业
central and local industrial policy synergy
specific investment
entropy method
coupling coordination model
agricultural listed enterprise
