摘要
本文在有效控制企业最优投资支出的基础上,在双边随机边界模型统一框架下研究融资约束与政府补贴对战略性新兴产业非效率投资的影响。研究发现:政府补贴引起的战略新兴产业企业实际投资支出增加难以弥补融资约束对最优投资支出抑制,两者的净效果使得战略新兴产业企业投资支出较最优投资支出水平低于了4.8%,表现为投资不足。此外,增加股权融资和债权融资可缓解融资约束程度,大规模企业反而获取政府补贴较少。战略性新兴产业非效率投资在产权以及行业之间存在异质性。
Two-tier stochastic frontier model is emploied to measure the investment inefficiency by combining financial constraint and government subsidies,followed by empirical tests based on data of strategic emerging industries listed companies from 2006 to 2013.In addition,impacts of various financial factors on financial constraint and government subsidies are discussed.The empirical results show that the existence of financial constraint resulted in 31.4%loss of investment efficiency;and government subsidies lead the investment expenditure exceeding its optimal level of 26.7%.The net effect of financial constraint and government subsidies lead the listed firms over-invest 4.8% above the optimal rate.Furthermore,the increase of equity financing and debt financing are helpful to alleviate the financial constraint faced by firms,while large firms get less government subsidies.At last,the investment inefficiency is quiet different among various equity and industry of strategic emerging industries listed companies.
出处
《中国管理科学》
CSSCI
北大核心
2015年第S1期411-418,共8页
Chinese Journal of Management Science
基金
国家社科基金资助项目(14BJY00)
教育部人文社科规划项目(09YJA790162)
关键词
战略性新兴产业
融资约束
政府补贴
非效率投资
双边随机边界模型
the strategic emerging industries
financial constraints
government subsidies
investment efficiency
two-tier stochastic frontier model
