摘要
文章基于沪深A股上市公司2013—2018年制造业的面板数据,运用OLS模型和Heckman模型分析在市场化调节作用下经济政策不确定性对企业投资选择的影响。研究发现:(1)总体上,经济政策不确定性越高越会促使企业增加研发创新和对外股权投资,而且还会减少对固定资产的投资;(2)从市场化进程的调节作用来看,市场化程度较高区域的企业在面临经济政策不确定性增强时会提高对固定资产的投资,而对研发创新和对外股权投资的影响则不显著;(3)进一步从产权性质视角分析发现,市场化程度较高区域的非国有企业偏好于固定资产投资,而国有企业则不显著;从企业内部治理结构视角分析来看,在市场化调节作用下"两职分离"、企业人员学历较低以及技术人员占比较高的企业偏好于固定资产投资,而股权集中度较高的企业则偏好于研发创新投资。
Based on the panel data of the manufacturing industry of Shanghai and Shenzhen A-share listed companies from 2013 to 2018,the article uses the OLS model and Heckman model to analyze the impact of economic policy uncertainty on enterprise investment choices under the market regulation.The research found that:(1)Generally speaking,the higher the uncertainty of economic policies,the more enterprises will be encouraged to increase R&D innovation and foreign equity investment,and they will also reduce their investment in fixed assets;(2)From the perspective of the regulatory role of the marketization process,Enterprises in areas with a higher degree of marketization will increase their investment in fixed assets when they face increased uncertainty in economic policies,while the impact on R&D innovation and foreign equity investment is not significant;(3)Further analysis from the perspective of the nature of property rights Non-state-owned enterprises in regions with a relatively high degree of marketization prefer fixed-asset investment,but state-owned enterprises are not significant;from the perspective of analysis of the internal governance structure of the enterprise,under the effect of market-based adjustment,the"two-job separation",enterprise personnel with low education and Enterprises with a higher proportion of technicians prefer fixed asset investment,while those with a higher concentration of equity prefer investment in R&D and innovation.
出处
《投资研究》
CSSCI
北大核心
2020年第2期25-42,共18页
Review of Investment Studies
基金
国家社科基金青年项目“全要素劳动力视角下我国金融异化对实体经济的影响研究”(项目编号:18CJY055)
关键词
经济政策不确定性
市场化指数
企业投资
投资选择
Uncertainty of economic policy
Marketization index
Corporate investment
Investment choice
作者简介
严复雷:西南科技大学经济管理学院副教授,博士,主要研究方向为国际贸易学、金融学;通讯作者:史依铭,西南科技大学经济管理学院硕士研究生,主要研究方向为公司金融;黎思琦:西南科技大学经济管理学院硕士研究生,主要研究方向为区域经济。
