市场化进程、融资约束对民营企业投资效率地区差异的影响

The Influence of Marketization Process and Financing Restriction on the Regional Difference of Investment Efficiency of Private Enterprises

各地区经济发展的不平衡与民营企业投资效率密切相关,本文以2010~2016年我国民营企业A股上市公司为样本,通过计算东、中、西、东北四个地区民营企业投资效率,比较发现东部地区民营企业投资效率最高、中部地区次之、东北和西部地区投资效率较低;另外,东北地区投资过度问题最为严重,西部投资不足问题突出。进一步分析发现,地区市场化进程对投资过度与投资不足均有抑制作用;融资约束可以抑制投资过度,但会加剧投资不足。地区市场化进程加强了融资约束对投资过度的抑制,两者在一定程度上具有协同作用;地区市场化水平缓解了融资约束对投资不足的影响,表现出一定的治理效应。分析在不同市场化进程以及融资约束程度下地区民营企业投资效率差异,拓展了各地区政府以及民营企业提高投资效率,缩小地区间经济差距的思路与途径。

The imbalance of economic development in various regions is closely related to the investment efficiency of private enterprises.Based on A-share listed companies of private enterprises in China from 2010 to 2016,by calculating the investment efficiency of private enterprises in four regions,i.e.the East,the middle,the West and the northeast,it is found that the investment efficiency of private enterprises in the East is the highest,followed by that in the middle,and the investment efficiency in the northeast and the west is lower;in addition,the northeast is the second The problem of over investment is the most serious,and the problem of under investment in the west is prominent.Further analysis shows that the process of Regional Marketization can inhibit both over investment and under investment,and financing constraints can restrain over investment,but aggravate the under investment.The process of Regional Marketization strengthens the inhibition of financing constraints on over investment,which has a synergistic effect to a certain extent;the level of Regional Marketization eases the impact of financing constraints on investment deficiencies,showing a certain governance effect.This paper analyzes the differences of investment efficiency of regional private enterprises in different marketization processes and financing constraints,which provides a new way for local governments and private enterprises to improve investment efficiency and narrow the economic gap between regions.