金融危机下公司实力、治理质量与投资研究——来自金融危机背景下中国制造业上市公司的证据

Research on the Corporate Strength,Governance and Investment under the Financial Crisis

本文利用中国制造业上市公司的季度平衡面板数据,采用双重差分和固定效应模型,探讨金融危机对公司投资的影响,并进一步分析金融危机背景下公司的财务实力、竞争优势以及治理质量与投资之间的关系。回归结果表明,在全球金融风暴的冲击下,中国制造业上市公司的投资额明显降低,但是,那些拥有雄厚财务实力、良好竞争优势以及完善治理机制的公司,受金融海啸的冲击程度较小,其投资支出在金融危机中表现出较强的抗跌性。

Using the balanced panel data of Chinese listed companies, this paper discusses the effect of firms＇ cash, competitive advantage and corporate governance on the investment before and after the onset of the crisis by the methods of differences - in - differences approach and fixed effect model. The results show that corporate investment declines significantly following the onset of the financial crisis. However, firms＇ cash, competitive advantage and corporate governance could mitigate the negative impact of the crisis on investment. The evidence suggests that sufficient cash, sustainable cornpetitive advantage and effective corporate governance play important roles in firms＇ long term development