国有股权、环境不确定性与投资效率

State Ownership,Environment Uncertainty and Investment Efficiency

本文从融资约束的视角,研究了环境不确定性对投资效率的影响。研究结果表明,环境不确定性与企业投资偏离度正相关,其中,在国有控股公司中投资偏离表现为投资过度,而在非国有控股公司中则表现为投资不足。进一步研究发现,非国有控股公司的环境不确定性所引起的投资偏离提高了公司价值;而国有控股公司的环境不确定性所引起的投资偏离降低了公司价值。本文的结论表明,已有文献由于没有考虑融资约束对企业投资的影响,其所估计的企业投资偏离并不完全等同于投资效率的低下;其次,由于国有控股公司与非国有控股公司在融资约束方面的差异,使得两类公司在面对环境不确定性时所采用的投资策略也存在差异。

Based on financing constrained theory, this paper tests the effect of environment uncertainty on the investment efficiency. Results show that environment uncertainty is positively related with investment deviation. The state-owned companies are associated with underinvestment, while the non-state-owned companies are associated with overinvestment. Further studies show that in non-state-owned companies, investment deviation induced by environment uncertainty will improve firm value, while in state-owned companies, it will lower firm value. This paper demonstrates that the degree of investment deviation is not mean lower investment efficiency when estimated by ignoring the effect of investment constraint. Furthermore, because the investment constraint and management incentive are different between state-owned companies and non-state-owned companies, they adopt different distinct investment policies to cope with environment uncertainty.