非国有企业投资行为研究

Investment Pattern of Non-state Owned Firms in China

本文考察了处于转型和市场不完善情况下，以非国有企业为主体的大型乡镇企业的投资行为。研究表明，企业的财务结构、市场地位和所有权状况直接影响其投资决策。这些企业的投资对流动性状况和内部融资的可获得性都十分敏感，但并不受外部资金的获得情况的影响。企业投资行为与人格化的银企关系并不相关，但却与企业的市场潜力、产品出口及研发支出密切相关。模糊的集体产权对投资的影响是负效应的，而界定清晰的个人产权对投资产生正的效应。

This paper examines investment pattern of sizable non-state owned firms in China's emerging and incomplete market.Evidence shows that firms'financial structure,market position and ownership status significantly contribute to investment decisions.Specifically,these firms'investment is highly sensitive to the liquidity position and the availability of internal funds,but is not affected by the accessibility of external funds.Investment of firms is also unrelated to the personalized bank-firm relationship. Moreover,investment pattern is strongly linked with market potential,commodity ex- port,and R&D expenditure.Finally,while vague collective property rights negatively relating to investment,a clearly defined personalized entrepreneur's ownership has a positive effect.