行政审批制度改革、企业所有权性质与企业投资效率

Reform of Administrative Approval System,Nature of Business Ownership and Corporate Investment Efficiency

使用中国上市公司2001—2012年的数据,以企业固定资产和无形资产投资为主要研究对象,建立相关的数学模型,采用多元回归方法,实证分析了行政审批制度改革对企业投资规模和投资效率的影响。研究发现,在控制了其他因素以后,行政审批制度改革能显著提高企业的投资规模,与企业投资规模的提高呈非线性关系,并且其对非国有控股企业的影响更大。但是行政审批制度改革并没有提高企业的投资效率,而是降低了企业的投资效率。

By using the data of Chinese listed companies during the years from 2001 to 2012, with the business investment in fixed assets and intangible assets as the main object, this paper establishes relevant mathematical model, uses multiple regression method, and empirically analyzes the impact of administrative approval system reform on corporate investment scale and efficiency. This study finds that with other factors controlled, the administrative approval system reform can significantly increase the investment scale of enterprises, and its role in increasing business investment scale is of non-linear relationship with a greater impact on non-state-owned holding companies. However, the regression analysis shows that the administrative approval system reform fails to improve the investment efficiency of enterprises, which reduces the investment efficiency of enterprises.