政府层级、制度环境与投资机会——基于中国上市公司的实证证据

Governmental Hierarchy、Institutional Environment and Investment Opportunity Based on Empirical Study of Chinese listed Company

本文从政府层级、制度环境与投资机会的角度出发，运用因子分析方法，对投资机会集、制度环境变量提取了主成分，以2005～2009年沪深A股上市公司为研究样本，实证检验了政府层级、制度环境对投资机会的影响。研究发现：制度环境对政府控制公司和非政府控制公司的投资机会影响不同，对政府控制公司影响显著；且不同层级的政府控制企业影响程度也有差异；政府是否控制会对企业投资机会产生影响：省政府是否控制在1％的水平下对企业的投资机会具有显著的正向影响，市政府是否控制在5％的水平下对企业的投资机会具有显著的正向影响，中央政府和县政府是否控制对企业的投资机会影响并不显著；政府控制企业会比非政府控制企业获得更高的成长性和可持续发展能力。

This article from the perspective of government hierarchy, institutional environment and investment opportunities, in Shanghai and Shenzhen A-share listed companies as research samples, use factor analysis method to extract the principal component of variables to the investment opportunity set and institutional environment, and empirical test the influence of government hierarchy, institutional environment to investment opportunities. According to this research, we have discovered that there is difference influence of institutional environment to investment opportunity between government controlling corporation and non-government controlling corporation. The influence of institutional environment to government controlling corporation is notable, and these differences also exist in different hierarchy of government controlling corporation. Whether government control will affect corporation investment opportunities. Government controlling enterprises will have growth and sustainable devel- opment ability is higher than non-government controlling corporation.