政府干预,债务融资与地方国有上市公司投资不足

Government Intervention,Debt Financing and Under-investment of Local Listed SOEs

投资不足是影响国有企业健康发展的重要因素之一。本文以中国2009—2014年地方国有上市公司为研究对象,检验了政府干预、债务融资对国有上市公司投资不足的影响。研究发现:投资不足的样本数量占所有非效率投资国有上市公司总量的53%,超过了投资过度的样本。资产负债率对国有上市公司的投资不足有显著的正向影响,并且这种影响会随着政府干预程度的提高而增强。此外,就债务的期限结构来说,不论是高政府干预程度还是低政府干预程度,短期债务都能够有效治理地方国有上市公司的投资不足行为。

Under-investment is one of factors that affect the healthy development of SOEs. This article tests the im- pact of government intervention, debt financing on the under-investment of local SOEs by using the date of listed local SOEs from 2009 to 2014. The empirical study finds that the number of local SOEs samples with under-investment ex- ceeds 53% of the listed SOEs with non-efficiency investment, surpassing that of the samples with over-investment. The asset-liability ratio has a positive influence on the under-investment of local SOEs. And this effect will increase with the increase of the government intervention. Besides, in terms of the term structure of debts, the short-term debt can both effectively address the under-investment of local listed SOEs with high degree or low degree of government intervention.