宏观经济波动、产权性质与企业投资趋同行为

Macroeconomic Fluctuations,Property Rightsand Corporate Investment Comovement

文章将宏观经济层面的经济波动的影响投射到微观企业行为上,研究了国有股权性质下的企业投资趋同行为。研究发现:企业投资趋同行为是企业在经济波动感知水平上进行自我调整的结果;政府控制在一定程度上能够抑制企业投资趋同行为,并且控股水平越高,对企业投资趋同行为的治理作用越大;而且政府控制会根据宏观经济的波动水平调节对企业投资趋同行为的治理效果,可以发现政府控制是一种有效的动态治理机制,合理加强政府控制以及采取适当的政府控制方式能够在一定程度上起到合理引导企业投资和稳定经济发展的缓冲作用。

This paper based on the macroeconomic fluctuations, the ownership and the corporate investment comovement behavior is studied. The outcomes of this paper are as follow： the corporate investment comovement is the outcome of self-adjusted on the economic fluctuation; To some extents, state-owned corporations have less the corporate investment comovement behavior. The state-owned corporations have the different elastic effect and their interaction is complementary relationship. The state-owned corporations could enhance the effect of macroeconomic fluctuation on corporate investment comovement.