虚拟经济适度发展对企业投资效率的影响——基于虚拟经济与实体经济协调发展的视角

The Effects of Moderate Development of Virtual Economy on Investment Efficiency of Firms——Based On the Coordinated Development of Virtual and Real Economy

从微观企业的投资行为出发,考察虚拟经济适度发展影响企业投资效率的微观传导途径。通过在投资项目市场价值评价模型中引入虚拟经济与实体经济协调发展因子,构建企业的投资决策理论模型,以2001 2014年我国上市公司的经验数据为样本,通过实证分析,得出结论:虚拟经济发展对我国企业投资效率的影响并不明确,而虚拟经济与实体经济的协调发展能够显著促进我国企业投资效率的提高。在进一步分析中发现,对于不同产权性质和不同融资约束程度的企业,虚拟经济与实体经济的协调发展对其投资效率所产生的影响也存在差异。

Based on the investment behavior of firms,the paper examines the micro transmission channels that the moderate development of virtual economy affects the investment efficiency of firms.Through introducing the coordinated development factor of virtual and real economy into the market value evaluation model of investment project,this paper constructs the theoretical model of investment decision-making.It is concluded that the impact of the development of virtual economy on investment efficiency of firms is not clear in China,but the coordinated development of virtual and real economy can significantly improve the investment efficiency of firms in China.Meanwhile,based on the Chinese listed companies＇ empirical data from 2001 to 2014,the paper confirms the above conclusion.Further research shows that according to the different property right and different levels of financial constraints of firms,there are obvious differences in the influence of the coordinated development of virtual and real economy on investment efficiency of firms.