国有股权能缓解宏观经济波动的冲击吗?——基于微观企业投资视角的研究

Does State Ownership Relieve the Impacts of Macroeconomic Fluctuations? A Study from an Enterprise Investment Perspective

从微观企业投资的视角,研究宏观经济受到冲击时国有股权的作用。研究发现,受到经济波动冲击时,上市公司资本投资规模下降;组间系数差异检验发现,宏观经济波动冲击对国有股权组的影响显著小于无国有股权组;将国有股权样本按国有股权比例分组后发现,只有在比例较低组投资规模显著下降,而在比例较高的两组不显著,说明国有股权能够稳定企业资本投资。进一步研究发现,国有股权通过担保和政府补助获得经济波动期间的投资稳定性。

From a perspective of micro-enterprise investment,this paper examines the role of state-owned shares under macroeconomic shocks. The results show that companies’ capital investment declines while suffering economic fluctuations, and that the effect suffering from economic fluctuations is more significant in samples without state-owned shares than in samples with state-owned shares. Further,samples with state-owned shares are divided into three subgroups by the proportion of state-owned shares. Results show that the capital investment significantly declines only in the low proportion group,and there are no significant declines in the two groups with higher proportion. Such finding indicates that the state-owned shares do relieve capital investment. Further study finds that state-owned shares achieve the stability of investment by obtaining the government guarantee and subsidy during economic fluctuations.