上市公司非效率投资行为实证研究——以战略性新兴产业上市公司为例

An Empirical Study of Listed Company's Inefficient Investment Behaviors:Taking Listed Companies in Strategic Emerging Industries as Examples

基于双边随机边界模型,对战略性新兴产业上市公司投资支出中的融资约束效应与代理成本效应及其净效应进行了研究。实证结果表明:融资约束与代理成本均对战略性新兴产业上市公司投资支出具有重要影响,同时代理成本对投资支出的影响略微高于融资约束;年度效应表明,近五年我国战略性新兴产业上市公司的过度投资程度并没有明显改变。实证结果分析发现,现金流量的增加不仅没有缓解上市公司面临的融资约束,反而使其增加了;而拥有较多的企业自由现金流会造成企业更大的代理问题。另外,不同规模的上市公司之间过度投资程度存在一定的差异,表现为小规模公司过度投资程度超过大规模公司;同时,外部融资约束压力并未改善我国战略性新兴产业上市公司过度投资的境况。为了保证政府对战略性新兴产业扶持的高效率,需要政府适当减少干预力度,建立完善的行业标准,制定科学合理的扶持政策,有效发挥市场监管和外部性矫正的功能。

Based on the bilateral stochastic frontier model, this paper studies the financing restraint effect, the agent cost effect and the net effect in the investment spending of the listed companies in the strategic emerging industries. The empirical results show that both financing constraints and agency costs have significant impacts on the investment expenditure of listed companies in the strategic emerging industries, while the impact of agency costs on the investment spending is slightly higher than the financing constraints. The annual effect suggests that over the past five years, the degree of excessive investment in China＇s listed companies in the strategic emerging industries has no significant changes. By analyzing the empirical results, it is found that the increase of cash flow has not relieved but increased the financial constraints faced by listed companies; while owning more corporate free cash flow would cause more significant agent problems. Besides, among the listed companies of different scales there are some differences in the degree of excessive investment, which is reflected in the fact that the degree of excessive investment of small-scale companies is greater than that of the large-scale companies. Meanwhile, the pressure of external financing constraints did not improve the excessive investment in China＇s listed companies in the strategic emerging industries. In order to guarantee the high efficiency of the government in supporting the strategic emerging industries, it is necessary for the government to reduce appropriately their intervention, establish perfect industrial standards, formulate the scientific and reasonable supporting policies, and give full play to the function of market supervision and external correcting.