产业政策实施与企业投资行为研究——来自A股上市企业的证据

Study on the Industrial Policy Implementation and Enterprise Investment Behavior——Evidence from A-share Listed Companies

以沪深A股上市公司为研究样本，分析了宏观产业政策对微观企业投资行为的影响及其作用机制。分析结果表明：总体上，产业政策实施并未显著提升企业投资，但对非国有企业投资具有显著的促进作用。在对主要作用机制进行检验时发现，有助于降低行业行政进入壁垒的产业政策对非国有企业投资具有显著的影响，而对国有企业投资行为影响不显著。主要原因是在长期行业严格进入管制下，非国有企业在进入壁垒突然降低的情况下为抢占行业进入机会而在短期内大量投资。

This paper analyzes the influence and mechanism of macro industrial policy on the investment behavior of micro enterprises by taking the A-share listed companies as sample. Results show that, the implementation of industrial policy has not significantly improved the investment of enterprises on the whole, hut it has a significant role in promoting the investment of non-state-owned enterprises. Results of the main mechanism test shows finds out that, the industrial policy which can help reduce the administrative barriers to entry has a significant impact on the investment of non-state-owned enterprises, while the impact on the investment behavior of state-owned enterprises is not significant. The main reasons are as follows ：in- dustry is under strict control in the long term, and non-state-owned enterprises invest heavily in the short run in order to seize the opportunity of entry into the industry in the case of lower entry barriers.