地区幸福感能提高企业的投资水平吗？--基于我国上市公司的经验证据

Do Firms in Happy Places Invest More?——Evidences from China's Listed Companies

幸福感是一种综合性社会资本,会对经济主体的决策和行为产生积极影响。采用我国A股上市公司数据的实证分析表明:地区幸福感对企业投资具有显著的促进作用,地区幸福感水平越高则该地区企业的投资水平越高;与民营企业相比,地区幸福感对国有企业投资的促进作用更明显;地区幸福感对民营企业投资的正向影响随市场化程度的提高而减弱,但这一负向调节作用在国有企业中并不明显。因此,各级政府应该积极提高居民的幸福感水平,进而有效促进地区经济高质量发展。

Happiness is a comprehensive social capital and has active impact on economy subject decision and behavior. The empirical analysis by using China＇s A-share listed companies data shows that regional happiness has significant boosting effect on enterprise investment,the higher the regional happiness level is,the higher the investment level in this region is. Compared with private enterprises,the effect of regional happiness on boosting state-owned enterprises investment is more obvious. The positive influence of regional happiness on private enterprise investment is weakening with the rising of marketization extent but this negative adjustment role is not significant in the state-owned enterprises. Thus,each government should actively raise happiness level of its residents and further effectively promote the development of high-quality of regional economy.