中国上市公司资本投资效率——区域比较、行业差异与影响因素

Capital Investment Efficiency of Chinese Listed Companies:Regional Comparison,Industry Differences and Influencing Factors

本文采用中国沪深两市1998—2012年A股上市公司的数据,结合Wurgler（2000）和Richardson（2006）对资本投资效率的测度方法,分别从省级、行业和时间序列层面对中国上市公司资本投资效率进行测度,并在此基础上,从省级、行业和时间序列层面全面考察影响中国上市公司资本投资效率的因素。结果表明,整体上,中国上市公司资本投资效率较低;上市公司资本投资效率在不同的省份、行业和年度上均存在较大的差异。企业特征因素、财务因素与公司治理因素对中国上市公司资本投资效率的影响在不同省份、行业和年度呈差异性特征。我们还发现,相比于制度因素对各省份上市公司资本投资效率的有限影响,企业内部因素和行业因素的影响更大。

Based on the data of 1998-2012 listed companies in Shanghai and Shenzhen A Shares,and combining Wurgler＇s（2000） and Richardson＇s（2006） measure method on the capital investment efficiency,this paper measures the capital investment efficiency of China＇s listed companies at provincial level,industrial level, and time series level, and then comprehensively analyzes the factors affecting capital investment efficiency of China＇s listed companies. The result indicates that,the overall capital investment efficiency of China＇s listed companies is low; a significant difference of the capital investment efficiency of China＇s listed companies is shown among different provinces,industries,and years; different effect of factors including enterprise characteristic,finance,and corporate governance on the capital investment efficiency of China＇s listed companies is shown among different provinces, industries, and years. It also indicates that, compared to limited effect of institutional factors on the capital investment efficiency of listed companies in each provinces, the effect of internal factors and industrial factors is greater.