政府补助、市场化进程与过度投资——来自沪深A股的经验数据

Government Grants, Marketization and Over-investment——an Empirical Data from Shanghai and Shenzhen A Shares

宏观经济政策影响微观企业行为,尤其体现在政府补助的政策效果上。本文基于企业投资的视角,选取沪深A股2012-2015年间573家上市公司的相关数据加以研究,借以探寻政府补助对企业过度投资行为的影响。研究结果表明:政府补助尽管具有显著地投资刺激效应,但容易诱发企业过度投资;考虑到企业行为受制度环境的影响,将市场化程度纳入研究发现,市场化程度越低,政府补助越容易引发企业过度投资,即在政府补助加剧企业过度投资的过程中,市场化进程发挥了部分中介作用。

Macroeconomic policies affect the behavior of micro-enterprises, especially in the policy effect of government subsidies. Based on the perspective of business investment, the paper chooses the data of 573 listed companies in Shanghai and Shenzhen A shares from 2012 to 2015 to study the influence of government subsidies on over-investment. The results show that although government subsidies have significant investment stimulus effects, they are likely to induce over-investment in enterprises. Taking into account the influence of institutional environment on the behavior of enterprises, we know that the lower the degree of marketization was, the more easily the government subsidies will be triggered over-investment in enterprises, that is, the marketization has played a part of the intermediary role in the process of exacerbating over-investment in enterorises which caused by ~overnment subsidies.