产业政策、公司治理与民营企业投资效率——一个有调节的中介效应模型

Industrial Policy, Corporate Governance and Investment Efficiency of Private Enterprises: A Moderated Mediation Model

在我国特殊的转型经济背景下,对于一直在夹缝中生长并不断壮大的民营企业来说,分析外部制度因素对其产生的影响尤为重要。产业政策作为一项重要的宏观政策,深刻影响着民营企业的外部投融资环境。文章基于制度理论,选择从民营企业信贷融资切入,引入企业异质性因素,探究产业政策对民营企业投资效率的影响路径,分析公司治理质量在其中的调节作用,并利用有调节的中介效应模型完成实证检验。研究对于丰富产业政策微观效应研究具有重要的理论价值,对优化我国产业政策的实施,促进宏观经济体系和微观企业个体的健康和谐运转具有重要的现实意义。

Under the special background of China's transitional economy,it is particularly important to analyze the impact of external institutional factors on the private enterprises that have been growing in the cracks.As an important macro-policy,industrial policy has a profound impact on the external investment and the financing environment of private enterprises.Based on the institutional theory,this paper chooses to start from the credit financing of private enterprises to explore the influence path of industrial policies on the investment efficiency of private enterprises by introducing the factor of enterprise heterogeneity,and analyzes the regulatory role of corporate governance quality in the investment efficiency of private enterprises.A moderated mediation model is used to do the empirical test.This research has important theoretical value for enriching the research on the micro-effects of industrial policies,and has important practical significance for optimizing the implementation of industrial policies in China and promoting the healthy and harmonious operation of the macro-economic system and micro-enterprises.