市场化营商环境、投资潮涌与民营企业过度投资

Market-oriented Business Environment,Investment Surge and Over-investment of Private Enterprises

近年来,由投资潮涌诱发的民营企业过度投资问题造成了资源错配和产能过剩,但尚未有研究从市场化营商环境优化改革视角分析民营企业过度投资的生成机制。实证研究发现:市场化营商环境优化会诱发民营企业投资"潮涌"现象,进而产生过度投资后果;与规模较小、较年轻的民营企业相比,市场化营商环境的优化更易诱发大企业、老企业进行过度投资;与中西部、垄断性行业相比,市场化营商环境优化更易诱发东部地区、竞争性行业中的民营企业进行过度投资;市场化营商环境优化会助推商事制度改革、引发市场过度竞争、释放企业家精神、加剧CEO过度自信和诱发地方官员晋升锦标赛,进而导致民营企业投资"潮涌"现象和过度投资问题。上述结论对助力民营企业转型升级、推进民营经济健康发展和落实"去产能"政策均具有重要的现实意义。

In recent years,the over-investment of private enterprises induced by investment surge has resulted in misallocation of resources and over-capacity.The mechanism of over-investment of private enterprises has not been studied from the perspective of market-oriented business environment optimization reform.The empirical study finds that the optimization of market-oriented business environment will induce the"surge"of investment in private enterprises,which will lead to the consequence of over-investment.The optimization of market-oriented business environment is more likely to induce the over-investment of large private enterprises and old enterprises than the mid-west and monopoly industries.Improving the market-based business environment will promote the reform of the business system,trigger excessive competition in the market,unleash entrepreneurship,increase the overconfidence of CEO and induce local officials to advance to the championship,then causes the phenomenon in the investment surge from the private enterprise and the excessive investment question.The above conclusions are of great practical significance for the transformation and upgrading of private enterprises,the healthy development of private economy and the implementation of the policy of capacity reduction.