我国企业资本配置效率:测度与特征分析

Enterprises Capital Allocation Efficiency:Measurement and Characteristics Analysis

我国经济迈入高质量发展新阶段后,不断改善企业资本配置效率是增强经济发展内生性动力的客观要求。本文以2008—2019年A股上市公司为样本,借助经典投资反应模型测度企业资本配置效率,系统揭示金融危机以来其纵向演化状况,及在不同行业、不同规模、不同控制权等类型企业之间的横向差异和分布情况。研究发现,我国企业资本配置效率总体呈不断向好趋势,且未来仍有较大改善空间;近年实施的去杠杆政策对企业投资过度的抑制作用显著,但对企业投资不足的缓解作用有限;房地产业的资本配置效率最优,建筑业、制造业等次之,综合类行业的资本配置效率最差,文化、体育和娱乐业、科学研究和技术服务业等次之;大型企业或中央国企的资本配置效率最优,中型企业或地方国企次之,小型企业或民营企业最差。相关结论增进了对企业资本配置效率的科学认识,不仅丰富了既有研究成果,对实践也具有重要启示。

China’s economy has entered a new stage of high-quality development.Continuously improving the enterprises capital allocation efficiency(ECAE) is an objective requirement to enhance the endogenous driving force of economy development.Taking A-share listing companies from 2008 to 2019 as samples,we measure the ECAE by using the classical investment expectation model,and systematically reveal its vertical evolution since the world finance crisis,as well as the horizontal differences and distributions among enterprises of different industries,different sizes and different control rights.The results suggest that the overall ECAE has shown a positive trend in the past,yet there is still much room for improvement in the future.The deleveraging policy implemented in recent years has a significant inhibitory effect on over-investment,and a limited mitigation effect on under-investment.The EECA of real estate industry is the best,followed by construction industry and manufacturing industry,while the ECAE of comprehensive industry is the worst,followed by industries of culture,sports and entertainment,scientific research and technical service.The ECAE of large enterprises or central state-owned enterprises is the best,followed by medium-sized enterprises or local state-owned enterprises,and the ECAE of small enterprises or private enterprises is the worst.The conclusions could enhance the understanding of ECAE,which not only enrich the existing research results but also have important enlightenment to practice.