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地方政府专项债对制造业企业非效率投资的影响研究

Research on the Influence of Local Government Special Bonds on the Inefficient Investment of Manufacturing Enterprises
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摘要 本文选取2015—2020年地方政府专项债券余额为样本,匹配A股制造业上市公司数据,分析专项债对制造业企业投资效率的影响。实证结果表明:专项债规模对制造业企业非效率投资具有显著的促进作用,主要表现为促进过度投资企业的非效率行为。专项债会通过影响资源配置效率,加大企业的金融资源错配,进而促进企业的非效率投资。因此,政府应引入科学完善的地方专项债发行与管理体系,加强专项债券市场流通性,避免造成企业金融资源错配。 In this paper,data of local government special bonds from 2015 to 2020 was selected as a sample to match the data of A-share manufacturing listed companies.The impact of special bonds on the investment efficiency of manufacturing enterprises was analyzed empirically.The results show that the scale of special bonds can significantly increase the inefficient investment of manufacturing enterprises by promoting the inefficient behavior of over-invested enterprises.By affecting the efficiency of resource allocation,local government special bonds increase the mismatch of financial resources of enterprises,which further results in the inefficient investment of enterprises.As a result,it is suggested that the government should adopt a more scientific management system and enhance the liquidity of the special bond market to avoid the mismatch of financial resources of enterprises.
作者 沃吉 雷良海 Ji Wo;Lianghai Lei(Business School,University of Shanghai for Science and Technology,Shanghai,200090,China)
出处 《管理科学与研究(中英文版)》 2022年第9期198-202,共5页 Management Science and Research
关键词 专项债 非效率投资 金融资源错配 Special Bonds Inefficient Investment Mismatch of Financial Resources
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