投机氛围与企业投资效率关系研究

Speculative Atmosphere and Investment Efficiency of Enterprises

企业管理层所作出的投资决策可能在一定程度上存在投机行为,企业投资效率是否受到企业所在地的投机氛围的影响呢?该文以2008—2022年A股上市公司为样本,研究投机氛围与企业投资效率之间的关系。研究发现,公司所在地投机氛围越浓厚,企业投资效率越差,外部监督能够在一定程度上缓解投机氛围对投资效率的负面影响。进一步的机制检验发现,投机氛围通过提高代理成本降低企业投资效率。该文拓展了对于投机氛围和投资效率相关领域的研究也进一步研究了投机氛围等非正式制度对于公司治理的作用,揭示了地域文化对微观实体经济的影响。

The investment decisions made by the management of enterprises may be speculative to a certain extent.Is the investment efficiency of enterprises affected by the speculative atmosphere of the place where the enterprises are located?This paper takes A-share listed companies from 2008 to 2022 as a sample to study the relationship between speculative atmosphere and corporate investment efficiency.The research finds that the more speculative atmosphere there is,the worse the investment efficiency of enterprises becomes.External supervision can alleviate the negative impact of speculative atmosphere on investment efficiency to a certain extent.Further mechanism test shows that speculative atmosphere reduces investment efficiency by increasing agency cost.This paper expands the research in the fields related to speculative atmosphere and investment efficiency,further studies the role of informal institutions such as speculative atmosphere on corporate governance,and reveals the influence of regional culture on micro real economy.