产品市场竞争、经济政策不确定性与企业投资效率

王宸, 陆超, 戴静雯

北京交通大学学报(社会科学版) ›› 2022, Vol. 21 ›› Issue (4) : 134-149.

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北京交通大学学报(社会科学版) ›› 2022, Vol. 21 ›› Issue (4) : 134-149.
管理研究

产品市场竞争、经济政策不确定性与企业投资效率

  • 王宸1, 陆超1, 戴静雯2
作者信息 +

Product Market Competition,Economic Policy Uncertainty and Corporate Investment Efficiency

  • WANG Chen1, LU Chao1, DAI Jing-wen2
Author information +
文章历史 +

摘要

以2010-2018年中国沪深A股上市公司为样本,运用固定效应模型实证检验产品市场竞争、经济政策不确定性与企业投资效率之间的关系。研究发现:产品市场竞争和经济政策不确定性均可以显著降低企业过度投资和投资不足进而提升了投资效率;经济政策不确定性越强,企业对产品市场竞争压力越敏感,产品市场竞争和经济政策不确定性相互促进共同作用提升了企业的投资效率;产品市场竞争和经济政策不确定性对国有企业和非国有企业的投资效率都具有显著促进作用,但其互补关系仅在非国有企业中成立。因此,应进一步推进市场化改革;经济政策要保持稳定性和连续性;面对经济政策不确定性,企业应当更加准确地把握市场走向。

Abstract

Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2018, this paper empirically examines the relationship between product market competition, economic policy uncertainty and corporate investment efficiency using a fixed effect model. The study shows the following findings: Product market competition and economic policy uncertainty can significantly reduce corporate overinvestment and underinvestment, thereby improving investment efficiency; The stronger the economic policy uncertainty, the more sensitive the enterprises are to the competition pressure in the product market. The product market competition and the economic policy uncertainty interact with each other and work together to improve the investment efficiency of enterprises; Further research shows that product market competition and economic policy uncertainty play a significant role in improving the investment efficiency of state-owned and non-state-owned enterprises, but they are complementary only in non-state-owned enterprises. Therefore, it is suggested that the government should further promote market-oriented reforms and formulate stable and sustainable economic policies, while enterprises should have a better understanding of the trend and development in the market.

关键词

产品市场竞争 / 经济政策不确定性 / 投资效率 / 产权性质

Key words

product market competition / economic policy uncertainty / investment efficiency / nature of property right

引用本文

导出引用
王宸, 陆超, 戴静雯. 产品市场竞争、经济政策不确定性与企业投资效率[J]. 北京交通大学学报(社会科学版). 2022, 21(4): 134-149
WANG Chen, LU Chao, DAI Jing-wen. Product Market Competition,Economic Policy Uncertainty and Corporate Investment Efficiency[J]. Journal of Beijing Jiaotong University(Social Sciences Edition). 2022, 21(4): 134-149
中图分类号: F275    F832.51    F271   

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基金

国家社科基金后期资助项目“基于公司特质信息的中国资本市场定价效率影响因素研究”(19FJYB024)。

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