政府治理、产权偏好与资本投资  

Government Governance, Ownership Preference and Capital Investment

作　　者：陈德球[1,2] 李思飞[3] 

机构地区：[1]对外经济贸易大学国际财务与会计研究中心 [2]对外经济贸易大学国际商学院 [3]北京外国语大学国际商学院

出　　处：《南开管理评论》2012年第1期43-53,共11页Nankai Business Review

基　　金：国家自然科学基金青年项目(71102076);教育部人文社会科学研究青年基金项目(10YJC630019)资助

摘　　要：本文从投资机会和融资约束视角分析了地方政府治理水平影响企业投资行为的机制,认为地方政府通过提供高质量的公共治理水平,帮助企业获得更多的投资机会和融资渠道,扩大企业投资规模,提高投资效率。以我国2005-2007年间上市公司为研究样本,本文实证检验的结果表明,较高的地方政府治理水平会提高公司的资本投资规模;政府治理影响企业资本投资与投资机会的敏感度在民营企业中更为显著,政府治理对国有企业资本投资的影响随着实际控制人的行政级别提高而降低。进一步研究发现,政府治理能够降低企业的融资约束,提高企业投资效率。This paper investigates how local government governance affects corporate investment by examining the relations between government governance and level of investment,as well as how investment responses to investment opportunities and financial constraints,given the quality of government governance.We argue that local governments could help firms under control to better acquire investment opportunities and to access external finance,so firms with good government governance can make more investment.We further argue that due to the political discrimination,the effect of improved government governance could be more pronounced for private firms,and more pronounced for local controlled state-owned enterprises(SOEs).Our hypotheses are tested with a special dataset from World Bank(2006) survey,which covers 12,400 firms all over China,as well as financial data of Chinese listed firms from 2005 to 2007.Our empirical results show that good government governance can significantly increase the level of corporate investment.The reason for the positive association is that good government governance can help firms better acquire investment opportunities,indicated by higher investment and Tobin’s Q sensitivities.We also show that firms with good government governance can lower the investment and Tobin’s Q sensitivities when there are no good investment opportunities.We further explain why government governance can increase investment by showing that good governance can help firms have better access to external finance and thus reduce financial constraints,indicated by lower investment and cash flow sensitivities.Based on the above results,we reach the conclusion that good government governance can increase both the level and efficiency of investment.This conclusion is confirmed by empirical results that government governance can effectively reduce underinvestment.Moreover,our empirical results show that the effect of government governance is more significant for private firms than in SOEs,and more significant for local contro

关 键 词：政府治理 资本投资 融资约束 

分 类 号：F276.6[经济管理—企业管理] F224[经济管理—国民经济]