产业转型升级时期广东国有和非国有上市公司投资行为对比研究  

Study of the Investment Behavior of Guangdong Companies in the Industrial Transformation and Upgrading Period

作　　者：邵希娟[1] 李雅馨[1] 李倩珍[1] 

机构地区：[1]华南理工大学工商管理学院,广东广州510640

出　　处：《华南理工大学学报（社会科学版）》2012年第6期6-11,共6页Journal of South China University of Technology(Social Science Edition)

基　　金：广东省自然科学基金项目:基于行为的公司资本投资决策方法研究(9451064101003435);广东省哲学社会科学基金项目:产业升级转型期广东企业投资决策行为的研究(X2gsN4100050)

摘　　要：本文针对国有和非国有企业各自的特点,通过查阅上市企业的财务报表,从投资水平、投资方向和投资效率三个方面对比研究广东国有和非国有企业在产业转型升级期前后的投资行为,以检验广东上市企业对产业转型升级政策的响应程度。实证发现,在投资水平方面,非国有企业在2009年有所提高,而国有企业反而有所下降;对于投资方向,国有企业比非国有企业更加响应政策,大力投资政府倡导的项目;关于投资效率,在产业转型升级期前后,国企和非国企的投资行为总体表现为投资不足,并且在转型升级后,国企和非国企表现为投资不足的数量均有所上升,而表现为投资过度的企业数量均有所下降。This paper, through consulting the listed company＇ s financial statements, gives a research on the invest ment behavior of Guangdong state - owned and non - state - owned enterprises in the industry transformation and upgrade period, including three aspects： investment level, investment direction and investment efficiency. The em pirical result shows that on the investment level, the non - state - owned enterprises have made improvement in 2009, but the state - owned enterprise is declined ; about the investment direction, there is better news in response to policy stimulus for the state -owned enterprises, which have invested the government advocated projects; as to investment efficiency, the state - owned and non - state - owned enterprises are both undercapitalized, and in the period of industry transformation and upgrade, the undercapitalized enterprises are up, and the overcapitalize enter prises are fallen.

关 键 词：产业转型升级 投资效率 投资行为 

分 类 号：F275.1[经济管理—企业管理]