地方保护、企业投资与竞争优势——基于中国制造业上市公司面板数据的实证研究  

Local Protection,Corporate Investment and Corporate Competitive Advantage: Evidence from Chinese Manufacturing Listed Companies

作　　者：张功富[1,2] 王永强 刘振[1] 

机构地区：[1]郑州航空工业管理学院会计学院,河南郑州450015 [2]河南文化影视集团公司,河南郑州450012

出　　处：《经济经纬》2013年第5期84-89,共6页Economic Survey

基　　金：河南省哲学社会科学规划项目(2011BJJ020);教育部人文社会科学项目(10YJA630203;11YJA630070);国家社会科学基金项目(09CJY087)

摘　　要：笔者以我国制造业上市公司为研究样本,考察地方保护对企业投资行为及其竞争优势的影响。研究发现,在地方保护严重的地区,企业过度投资更多,尤其是国有企业的过度投资程度更为严重;在地方保护严重的地区,企业更少对外投资,非国有企业的这种倾向更明显;过度投资会损害企业竞争优势,因而,地方保护严重削弱了企业竞争优势;国有企业的对外投资有助于增强企业竞争优势,但非国有企业对外投资的作用则相反。这表明,从长远看,地方保护不仅不能"保护"企业,反而对于企业竞争优势的培育有害。On the basis of listed company＇ s empirical data in China, this paper investigates the effect of local protection on corporate investment and its competitive advantage. The empirical evidence indicates that the locative companies where the province has a higher level of local protection over - invest more, especially the state - owned enterprise. We also find that in provinces with higher levels of local protection, the companies are more reluctant to investment outward, especially the private - owned enterprise. Finally, we find that the relationship between the degree of local protection and companies＇ competitive advantage is negative, which indicates that local protection is harmful to the companies＇ competitive advantage.

关 键 词：地方保护 过度投资 对外投资 竞争优势 

分 类 号：F276.6[经济管理—企业管理]