金融危机、国有股权与资本投资  

Financial Crisis,State Ownership and Capital Investment

作　　者：梁琪[1] 余峰燕[2] 

机构地区：[1]南开大学经济学院金融学系,中国特色社会主义经济协同创新中心,邮政编码300071 [2]天津大学管理与经济学部金融系,邮政编码300072

出　　处：《经济研究》2014年第4期47-61,共15页Economic Research Journal

基　　金：国家自然科学基金(编号:71272183;71172082);博士后科学基金特别资助项目(编号:2012T50219)的资助

摘　　要：本文探讨了亚洲金融危机、全球次贷危机对亚洲11个国家(地区)企业资本投资的影响,以及国有股权在其中发挥的作用。研究发现:金融危机会对企业资本投资带来冲击,但国有股权能弱化这种负面影响。一方面,如果企业所在国家(地区)的银行业国有化程度较高,金融危机对这类企业的负面冲击较小;另一方面,与非国有企业相比,国有企业在金融危机期间资本投资下降较少。对影响机理进一步剖析发现:国有银行、国有企业偏好谨慎、保守的商业模式,这使其健康状况在金融危机期间受创较小,从而保证了企业资本投资所需的外部信贷资金、内源资金的正常供给,并使得国有企业以及银行业国有化程度较高国家(地区)的企业资本投资下降较小。Social view of state ownership has long been debated among academic circle, this paper investigates the ＂economic stabilizer＂ function of state ownership during the non-normal economic periods. Based on 66937 firm-year observations from 11 Asian regions, we assess the impact of financial crisis on firm capital investment and the function that state ownership has played in an Investment Euler Equation framework. We find that financial crisis do have a negative impact on firm capital investment, while state ownership can alleviate this negative effect, i. e. , greater government stakes in banking industry and/or in firm are associated with smaller negative shocks in firm capital investment. Further tests reveal that this phenomenon may due to the investment supply shock and the risk-averse business model adopted by the state- owned banks and firms. Our findings have significant policy implication for re-evaluating the nature of the state ownership and for re-balancing the structure of the state ownership and private ownership in the national economy.

关 键 词：金融危机 国有股权 资本投资 欧拉投资方程 

分 类 号：F113.7[经济管理—国际贸易] F831.59[经济管理—世界经济] F279.1