产品市场竞争对企业固定资产投资行为影响研究  被引量:12

Study on the Impact of Product Market Competition on the Investment of Enterprise Fixed Assets

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作  者:何青[1] 商维雷 

机构地区:[1]南开大学经济学院,天津300071

出  处:《山西财经大学学报》2014年第8期50-60,共11页Journal of Shanxi University of Finance and Economics

基  金:国家社科基金项目"宏观经济政策与经济周期对企业投融资行为的影响研究"(10CGL042);中央高校基本科研业务费项目(NKZXB11048)

摘  要:从产品市场竞争视角研究企业固定资产投资行为,认为企业所处行业的竞争程度与企业当期投资总额、企业投资额的波动性之间均存在负相关关系。借助我国2006~2011年沪深两地主板市场13个行业大类数据的实证结果显示:产品市场竞争对企业投资行为具有显著的影响作用,激烈的产品市场竞争不但不会刺激企业进行更多的投资,相反会抑制企业投资水平;产品市场竞争能显著地抚平企业投资行为的波动性。宏观经济政策应从培养竞争性市场环境入手,而不是以行政审批等直接干预企业投资的方式来实现对现有经济结构的调整。From the viewpoint of product market competition, the paper explores a model on investment behavior of enterprise. It argues that product market competition can affect investment behaviors of enterprise significantly, and the more sever the competition is, the less will be invested by enterprises, and the smaller volatility of the investment will be. Exploring the sample of listed manufac- turing companies in Shanghai and Shenzhen securities markets from 2006 to 2011, we further tested the relationship between competi- tion and investment. As a result, it supports the Arguments. Then, the paper suggests that the macroeconomic policy should create a competitive market environment, rather than depend on intervening directly enterprises' investment by the way of administrative ex- amination and approval to realize the adjustment of the existing economic structure.

关 键 词:产品市场竞争 委托代理 固定资产投资 

分 类 号:F275[经济管理—企业管理]

 

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