产业政策、资产有形性对企业资本投资的影响  

The Effect of Industrial Policy and Asset Tangibility on Corporate Capital Investment

作　　者：郑立东[1] 程小可[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《广东财经大学学报》2015年第3期53-63,共11页Journal of Guangdong University of Finance & Economics

基　　金：国家自然科学基金面上项目(71272055)

摘　　要：基于我国的特殊制度背景,实证考察产业政策、资产有形性与企业资本投资的关系。研究结果发现:不受产业政策支持的企业依靠高资产有形性降低了其投资对内部现金流的依赖,并且这种效应在国有企业和成长性较高的企业中体现得更为明显;受产业政策支持企业的资产有形性并没有对其投资-现金流敏感性产生显著影响;不受产业政策支持的企业依靠高资产有形性获得了更多短期借款,却因产业政策的限制减少了长期借款,且其资本投资水平仅随着短期借款的增加而提高,而长期融资对资本投资水平的影响并不明显。因而政府在利用产业政策的"有形之手"对产业发展加以引导时,须进一步完善金融信贷机制,为企业及宏观经济的长远发展营造良好的金融生态环境。Under the Chinese unique institutional context,this paper empirically investigates the relationship among industrial policy,asset tangibility and corporate capital investment. It finds that firms without the support of industrial policy could reduce their sensitivity of investment to internal funds relying on high asset tangibility,and such an effect is more obvious in state-owned firms and firms with higher growth rate. Meanwhile,the asset tangibility of the firms supported by industrial policy exerts no influence on investment-cash flow sensitivity. Furthermore,by focusing on analyzing the firms not supported by industrial policy,it finds that such firms obtain more short-term loans with higher asset tangibility,but reduce long-term loans correspondingly because of the constraint of industrial policy. With the increasing of short-term loans,capital investment level increases correspondingly,while long-term loans have little effects on capital investment. Our findings indicate that government should establish a well-functioned financial ecological environment for the enterprises and the macro-economy in the long run by further enhancing the credit system of financial institutions in the process of guiding the development of industries via the ＂tangible hand＂of industrial policy.

关 键 词：产业政策 资产有形性 资本投资 投资-现金流敏感性 负债来源 

分 类 号：F127[经济管理—世界经济] F275