资源配置效率:市场还是政府?——来自中国上市公司的经验证据  

Efficiency of Resource Allocation:Market or Government?——Evidence from Chinese Listed Companies

作　　者：强国令[1] 闫杰[2] 李刚[3] 马长发[4] 

机构地区：[1]新疆财经大学金融学院,830012 [2]新疆财经大学公共经济与管理学院,830012 [3]新疆财经大学会计学院,830012 [4]新疆财经大学统计学院,830012

出　　处：《上海经济研究》2015年第6期53-60,共8页Shanghai Journal of Economics

基　　金：国家自然科学基金项目"关系型投资与公司信息环境:来自供应商/客户的证据"(71362031);自然科学基金项目"东西部产业转移受阻背景下新疆差别化土地政策构建"(71263049);新疆自治区社科基金"新疆金融生态环境与公司治理效应研究"(13BGL030)

摘　　要：该文通过考察市场化进程、政府干预对企业投资行为的影响,探索市场与政府影响资源配置的微观传导机制。研究发现,市场化进程降低了企业投资与现金流的敏感性,缓解了企业的融资约束,增强了企业对投资与投资机会的敏感性,提高了企业的投资效率。进一步研究发现,市场化进程降低了非国有企业的融资约束,提高了地方政府控股企业的投资效率,而对中央控股企业的投资行为影响有限,说明层级更高的政府干预会损害市场配置资源的效率。该研究为十八届三中全会提出的"使市场在资源配置中起决定性作用"提供了经验证据,对于正确处理市场和政府的关系、深化当前经济体制改革具有重要的理论和现实意义。This paper investigates the effect of the market liberalization and government intervention on the firm investment behavior,to explore how the market and the government affect the allocation of resources of the micro transmission mechanism.It finds that market liberalization reduces the sensitivity of investment to cash,relieves the firm＇s financing constrains,increases the sensitivity of investment to growth opportunity,and improves investment efficiency. Moreover,market liberalization reduces non-state-owned enterprises＇ financing constrains,increases the local government holding enterprises＇ investment efficiency,and has little impact on the central government holding enterprises.This study provides empirical evidence to make the market play a decisive role in the allocation of resources addressed by the Third Plenary Session of 18 th CPC Central Committee.The results will be helpful to understand the microeconomic mechanism of market allocation resource efficiency,correctly handle the relationship between the market and the government,and deepen the economic reform.

关 键 词：市场化进程 政府干预 融资约束 投资效率 

分 类 号：F275[经济管理—企业管理]