法治环境、金融深化与企业投资结构偏向  

Legal Environment,Financial Deepening and the Deviation of Enterprise Investment Structure

作　　者：苗妙[1] 魏建[2] 刘安 

机构地区：[1]华南理工大学经济与贸易学院 [2]山东大学经济研究院 [3]上海艾帝尔律师事务所

出　　处：《中国经济问题》2016年第2期29-39,共11页China Economic Studies

基　　金：国家社科基金重点课题"深化国有文化单位改革和文化管理体制机制改革创新研究"(项目编号:12AZD023);山东大学"法律和发展"青年团队的科研资助

摘　　要：企业投资结构中技术创新投入过低、重复投资以及边际效率偏低等问题,直接困扰着中国产业结构转型和创新水平的提升。本文实证检验了法治环境和金融深化对企业投资结构偏好的影响,阐释了企业投资失衡的资源错配成因。研究发现,法治环境的改善有助于引导企业的技术性投资偏好;金融深化水平增进了地区法治环境与企业技术性投资偏好间的正相关关系;所有制歧视使这一影响呈现差异化路径。这一研究结论将有助于阐释企业投资失衡的资源错配成因,从更深入的视角理解增进企业技术投资的动力机制。There exist some problems in the investment structure of Chinese enterprises, for instance, low technology innovation investment, repeated investment as well as low marginal efficiency of investment. In this paper, we use empirical study to analyze the impact of legal environment and financial deepening on enterprise＇s investment structure and explain the re- source mismatch causes of enterprise＇s investment. The study finds improvement of legal environment can lead to technological investment preference of enterprises; Financial deepening promote the positive relationship between legal environment and enterprise＇s technology preference; Ownership discrimination makes the impact present different paths. Conclusions of this stud- y will help us understand the reasons of misallocation of enterprises＇ investments and contribute to a deeper understanding of the dynamic mechanism of enterprise＇s technology investment.

关 键 词：法治环境 金融深化 固定资产投资 技术性投资 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]