环境不确定性、市场竞争与非效率投资——基于我国A股上市公司的实证研究  

Environmental Uncertainty,Market Competition and Inefficient Investment——An Empirical Study on A-share Listed Companies in China

作　　者：翁旻 耿成轩[1] Weng Min;Geng Chengxuan(College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211106,China;College of Economics and Management,Huaiyin Normal University,Huai'an 223300,China)

机构地区：[1]南京航空航天大学经济与管理学院,南京211106 [2]淮阴师范学院经济与管理学院,淮安223300

出　　处：《工业技术经济》2021年第6期108-116,共9页Journal of Industrial Technological Economics

基　　金：国家社会科学基金资助项目“我国战略性新型产业融资生态、融资效率及其协同进化机制研究”(项目编号:15BGL056);江苏省高校重点人文社会科学资助项目“新常态下江苏新兴产业资金配置效率及其协同进化机制研究”(项目编号:2015ZDIX)。

摘　　要：已有的企业行为研究忽略了外部环境对企业微观行为的影响,并缺乏市场垄断竞争机理对投资行为和投资效率的研究。因此,本文在整合环境不确定性和企业微观非效率的相关理论并引入市场竞争的基础上,基于我国2008~2019年沪深A股上市公司的相关数据,利用GMM回归方法,全面探究企业非效率投资的外部影响因素及市场竞争在其中的重要作用。研究结果表明,环境不确定性的波动对企业的投资效率具有一定的消极影响,增大了企业的非效率投资;而基于环境不确定性下的市场竞争则更深入的放大了企业的非效率投资。进一步研究表明,两者的交互作用在非效率投资的两种外在表现形式中均发挥负面作用;同时,产权及地理区域异质性的企业投资效率也受到环境不确定性与市场竞争交互项的负面影响,即环境不确定性下的市场竞争加剧了企业的非效率投资。本文从环境及市场竞争等外部视角构建企业非效率投资的微观研究,拓展了企业投资效率研究的范畴,深化了非效率投资相关理论。The existing research on enterprise behavior ignores the influence of external environment on enterprise micro be⁃havior,and lacks the research of market monopoly competition mechanism on investment behavior and investment efficiency.There⁃fore,on the basis of integrating the relevant theories of environmental uncertainty and micro inefficiency of enterprises and introdu⁃cing market competition,based on the relevant data of Shanghai and Shenzhen A-share listed companies from 2008 to 2019,this paper uses GMM regression method to comprehensively explore the external factors of inefficient investment and the important role of market competition.The results show that the fluctuation of environmental uncertainty has a certain negative impact on the invest⁃ment efficiency of enterprises,and increases the inefficient investment of enterprises;while the market competition based on envi⁃ronmental uncertainty further enlarges the inefficient investment of enterprises.Further research results show that the interaction be⁃tween the two plays a negative role in the two external forms of inefficient investment;at the same time,the investment efficiency of enterprises with property rights and geographical heterogeneity is also negatively affected by the interaction between environmental uncertainty and market competition,that is,the market competition under environmental uncertainty intensifies the inefficient in⁃vestment of enterprises.This paper constructs the micro research of inefficient investment from the external perspective of environ⁃ment and market competition,expands the scope of enterprise investment efficiency research,and deepens the relevant theory of ine⁃fficient investment.

关 键 词：市场竞争 环境不确定性 非效率投资 GMM 回归 产权性质 区域异质性 

分 类 号：F275[经济管理—企业管理] F832.48[经济管理—国民经济]