政府补贴、融资约束与资本配置效率研究——基于高端装备制造业上市公司数据  

The Research of Government Subsides,Financial Constraints and Capital Allocation Efficiency——Based on The Data of Listed Companies in China’s High-end Equipment Manufacturing Industry

作　　者：王喜莲 李竹梅[1] Wang Xilian;Li Zhumei

机构地区：[1]太原理工大学经济管理学院

出　　处：《投资研究》2023年第1期73-87,共15页Review of Investment Studies

基　　金：山西省软科学研究项目“山西省上市公司融资约束、研发投入与市场表现研究”(2019041002-2)。

摘　　要：以2015—2020年A股高端装备制造业上市公司为样本,实证检验了政府补贴、融资约束与资本配置效率之间的关系。研究发现政府补贴缓解高端装备制造业企业的融资约束的同时对资本配置效率存在双向影响:缓解投资不足而加重过度投资;融资约束会加重投资不足而减少过度投资;两者复合“冲抵效应”在投资不足和过度投资层面存在不同;在不同市场化程度及所有权性质的样本中其显著性存在一定差异。研究结论为政府与企业的相关决策提供理论指引。Based on the sample of listed companies in high-end equipment manufacturing(HEM) industry from 2015 to 2020,this paper empirically tests the relationship between government subsidies, financing constraints and capital allocation efficiency.The research finds that: government subsidies can alleviate the financing constraints of HEM enterprises, and have a two-way impact on the efficiency of capital allocation: alleviate the under-investment and aggravate the over-investment;Financing constraints will aggravate underinvestment and reduce overinvestment;The compound“offset effect”of above is different at the level of under-investment and over-investment;Further we investigate the samples with different marketization degree and ownership, and there are some differences in significance. The research conclusion provides theoretical guidance for the decision-making of government and enterprises.

关 键 词：政府补贴 融资约束 资本配置效率 高端装备制造业 

分 类 号：F426.4[经济管理—产业经济] F406.7F812.45