营商环境对企业长期投资决策的影响--基于上市公司的面板数据分析  

The Impact of Business Environment on Long-term Investment Decisions of Enterprises: Based on the Panel Data Analysis of Listed Companies

作　　者：赵勇[1] 马珍妙 ZHAO Yong;MA Zhen-miao

机构地区：[1]北京市社会科学院 [2]贵州大学公共管理学院

出　　处：《改革》2023年第9期110-128,共19页Reform

基　　金：北京市社会科学院重点项目“北京营商环境优化中的诚信体系建设研究”(2018A5343)。

摘　　要：利用上市公司的面板数据进行分析发现,营商环境越好,企业越倾向于长期投资决策。营商环境对没有政治关联的企业或私营企业的长期投资影响更大,表明营商环境的优化能够弱化非普惠性的政治关系对企业长期投资的影响。此外,营商环境对企业长期投资决策的影响在经济政策不确定性较低的情况下尤其显著,即营商环境与正式制度是互补关系。为克服可能存在的内生性问题,采用固定效应、工具变量等方法进行修正,结果发现上述结论依然成立。基于机制分析发现,营商环境有助于降低企业的短视主义、缓解融资约束,最终促进企业长期投资的发展。Using the panel data of listed companies to analyze,it is found that when the regional business environment is good,and the enterprises are more inclined to make long-term investment decisions.The business environment has a greater impact on the long-term investment of enterprises without political connections or major enterprises,indicating that the optimization of the business environment can weaken the impact of non-inclusive political relations on long-term investment of enterprises.In addition,the impact of the business environment on long-term investment decisions of enterprises is particularly significant when the economic policy uncertainty is low,which shows that the business environment and the formal institutional relationship are complementary.In order to overcome the possible endogeneity problems,fixed effects,instrumental indicators and other methods were used to modify the results.It was found that the above conclusions still hold.Based on the analysis,it is found that the business environment is conducive to reducing the short-sightedness of enterprises,eliminating financing constraints,and ultimately promoting the development of long-term investment in enterprises.

关 键 词：营商环境 短视主义 融资约束 长期投资 

分 类 号：F273[经济管理—企业管理]