政府扶持能改善企业投资效率吗?——基于政府采购的经验证据  

Can Government Support Promote Corporate Investment Efficiency:Evidence from Government Procurement

作　　者：罗宏[1] 彭馨怡 白雨凡 LUO Hong;PENG Xinyi;BAI Yufan(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《中南财经政法大学学报》2024年第1期58-70,共13页Journal of Zhongnan University of Economics and Law

基　　金：教育部人文社会科学研究西部和边疆地区项目“会计信息对地方政府隐性债务风险的预测价值研究”(22XJA790006)。

摘　　要：政府采购作为政府在需求端的市场化扶持手段引起了学界广泛关注。本文以2015—2020年沪深A股上市公司为研究对象,实证检验了政府采购对企业投资效率的影响。研究发现,政府采购能够提高企业投资效率,且能够同时抑制企业过度投资和投资不足;区分订单特征发现,仅异地政府采购能提高企业投资效率。机制检验表明,政府采购能够通过降低企业经营不确定性和信息不对称程度提高企业投资效率,且上述作用在产品市场竞争更为激烈的企业、处于政府审计监督力度较强地区的企业、非国有企业以及处于法治环境较差地区的企业中更加显著。本文的研究结论不仅为如何通过政府扶持提高企业投资效率提供了经验证据,也对如何积极开展政企互动和促进经济高质量发展具有重要启示。Government procurement,as one of government's market-oriented supporting methods on the demand side,has raised wide attention.Using the data of Chinese listed firms from 2015 to 2020,this paper tests the impact of government procurement on corporate investment efficiency.The results indicate that government procurement significantly promotes corporate investment efficiency,and can synchronously inhibit over-investment and under-investment.After distinguishing the feature of the procurement,we find that only nonlocal government procurement can promote corporate investment efficiency.Mechanism tests suggest that government procurement can promote investment efficiency by decreasing firms'operation uncertainty and alleviating firms'information asymmetry.The promoting effect of government procurement on investment efficiency is more pronounced in enterprises with more severe market competition,enterprises in the areas with more stringent government audit supervision,non-state-owned enterprises and enterprises in the areas with poorer legal environment.This paper not only provides empirical evidence on how to promote investment efficiency by government support,but also has important enlightenment on how to actively carry out the interaction between government and enterprises,as well as on how to optimize their relationship,and ultimately accelerate high-quality economic development.

关 键 词：政府采购 投资效率 政府扶持 有为政府 

分 类 号：F812[经济管理—财政学]