经济政策不确定性、集团化经营与企业投资效率  

Economic Policy Uncertainty,Business Group and Corporate Investment Efficiency

作　　者：李田雨 海梦碟 邢斐[2] LI Tianyu;HAI Mengdie;XING Fei(School of Business,Hubei University,Wuhan 430062,China;School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China)

机构地区：[1]湖北大学商学院,湖北武汉430062 [2]华中科技大学经济学院,湖北武汉430074

出　　处：《中南财经政法大学学报》2024年第6期65-78,共14页Journal of Zhongnan University of Economics and Law

基　　金：教育部人文社会科学研究规划基金项目“产业网络风险下企业的‘稳中求进’决策:基于流动性管理‘双重角色’的研究”(23YJA790089);中国博士后科学基金面上项目“国企改革背景下国有企业集团股权网络结构特征对企业创新行为的影响研究”(2023M741271);中央高校基本科研业务费项目“产业网络风险下企业的‘稳中求进’:现金持有的角色”(2023WKFZZX106)。

摘　　要：本文从集团化经营的角度,以2008—2023年中国A股上市公司为样本,研究经济政策不确定性对投资效率的影响。研究发现:经济政策不确定性降低了企业的投资效率;集团化经营既可以通过缓解企业融资约束和分散经营风险,减轻由经济政策不确定性造成的企业投资不足,也可能通过加剧代理问题,放大由经济政策不确定性带来的企业投资过度;进一步地,面对经济政策不确定性的影响,非国有企业或处于市场化水平较低地区的企业更有必要采取集团化经营策略以缓解投资不足,但集团化经营策略同时也可能加剧这些企业的过度投资;市场化水平的提高既能够替代集团化经营策略以缓解经济政策不确定性导致的融资约束和投资不足,也可以避免集团成员企业在经济政策不确定性时的过度投资问题。本文的研究有助于识别集团化经营策略在对冲宏观政策风险中的有效边界,有利于在经济政策不确定性情境下深入理解企业集团与市场机制的相互关系,并能为政策部门在组建大型企业集团和提高投资效率方面提供政策建议。Using a sample of Chinese A-share listed firms from 2008 to 2023,this paper investigates how economic policy uncertainty affects corporate investment efficiency from the perspective of business group.We find that economic policy uncertainty reduces corporate investment efficiency.By reducing financial constraints and diversifying business risks,business groups can not only mitigate under-investment of firm due to economic policy uncertainty,but also amplify over-investment of firm due to economic policy uncertainty by exacerbating agency problems.Further,in the face of economic policy uncertainty,it is more necessary for private firms or firms in regions with a lower level of marketization to adopt a group strategy to alleviate their under-investment,but a group strategy may also exacerbate over-investment by these firms.An increase in the level of marketization can be used as an alternative to group strategy to alleviate financing constraints and under-investment caused by economic policy uncertainty,but it can also avoid over-investment by group members in the face of economic policy uncertainty.This paper helps to identify the effective boundary of the group strategy in hedging macro policy risks,and to understand the mutual relations between business groups and market mechanisms when confronted with economic policy uncertainty.In closing,it may additionally provide policy advice on the construction of large-scale business groups and the enhancement of investment efficiency.

关 键 词：经济政策不确定性 集团化经营 投资不足 过度投资 投资效率 

分 类 号：F272.5[经济管理—企业管理]