政府采购对企业投资行为的影响  

Research on the Investment Behavior Effects of Government Procurement

作　　者：朱亚军 ZHU Ya-jun

机构地区：[1]东北财经大学产业组织与企业组织研究中心

出　　处：《产经评论》2025年第1期130-146,共17页Industrial Economic Review

摘　　要：企业投资行为在培育新兴产业和未来产业上发挥了重要作用,优化投资结构、提高投资效率是形成新增长点、促进高质量发展和扩大内需的内在要求。基于2015—2022年中国上市企业微观数据,对政府采购的投资行为效应进行研究。结果显示:政府采购降低了企业投资支出水平,主要通过缓解过度投资提高企业投资效率。机制检验表明,政府采购通过加强政府督查、减少营商环境不确定性和提高企业社会责任信息披露质量降低了企业投资支出水平、提高了企业投资效率。异质性检验表明,政府采购的投资行为效应对竞争行业、非技术密集型行业、高融资约束、低成长性及低治理水平企业来说更为明显。进一步分析发现,企业获得政府采购订单会使上游供应商降低投资支出水平、提高投资效率,这说明政府采购能够沿着供应链产业链产生后向溢出效应,但对下游客户并未产生溢出效应。因此,应进一步发挥政府采购政策导向作用,改善企业投资行为,引导资源在供应链产业链上的有效配置。Corporate investment behavior plays a crucial role in fostering emerging and future industries.Optimizing investment structure and improving investment efficiency are essential requirements for cultivating new growth drivers,promoting high-quality development,and expanding domestic demand.Based on micro-level data from Chinese listed companies from 2015 to 2022,this study examines the investment effects of government procurement.The results show that government procurement reduces corporate investment expenditure,primarily by mitigating overinvestment and enhancing investment efficiency.Mechanism tests indicate that government procurement lowers corporate investment expenditure and improves investment efficiency by strengthening government supervision,reducing uncertainty in the business environment,enhancing corporate social responsibility information disclosure quality.Heterogeneity tests reveal that the investment effects of government procurement are more pronounced in competitive industries,non-technology sectors,firms with high financing constraints,low growth potential,and weak corporate governance.Further analysis shows that when firms receive government procurement orders,their upstream suppliers tend to reduce investment expenditure and improve investment efficiency,demonstrating that government procurement generates backward spillover effects along the supply chain.However,no significant spillover effects are observed for downstream customers.Therefore,it is necessary to further leverage the policy guidance of government procurement to improve corporate investment behavior and facilitate the effective allocation of resources along the supply chain.

关 键 词：政府采购 企业投资 营商环境不确定性 供应链溢出 高质量发展 

分 类 号：F062.9[经济管理—政治经济学]