發(fā)布時間：2018-03-05 01:26

  本文選題：產(chǎn)業(yè)政策　切入點：投資效率　出處：《湖南大學》2015年碩士論文　論文類型：學位論文

【摘要】：投資作為企業(yè)的一項重要經(jīng)濟活動,其效率的高低往往影響著企業(yè)盈利績效和未來發(fā)展,因此,國內外學者一直對投資效率研究領域十分關注。但從目前的研究現(xiàn)狀來看,學者們在探討該問題時大多將微觀企業(yè)行為與宏觀經(jīng)濟政策割裂開來討論。事實上,公司投資的財務決策都是外部環(huán)境和微觀主體共同演進的結果,特別是在中國,強政府干預的特征事實在研究企業(yè)投資效率時絕不容忽視。而國家產(chǎn)業(yè)政策作為國家干預經(jīng)濟的重要方式,通過提供給行業(yè)內企業(yè)傾斜性的發(fā)展資源,影響著其投資行為及效率。因此,研究宏觀產(chǎn)業(yè)政策給企業(yè)投資效率帶來的影響及作用的路徑,具有一定的理論和現(xiàn)實意義。本文融合了政府干預、產(chǎn)業(yè)政策等相關理論,借鑒了已有相關文獻的最新研究成果,采用實證研究的方法探討產(chǎn)業(yè)政策對企業(yè)投資效率的影響及其作用路徑,并在此基礎上,進一步的研究了不同企業(yè)特征背景下產(chǎn)業(yè)政策與投資效率的關系。研究發(fā)現(xiàn)：產(chǎn)業(yè)政策將顯著影響企業(yè)的投資效率,受產(chǎn)業(yè)政策支持的企業(yè),其非效率投資行為將減少,即產(chǎn)業(yè)政策的支持與企業(yè)投資效率呈正相關關系；在短期內,產(chǎn)業(yè)政策主要是通過緩解企業(yè)融資約束而改變其投資效率的,由于政策的支持在短時間內無法有效增加企業(yè)的投資機會,因此無法通過提高投資機會而引起投資效率的變化；另外,產(chǎn)業(yè)政策主要影響民營企業(yè)的投資效率,政策的支持將使受激勵的民營企業(yè)提高資源配置的效率,而產(chǎn)業(yè)政策并不能有效作用于國有企業(yè),政策的扶持與國有企業(yè)投資效率的關系并不顯著。在企業(yè)生命周期階段方面,產(chǎn)業(yè)政策的實施將提高成長期企業(yè)的投資效率,對衰退期企業(yè)的資源配置效率將造成負面影響,對成熟期企業(yè)投資效率的作用不顯著。
[Abstract]:Investment as an important economic activity of the enterprise, its efficiency affects enterprise profit and future development, therefore, the domestic and foreign scholars have been very concerned about the research in the field of investment efficiency. But from the current research, the scholars in the discussion of the problem most of the micro enterprises and macro economic policy separated discussion. In fact, the company's financial investment decisions are the external environment and microcosmic evolution of the results, especially in China, in strong government intervention in investment research on enterprise efficiency can not be overlooked. The national industrial policy as an important way of state intervention in the economy, by providing resources for development of enterprises in the industry tilt the influence of the investment behavior and efficiency. Therefore, the path effect of macro industrial policy brings to the enterprise investment efficiency and effect, and has a certain The theoretical and practical significance. This paper combines the government intervention, the theory of industrial policy, referring to the latest research results of the existing literature, using empirical research methods to explore the impact of the efficiency of investment industrial policy for the enterprise and its role in the path, and on this basis, further study the relationship between industrial policy and investment efficiency of different background enterprise characteristics. The study found: industrial policy will significantly affect the efficiency of investment, industrial policy support of the enterprise, the non efficiency investment behavior will be reduced, which is positively support industrial policy and enterprise investment efficiency related; in the short term, the industrial policy is mainly through alleviate the financing constraints and change its investment efficiency due to the policy support, in a short period of time can not effectively increase the investment opportunities, investment efficiency caused by increasing investment opportunities to 鐨勫彉鍖栵紱鍙﹀,浜т笟鏀跨瓥涓昏褰卞搷姘戣惀浼佷笟鐨勬姇璧勬晥鐜，

本文編號：1568163