市场竞争会驱动过度投资吗?——基于战略性新兴产业的经验证据

摘要/Abstract

摘要：

基于战略性新兴产业的特征与发展趋势，本文研究了外部市场竞争和企业的市场地位对企业过度投资的综合影响。研究发现，在产业政策这一固定效应基础上，市场竞争通过“抢占先机”和“攀比动因”两个路径驱动了企业的过度投资；进一步，企业市场地位的差异会带来“自然防护效应”和“信息壁垒效应”，修正了市场竞争对过度投资的影响，企业市场地位的提升会加剧市场竞争对过度投资的驱动作用。研究证实，战略性新兴企业的过度投资是在对政策良好预期的背景下应对竞争的防御性反应。

关键词: 市场竞争, 过度投资, 市场地位, 战略性新兴产业

Abstract:

Based on the characteristics and development trend of strategic emerging industries (SEI), this paper studies the comprehensive impact of external market competition and market position on overinvestment. The research finds that, based on the fixed effect of industrial policy, market competition drives the overinvestment of enterprises through the "preemption" effect and the "comparison" effect. Further, the difference of market position will bring "natural protection effect" and "information barrier effect", which correct the influence of market competition on over investment, and the higher market position of enterprises will exacerbate the driving effect of market competition on overinvestment. This research confirms that the overinvestment of SEI is a defensive response to competition in the good policy expectations.

Key words: market competition, over-investment, market position, strategic emerging industries

刘亭立, 蔡娇娇, 杨松令. 市场竞争会驱动过度投资吗?——基于战略性新兴产业的经验证据[J]. , 2019, 31(12): 219-232.

Liu Tingli, Cai Jiaojiao, Yang Songling. Does Market Competition Influence Over-investment? Empirical Evidence from Strategic Emerging Industries[J]. , 2019, 31(12): 219-232.

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