国有企业投资影响民营企业的机理与效应——基于同侪效应的仿效投资机制

摘要/Abstract

摘要： 本文剖析了政府干预背景下国有企业投资对民营企业的影响机理，以2007—2015年制造业上市公司为观测对象，实证结果发现：国企的投资水平显著高于民企；民企投资随着国企投资的增加而提高，但当国企投资水平达到临界高点之后，民企投资随之降低；国企市场势力越强，民企投资越少，并呈加速下降的趋势。当民企信息效率低和资产专用程度高时，民企对国企的仿效投资程度更高，并伴随着资源配置效率的降低；民企仿效投资在国企投资过度时显著，而在国企投资不足时不显著。本文为产能过剩和投资周期波动提供了一定的理论解释，并在市场机制、投资决策以及信息反馈等方面提供了启示。

关键词: 投资, 同侪效应, 信息效率, 资产专用性

Abstract: This paper analyzes the influence mechanism of state-owned enterprises'(SOE) investment on private enterprises' under the background of government intervention. By using the listed manufacturing companies from 2007 to 2015, our empirical study shows that:the investment level of SOEs is higher than that of private enterprises; The investment of private enterprises increases with SOEs', but decreases after it reaches a critically high level; with the increase of market power of SOEs, the investment of private enterprises decreases and shows an accelerated downward trend. For the private enterprises with lower information efficiency and higher asset specificity, the imitative investment level is higher and resource allocation efficiency is lower; private enterprises' investment is significant when SOEs overinvest, but not significant in the case of underinvestment. This paper provides some theoretical explanations on overcapacity and investment cycle fluctuations, and also inspirations for the improvement on market mechanism, investment policy and information feedback.

Key words: investment, peer effect, information efficiency, asset specificity

刘井建, 李惠竹, 郝康鑫. 国有企业投资影响民营企业的机理与效应——基于同侪效应的仿效投资机制[J]. 管理评论, 2021, 33(3): 41-53.

Liu Jingjian, Li Huizhu, Hao Kangxin. Influence Mechanism and Effect of State-owned Enterprises' Investment on Private Enterprises——An Imitative Investment Based on Peer Effect[J]. Management Review, 2021, 33(3): 41-53.

参考文献

[1] Moretti E. Social Learning and Peer Effects in Consumption:Evidence from Movie Sales[J]. Review of Economic Studies, 2008,78(1):356-393
[2] Beatty A., Liao S., Yu J. J. The Spillover Effect of Fraudulent Financial Reporting on Peer Firms' Investments[J]. Journal of Accounting and Economics, 2013,55(2):183-205
[3] Leary M. T., Roberts M. R. Do Peer Firms Affect Corporate Financial Policy?[J]. The Journal of Finance, 2014,69(1):139-178
[4] Bursztyn L., Ederer F., Ferman B. Understanding Mechanisms Underlying Peer Effects:Evidence from a Field Experiment on Financial Decisions[J]. Econometrica, 2014,82(4):1273-1301
[5] Albuquerque A. M., De Franco G., Verdi R. S. Peer Choice in CEO Compensation[J]. Journal of Financial Economics, 2013,108(1):160-181
[6] Kaustia M., Rantala V. Social Learning and Corporate Peer Effects[J]. Journal of Financial Economics, 2015,117(3):653-669
[7] 钟田丽,张天宇. 我国企业资本结构决策行为的"同伴效应"——来自深沪两市A股上市公司面板数据的实证检验[J]. 南开管理评论, 2017,20(2):58-70
[8] 傅超,杨曾,傅代国. "同伴效应"影响了企业的并购商誉吗?基于我国创业板高溢价并购的经验证据[J]. 中国软科学, 2015,(11):94-108
[9] 支晓强,孙健,王永妍. 高管权利、行业竞争对股权激励方案模仿行为的影响企业管理[J]. 管理世界, 2014,(3):111-125
[10] 沈洪涛,苏亮德. 企业信息披露中的模仿行为研究——基于制度理论的分析[J]. 南开管理评论, 2012,15(3):82-90
[11] 王昭凤,范开阳. 企业模仿成本及其对模仿结果的影响[J]. 南开经济研究, 2005,(6):105-110
[12] Dessaint O., Foucault T., Frésard L., et al. Ripple Effects of Noise on Corporate Investment[R]. Rotman School of Management Working Paper, 2018
[13] Foucault T., Fresard L. Learning from Peers' Stock Prices and Corporate Investment[J]. Journal of Financial Economics, 2014,111(3):554-577
[14] Ozoguz A., Rebello M. J. Information, Competition, and Investment Sensitivity to Peer Stock Prices[EB/OL]. https://ssrn.com/abstract=2311344, 2013
[15] Badertscher B., Shroff N., White H. D. Externalities of Public Firm Presence:Evidence from Private Firms'Investment Decisions[J]. Journal of Financial Economics, 2013,109(3):682-706
[16] 石桂峰. 地方政府干预与企业投资的同伴效应[J]. 财经研究, 2015,41(12):84-106
[17] 王文成. 国有经济的投资效应研究——基于中国工业制造业28个行业的实证分析[J]. 中国工业经济, 2013,(7):134-146
[18] 郝阳,龚六堂. 国有、民营混合参股与公司绩效改进[J]. 经济研究, 2017,52(3):122-135
[19] 罗纳德·哈里·科斯,王宁著. 徐尧,李哲民译. 变革中国:市场经济的中国之路[M]. 北京:中信出版社, 2013
[20] 徐业坤,钱先航,李维安. 政治不确定性, 政治关联与民营企业投资——来自市委书记更替的证据[J]. 管理世界, 2013,(5):116-130
[21] 刘井建,付杰,纪丹宁. 政治关联、债务期限与公司投资效率[J]. 现代财经, 2017,37(2):90-103
[22] 周劲,付保宗. 产能过剩的内涵、评价体系及在我国工业领域的表现特征[J]. 经济学动态, 2011,(10):58-64
[23] 王立国,张日旭. 财政分权背景下的产能过剩问题研究——基于钢铁行业的实证分析[J]. 财经问题研究, 2010,(12):30-35
[24] 耿强,江飞涛,傅坦. 政策性补贴、产能过剩与中国的经济波动——引入产能利用率RBC模型的实证检验[J]. 中国工业经济, 2011,(5):27-36
[25] 曹春方,马连福,沈小秀. 财政压力,晋升压力,官员任期与地方国企过度投资[J]. 经济学(季刊), 2014,30(4):1415-1436
[26] 纪志宏,纪敏,赵奕然. 产能过剩的衡量与原因分析——一个文献综述[J]. 新金融评论, 2017,(1):73-95
[27] 任寿根. 模仿行为经济学分析——对经济波动的一种新解释[J]. 经济研究, 2002,(1):64-71
[28] 林毅夫. 新常态下中国经济的转型和升级:新结构经济学的视角[J]. 新金融, 2015,(6):4-8
[29] 楚尔鸣,鲁旭. 基于SVAR模型的政府投资挤出效应研究[J]. 宏观经济研究, 2008,(8):41-47
[30] 雷新途,陈昆亭,素燕,等. 资产结构反映资产专用性吗?——来自中国上市公司2001-2013年的经验证据[J]. 南开经济研究, 2016,(1):129-143
[31] 喻坤,李治国,张晓蓉,等. 企业投资效率之谜:融资约束假说与货币政策冲击[J]. 经济研究, 2014, 49(5):106-119
[32] 林毅夫,李志赟. 政策性负担、道德风险与预算软约束[J]. 经济研究, 2004,(2):17-27
[33] 俞红海,徐龙炳,陈百助. 终极控股股东控制权与自由现金流过度投资[J]. 经济研究, 2010, 45(8):103-114
[34] 刘小玄,吴靖烨. 资源配置垄断力量与制造业的市场壁垒[J]. 改革, 2015,(6):64-72
[35] Kadan O., Madureira L., Wang R. Analysts' Industry Expertise[J]. Journal of Accounting and Economics, 2012,54(2-3):95-120
[36] 李青原,王永海. 资产专用性与公司资本结构——来自中国制造业股份有限公司的经验证据[J]. 会计研究, 2006,(7):66-71
[37] Lev B., Sougiannis T. The Capitalization, Amortization and Value-relevance of R&D[J]. Journal of Accounting and Economics, 1996,21(1):107-138
[38] James C., Kizilaslan A. Asset Specificity, Industry-driven Recovery Risk, and Loan Pricing[J]. Journal of Financial and Quantitative Analysis, 2014,49(3):599-631
[39] Mora N. Creditor Recovery:The Macroeconomic Dependence of Industry Equilibrium[J]. Journal of Financial Stability, 2015,(18):172-186
[40] Gao H., Huang J. The Even-odd Nature of Audit Committees and Corporate Earnings Quality[J]. Journal of Accounting, Auditing & Finance, 2018,33(1):98-122
[41] 韩国高,高铁梅,王立国. 中国制造业产能过剩的测度、波动及成因研究[J]. 经济研究, 2011,46(12):18-31
[42] 刘井建,纪丹宁,王健. 高管股权激励计划、合约特征与公司现金持有[J]. 南开管理评论, 2017,20(1):47-59
[43] 史炜. 穿透迷墙:干预与自由博弈下的中国经济[M]. 广州:暨南大学出版社, 2013
[44] Richardson S. Over-investment of Free Cash Flow[J]. Review of Accounting Studies, 2006,11(2-3):159-189
[45] 孙晓华,李明珊. 国有企业的过度投资及其效率损失[J]. 中国工业经济, 2016,(10):109-125
[46] Bond S. R., Hoeffler A., Temple J. R. W. GMM Estimation of Empirical Growth Models[EB/OL]. https://ssrn.com/abstract=290522, 2001
[47] 申广军,陈斌开,杨汝岱. 减税能否提振中国经济?——基于中国增值税改革的实证研究[J]. 经济研究, 2016,51(11):70-82
[48] Fisman R., Svensson J. Are Corruption and Taxation Really Harmful to Growth? Firm Level Evidence[J]. Journal of Development Economics, 2007,83(1):63-75