| 产品市场竞争、政府控制与投资效率 |
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| 引用本文： | 徐一民,张志宏.产品市场竞争、政府控制与投资效率[J].软科学,2010,24(12). |
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| 作者姓名： | 徐一民 张志宏 |
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| 基金项目： | 河北省自然科学基金资助项目 |
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| 摘 要： | 选择沪深股市2004～2008年的非金融类上市公司为样本,参照Jorgenson(1963)的古典投资模型、Richardson(2006)的投资效率模型,从企业投资支出模型出发,以政府控制为研究背景,实证检验了产品市场竞争对企业投资效率的影响。从提供的经验证据表明:产品市场竞争有利于提高企业的投资效率,产品市场竞争越激烈的行业,投资效率越高;政府控制的企业对产品市场竞争的敏感性较低,由此扭曲了企业的投资行为,降低了投资效率。
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| 关 键 词： | 产品市场竞争 政府控制 投资支出 投资效率 |
Product Market Competition, Government Control and Investment Efficiency |
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| XU Yi-min,ZHANG Zhi-hong.Product Market Competition, Government Control and Investment Efficiency[J].Soft Science,2010,24(12). |
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| Authors: | XU Yi-min ZHANG Zhi-hong |
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| Abstract: | Taking non-financial listed companies in Shanghai and Shenzhen Stock Markets as the sample,based on government control,this paper empirically analyzes the influence of product market competition on investment efficiency with Jorgenson's neo-classical model and Richardson's investment efficiency model.The result shows: product market competition helps to improve the efficiency of corporate investment;the more intense product market competition in the industry,the more efficient the investment is;government-controlled enterprises is less sensitive to product market competition,and government control of the company distorts investment behavior and reduces the efficiency of investment. |
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| Keywords: | product market competition government control investment expenditure investment efficiency |
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