论文部分内容阅读
本文以“十一五规划”和“十二五规划”为研究背景,实证检验了正式制度-产业政策和非正式制度-政治关联对于民营企业投资的影响,发现:产业政策虽然促进了民营企业的投资水平,但降低了民营企业的投资效率;政治关联与产业政策在民营企业投资水平方面存在一定的替代作用,在投资效率上存在互补作用,并且互补作用只体现在改善了民营企业的投资不足,深化了政治关联的资源效应;另外,拥有政治关联的民营企业的确能够提前获取产业政策的相关信息,更早地进行投资丰富了政治关联的信息效应。
This paper empirically examines the impact of the formal system of industrial relations and informal institutions on the investment of private enterprises in the 11th Five-year Plan and the 12th Five-year Plan, and finds that although industrial policy Promote the investment level of private enterprises, but reduce the investment efficiency of private enterprises; political linkages and industrial policies have some substitution effect in the investment level of private enterprises, there is complementary effect on investment efficiency, and the complementary effect is only reflected in the improvement Inadequate investment in private enterprises has deepened the resource effect of political connections. In addition, private enterprises with political connections can indeed obtain the relevant information of industrial policies in advance, and make investment earlier to enrich the information effects of political connections.