产业政策对企业投资效率的影响

李婷

[摘 要] 从投资机会和产权性质两个不同角度研究产业政策与企业投资效率之间的关系。实证结果表明，从总样本分析来看，近十来年，产业政策可以促进企业的投资效率。以投资机会分组分析来看，当投资机会较好时，产业政策能起到引导企业投资的作用，即对投资效率具有显著促进效应；当投资机会较差时，则难以起到促进效应。以不同产权分组分析来看产业政策促进非国有控股企业的投资效率，而对国有控股企业的投资效率并不显著。进而得出结论为产业政策能够促进投资效率的提高。应该对不同类型的企业实施有目标性的产业政策，才能更有效地促进产业政策与微观企业的良好运转；而产业政策对国有控股企业投资效率的促进作用并不明显。

[关键词] 产业政策；投资效率；产权性质

[中图分类号] F270 [文献标识码] A [文章编号] 1009-6043（2018）08-0087-03

Abstract： The study researches the relationship between industrial policy and enterprise investment efficiency from two different perspectives of investment opportunities and property rights. The empirical results show that， from the overall sample analysis， industrial policy can promote the investment efficiency of enterprises in the last decade. According to the investment opportunity group analysis， when the investment opportunity is good， the industrial policy can play the guiding role on enterprise investment， that is， it can significantly promote the investment efficiency. When investment opportunitie is poor， it is difficult to promote the effect. According to different property rights group analysis， industrial policy promotes the investment efficiency of non-state-owned holding enterprises， while the investment efficiency of state-owned holding enterprises is not significant. The conclusion is that industrial policy can promote the improvement of investment efficiency. It is necessary to implement targeted industrial policies for different types of enterprises， so as to promote the good operation of industrial policies and micro-enterprises more effectively. However， the acceleration of industrial policy on investment efficiency of state-owned holding enterprises is not obvious.

Key words： industrial policy， investment efficiency， property rights

政府干预经济的手段有很多种，其中最重要的一种是产业政策，主要包括行政管制、资源控制、政策性贷款和创新指导。理论上，产业政策的实施能够引导企业投资方向，促进产业升级，实现目标。然而，市场环境不健全和制度安排不合理等原因的存在导致了政策效果不符合预期。影响企业投资效率因素较多，既有内部因素如规模、管理水平等，又有外部因素如宏观环境、行业生命周期等。

从不同角度考察产业政策、产权性质与企业投资效率的关系：一是从投资机会角度研究产业政策效果的微观证据，对当前多数从宏观研究产业政策起到了一定的补充说明。……