GDP竞争动机下的企业资本投向与配置结构研究

科研管理 ›› 2013, Vol. 34 ›› Issue (5): 102-110.

GDP竞争动机下的企业资本投向与配置结构研究

赵静¹, 郝颖²

1. 清华大学经济管理学院, 北京 100084;
2. 重庆大学经济与工商管理学院, 重庆 400030

收稿日期:2012-06-06 修回日期:2012-10-06 出版日期:2013-05-27 发布日期:2013-05-20
基金资助:
本文为国家自然科学基金(项目批号:70902030,71232004);教育部人文社科项目(09YJC630242);重庆大学中央高校基本科研业务费资助项目(CDJSK11002,CQDXWL-2012-166)的阶段性成果。

The structure of corporation capital investment and allocation with GDP competition motivation

Zhao Jing¹, Hao Ying²

1. School of Economy and Management, Tsinghua University, Beijing 100084, China;
2. School of Economy and Business Administration, Chongqing University, Chongqing 400030, China

Received:2012-06-06 Revised:2012-10-06 Online:2013-05-27 Published:2013-05-20

摘要/Abstract

摘要： 基于不同投资类型对GDP增长贡献的差异,本文研究了地方政府GDP竞争动机对企业投资取向的影响,以及企业固定资产投资对技术投资的挤占效应。研究表明:(1)基于GDP竞争动机,地方政府将干预国企增加固定资产投资,削减技术投资;(2)GDP竞争对企业资本投向的影响因政府干预方式的不同存在差异,国资委直属企业的固定资产投资规模和增速最大;(3)地方政府的GDP竞争动机对央企资本投向的影响轻微。(4)地方政府对企业资本投向的干预存在GDP贡献率最大化的选择倾向,固定资产投资不仅挤占了技术投资,而且导致了资本投资结构的异化。上述研究,为进一步改进以GDP为中心的单极考评体制,提高政府治理水平提供了理论和经验依据。

关键词: 政府干预, 资本投向, GDP竞争, 挤占效应

Abstract: Since the different investment forms make different contribution to GDP growth, the impact of the GDP competition motivation on enterprise investment decisions is studied, and the crowding out effect of fixed assets investment on technology investment is found out. It shows that (1) based on the GDP competitive motivation, the local government will intervene state-owned enterprises for increasing the investment in fixed assets and decreasing technology investment; (2) considering the GDP competition, the different modes for government intervention in capital investment exist, and the state-owned enterprises controlled by Commission of the State-owned Assets Supervision and Administration(SASAC) directly has the largest scale and growth rate for fixed assets investment; (3) the influence of local government GDP competitive motivation on central enterprises capital investment is slight; (4) in the presence of GDP competition motivation, the local government intervention in the enterprise capital investment has a selection tendency for maximizing the GDP growth; the fixed assets investment not only squeezes off the technical investment, but also leads to the alienation of capital investment structure. The results are able to further improve the single appraisal system when GDP is the center index, and provide theoretical and empirical evidence for raising the level of government governance.

Key words: government intervention, capital investment, GDP competition, substitution effect

中图分类号:

F275
F830.2

赵静, 郝颖. GDP竞争动机下的企业资本投向与配置结构研究[J]. 科研管理, 2013, 34(5): 102-110.

Zhao Jing, Hao Ying. The structure of corporation capital investment and allocation with GDP competition motivation[J]. Science Research Management, 2013, 34(5): 102-110.

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