JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

公司在乎投资机会吗？来自中国的证据

作者：Sai Ding (University of Glasgow)

Minjoo Kim (Nankai University)

Xiao Zhang (University of Liverpool)

摘要：在中国，什么驱动了公司的投资决策？虽然大多数文献都关注金融因素（如现金流）的作用，但我们从经济基本面的角度探讨了公司金融中这一最重要的问题。利用多个投资机会的代理变量和各种计量经济学方法，我们的实证结果表明，在中国私营企业能够充分利用所有类型的投资机会。国有企业对供给方面的投资机会作出更多回应，但对需求方面的冲击和未来盈利能力的反应要小得多。金融部门的发展使私营企业在决策中更好地利用各种投资机会，从而有助于提高私营企业的投资效率。我们的研究呼吁在中国进行进一步的制度和金融部门改革。

关键词：投资机会；所有权改革；金融发展；投资效率

Do firms care about investment opportunities? Evidence from China

Sai Ding (University of Glasgow)，Minjoo Kim (Nankai University) ，Xiao Zhang (University of Liverpool)

ABSTRACT

What drives a firm's investment decisions in China? While most literature focuses on the role of financial factors (such as cash flow), we explore this most important question in corporate finance from the perspective of economic fundamentals. Using a large number of proxies for investment opportunities and a variety of econometric approaches, our empirical results show that it is private firms that make the most of all types of investment opportunities in China. State-owned enterprises respond more to the investment opportunities from the supply side, but much less so to demand-side shocks and future profitability. Financial sector development is found to be conducive to the improvement of the investment efficiency of private firms by making them take better advantage of all types of investment opportunities in their decision-making. Our research calls for further institutional and financial sector reforms in China.

Keywords: Investment opportunities; Ownership reform; Financial development；Investment efficiency

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917303553

翻译：陈然