国际知名期刊中国问题研究：企业投资

本期主要介绍企业投资问题研究的最新论文，以及过往与该研究相关的论文介绍，具体如下：

1.Do firms care about investment opportunities? Evidence from China

Journal of Corporate Finance

Volume 52, October 2018

Sai Ding

University of Glasgow

Minjoo Kim

University of Liverpool

Xiao Zhang

Nankai University

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; Investment opportunities; Ownership reform; Financial development; Investment efficiency; China

链接地址：

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

2.The Impact of Government Intervention on Corporate Investment Allocation and Efficiency: Evidence from China

Financial Management

Forthcoming. Last revised: 19 Aug 2017

Ying Hao

Beijing Normal University (BNU)

Jing Lu

Chongqing University

Abstract

This paper examines whether government intervention plays an important role in determining corporate investment allocations and efficiency in China. We find that the government tends to intervene to promote corporate investment in fixed assets, equity in other state owned enterprises, and natural resources such as oil, natural gas and mines, but reduces R&D investment. However, the effects of government intervention on such investment allocations are mainly found in local SOEs, rather than in central SOEs or in private enterprises. Government intervention also induces a crowding-out effect in natural resource investment for private firms, suggesting that government intervention distorts investment allocations and reduces investment efficiency. 

Keywords: Government Intervention; Investment Allocation; Investment Efficiency; Ownership Characteristics

链接地址：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12188/full

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