会计学院知识库

  随着我国已进入全面建设社会主义现代化国家开局起步的关键时期，想要取得新突破的关键之一在于实现经济高质量发展。想实现这一目标离不开企业的发展，而投资活动更是企业发展中不可或缺的经营活动之一，高效的投资活动能促进资源配置的优化，提升企业价值。但长期以来，我国存在部分企业投资效率不高，发展相对缓慢的现象。对于企业来说，政商关系是一项重要的社会资本，不同的政商关系意味着可获取不同的政策信息和财政补贴等经营资源。新型政商关系的构建意在为企业搭建一个公平公正的市场环境，优化营商环境，为企业高质量发展提供保障。因此，本文就新型政商关系对企业投资效率的影响及作用机制进行研究。

  本文运用社会资本理论、寻租理论和制度理论对新型政商关系与企业投资效率进行理论分析并提出假设。将新型政商关系概念提出后的五年A股上市公司数据为样本，以人大国发院从2017年至最新发布的《中国城市政商关系排行榜2021》中的指数来衡量新型政商关系，以估计残差模型衡量企业投资效率，实证检验了新型政商关系对企业投资效率的影响，还进一步分析了政府补助和地区营商环境的作用机制以及针对企业产权性质、企业所处地区与企业生命周期和融资约束的异质性分析。为企业投资效率的影响因素研究做出了增量贡献，同时也有助于推动新型政商关系的构建，加快服务型政府的转变。

  研究结果表明：第一，新型政商关系能显著提升企业投资效率。第二，新型政商关系包含的政商亲近关系和政商清白关系均对企业投资效率起到显著的促进作用。第三，新型政商关系通过提高企业获得的政府补助来提升投资效率，地区营商环境对新型政商关系对企业投资效率的促进作用产生一定程度的调节效应。对于地区营商环境优的企业，新型政商关系对企业投资效率的促进效果更显著。第四，异质性检验结果表明，新型政商关系对非国有企业、位于我国东部地区的企业、处于成长期的企业和融资约束程度弱的企业的投资效率的提升作用更显著。

    As China has entered the critical period of the beginning of the comprehensive construction of a modern socialist country, one of the keys to make new breakthroughs is to achieve high-quality economic development. To achieve this goal is inseparable from the development of enterprises, and investment activities are one of the indispensable business activities in the development of enterprises. Efficient investment activities can promote the optimization of resource allocation and enhance the value of enterprises. However, for a long time, the investment efficiency of some enterprises in our country is not high and the development is relatively slow. For enterprises, the relationship between government and enterprise is an important social capital, and different relations between government and business mean that they can obtain different business resources such as policy information and financial subsidies. The construction of the new government-business relationship is intended to build a fair and just market environment for enterprises, optimize the business environment, and provide guarantee for the high-quality development of enterprises. Therefore, this paper studies the influence and mechanism of the new government-business relationship on the investment efficiency of enterprises.

    This paper uses social capital theory, rent-seeking theory and institutional theory to analyze the new government-business relationship and enterprise investment efficiency and put forward hypotheses. The data of A-share listed companies in the five years after the concept of new government-business relationship was proposed were taken as samples, and the index in the "China City Government-Business Relationship Ranking 2021" released by the National Development Institute of the People's Congress from 2017 to 2021 was used to measure the new government-business relationship. The estimated residual model was used to measure the investment efficiency of enterprises, and the impact of new government-business relationship on enterprise investment efficiency was empirically-tested. It also further analyzes the mechanism of government subsidies and regional business environment, as well as the heterogeneity analysis of the property nature of enterprises, the region of enterprises and the life cycle of enterprises and financing constraints. It makes an incremental contribution to the research on the influencing factors of enterprise investment efficiency, and also helps to promote the construction of a new type of government-business relationship and accelerate the transformation of service-oriented government.

    The results show that: First, the new government-business relationship can significantly improve the efficiency of enterprise investment. Second, the new government-business relationship includes the close relationship between government and business and the clean relationship between government and business, which plays a significant role in promoting the investment efficiency of enterprises. Third, the new government-business relationship improves the investment efficiency by increasing the government subsidies obtained by enterprises, and the regional business environment has a moderating effect on the promotion effect of the new government-business relationship on the investment efficiency of enterprises to a certain extent. For enterprises with favorable regional business environment, the new government-business relationship has a more significant effect on the promotion of enterprise investment efficiency. Fourth, the heterogeneity test results show that the new government-business relationship has a more significant effect on the improvement of investment efficiency of non-state-owned enterprises, enterprises located in the eastern region of China, enterprises in the growth stage and enterprises with weak financing constraints.