商业研究

商业研究

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投资规模、投资效率与宏观经济环境 ——基于我国上市公司经验数据的分析

马红1，王元月2   

  1. 中国海洋大学 1.管理学院；2.经济学院，山东 青岛 266100
  • 收稿日期:2016-12-06 出版日期:2017-03-19
  • 作者简介:马红（1985-），女，济南人，中国海洋大学管理学院博士研究生，研究方向：投融资与资本市场；王元月（1965-），男，辽宁朝阳人，中国海洋大学经济学院教授，博士生导师，管理学博士，研究方向：投融资与资本市场。
  • 基金资助:
    广义虚拟经济研究专项课题“广义虚拟经济视角下虚拟经济对企业投资行为的影响研究”，项目编号：GX2015-1010(Y)；教育部人文社科基金项目“金融不稳定指标体系及其对宏观经济影响的测度模型研究”，项目编号：11YJA790156。

Investment Scale, Investment Efficiency and Macroeconomic Environment ——An Analysis based on the Empirical Data of Listed Companies in China

MA Hong1，WANG Yuan-yue2   

  1. 1．Management College, Ocean University of China，Qingdao 266100,China； 2．School of Economics，Ocean University of China，Qingdao 266100，China
  • Received:2016-12-06 Online:2017-03-19

摘要： 本文以我国上市公司2001-2015年的经验数据为样本，分析“新常态”下我国宏观经济环境对企业投资规模与投资效率的影响。研究发现：企业的投资规模与投资效率具有显著的周期特征；货币政策的扩张促进了企业投资规模的扩大，但不利于企业投资效率的提高；财政政策的扩张促进了企业投资规模的扩大，但对企业投资效率的影响不显著；信贷市场的发展促进了企业投资规模的扩大，但对企业投资效率的影响并不显著；股票市场的发展对企业投资规模和投资效率的影响都不显著。

关键词: 宏观经济环境, 投资规模, 投资效率

Abstract: The paper takes the empirical data of listed firms in China from 2001 to 2015 as samples to analyze the impact of China′s macroeconomic environment on investment scale and investment efficiency of firms in new normal of Chinese economy. Research showed investment scale and investment efficiency of firms have significant cyclical characteristics; the expansion of monetary policy can promote the expansion of the investment scale of firms, but it is not conducive to the improvement of the investment efficiency of firms; the expansion of fiscal policy can promote the expansion of the investment scale of firms, but its impact on the investment efficiency of firms is not significant; the development of the credit market can promote the expansion of the investment scale of firms, but its impact on the investment efficiency of firms is not significant; the development of the stock market has no significant impact on the investment scale and investment efficiency of firms.

Key words: macroeconomic environment, investment scale, investment efficiency