Institutions and Corporate Investment: Evidence from Investment-Implied Return on Capital in China
利用投资欧拉方程框架，估计中国企业的随机贴现率，发现所有制是影响企业投资的主要制度因素，非国有企业的贴现率比国有企业高约10个百分点。
Abstract We assess the impact of institutions on Chinese firms’ corporate investment in an investment Euler equation framework. We allow the variables measuring institutions to affect the rate at which firm managers discount future investment payoffs. Applying generalized method of moments estimators to large samples of Chinese firms, we estimate the stochastic discount rates derived from actual investment and examine how they vary across institutional variables. We document robust evidence that ownership is the primary institutional factor affecting corporate investment in China. The derived discount rate for a nonstate firm is approximately 10 percentage points higher than that of an otherwise equal state firm. State firms tend to use higher discount rates to invest after they are partially privatized. We also find that firms with higher levels of corporate governance use higher discount rates to make investment.