The Impact of Government Intervention on Corporate Investment Allocations and Efficiency: Evidence from China
研究政府干预对中国企业投资配置和效率的影响，发现政府干预促进固定资产、国有股权和自然资源投资，但减少研发投资，且主要影响地方国企，对私企自然资源投资有挤出效应，降低投资效率。
Abstract We examine whether government intervention plays an important role in determining corporate investment allocations and efficiency in China. We find the government tends to intervene to promote corporate investment in fixed assets, equity in other state‐owned enterprises (SOEs), and natural resources including oil, natural gas, and mines, but reduces research and development (R&D) investment. However, the effects of government intervention on these investment allocations are primarily found in local SOEs rather than in central SOEs or in private enterprise. Government intervention also induces a crowding‐out effect in natural resource investments of private firms, suggesting that government intervention distorts investment allocations and reduces investment efficiency.