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文章将宏观经济层面的经济波动的影响投射到微观企业行为上,研究了国有股权性质下的企业投资趋同行为。研究发现:企业投资趋同行为是企业在经济波动感知水平上进行自我调整的结果;政府控制在一定程度上能够抑制企业投资趋同行为,并且控股水平越高,对企业投资趋同行为的治理作用越大;而且政府控制会根据宏观经济的波动水平调节对企业投资趋同行为的治理效果,可以发现政府控制是一种有效的动态治理机制,合理加强政府控制以及采取适当的政府控制方式能够在一定程度上起到合理引导企业投资和稳定经济发展的缓冲作用。
The article projects the impact of economic fluctuations on the macroeconomic level to the behavior of micro-enterprises and studies the convergence of corporate investment under the nature of state-owned shares. The findings are as follows: The convergence of corporate investment is the result of self-adjustment of the firm’s perceived economic fluctuation; the government control can restrain the convergence of corporate investment to a certain extent, and the higher the holding level, the greater the control over the convergence of corporate investment ; And the government control will adjust the governance effect on the convergence of corporate investment according to the macroeconomic fluctuation level. It can be found that government control is an effective dynamic governance mechanism. To reasonably strengthen the government control and adopt proper government control can, to a certain extent, Play a reasonable role in guiding enterprises to invest and stabilize the economic development of the buffer.