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文章以国有集团企业的所有权结构及其使用关系人交易程度高低作为切入点,研究影响中国集团企业投资效率的原因。发现国有集团企业的关系人交易会给投资效率带来一定的负面影响,但与国有非集团企业相比,国有集团企业有较高的投资效率,这是因为国有集团企业更少的使用关系人交易。同时发现产权结构为私有时,集团企业比非集团企业的投资效率低,投资效率与关系人交易程度为负相关关系。
This article takes the ownership structure of state-owned group enterprises and the level of their relationship transactions as a starting point to study the reasons that affect the efficiency of investment in Chinese group enterprises. It is found that the FIEs have a certain negative impact on investment efficiency, but the FIEs have higher investment efficiency compared with the state-owned non-conglomerates because the state-owned conglomerates use fewer affiliates transaction. At the same time, it is found that when the ownership structure is private, the investment efficiency of the group enterprise is lower than that of the non-group enterprise, and the investment efficiency is negatively correlated with the transaction degree of the related parties.