论文部分内容阅读
企业投资结构中技术创新投入过低、重复投资以及边际效率偏低等问题,直接困扰着中国产业结构转型和创新水平的提升。本文实证检验了法治环境和金融深化对企业投资结构偏好的影响,阐释了企业投资失衡的资源错配成因。研究发现,法治环境的改善有助于引导企业的技术性投资偏好;金融深化水平增进了地区法治环境与企业技术性投资偏好间的正相关关系;所有制歧视使这一影响呈现差异化路径。这一研究结论将有助于阐释企业投资失衡的资源错配成因,从更深入的视角理解增进企业技术投资的动力机制。
The low investment in technological innovation, redundant investment and low marginal efficiency in the investment structure of enterprises directly plague the upgrading of China’s industrial structure and innovation. This paper empirically tests the influence of the rule of law environment and financial deepening on the preference of investment structure of enterprises and illustrates the causes of resource mismatch in the imbalanced investment of enterprises. The study found that the improvement of the rule of law environment helps to guide the technological investment preference of enterprises; the deepening of financial reform has promoted the positive correlation between the rule of law environment in the region and the preference of technological investment of enterprises; and the difference of ownership discrimination presents the path of differentiation. The conclusion of this study will help explain the causes of the mismatch of resources in the unbalanced investment of enterprises and understand the motivation mechanism to promote the technology investment of enterprises from a more in-depth perspective.