CAJ | 학술논문

研究中国产业政策对企业投资行为的影响，对于提升中国产业政策实施效果、加快调整和升级产业结构有着重要意义。本文采用中国A股上市公司200l-2011年的财务数据，分析了宏观产业政策对公司投资行为的影响及其内部机理。研究发现总体上产业政策并没有显著提升企业投资．以产权性质分组的分析表明产业政策能够增加民营企业的投资，但企业的投资效率下降。这一结果在国有企业中并不显著。当公司处于产业政策激励的行业时。公司投资与银行贷款现金流敏感性上升。而以受到产业政策激励的公司样本进行分析，民营企业比国有企业获得更多银行贷款的支持。上述结果说明，当公司受到产业政策激励时。有助于民营企业突破行业壁垒和获得更多银行融资支持。从而投资增加，但以行政手段进行的产业政策调控，会使得投资效率下降。本文认为中国在制定产业政策、调整产业结构时，应逐渐降低行政手段的限制与运用，减少投资项目审批和加强银行信贷市场化程度，以提升产业政策激励效率。
연구중국산업정책대기업투자행위적영향，대우제승중국산업정책실시효과、가쾌조정화승급산업결구유착중요의의。본문채용중국A고상시공사200l-2011년적재무수거，분석료굉관산업정책대공사투자행위적영향급기내부궤리。연구발현총체상산업정책병몰유현저제승기업투자．이산권성질분조적분석표명산업정책능구증가민영기업적투자，단기업적투자효솔하강。저일결과재국유기업중병불현저。당공사처우산업정책격려적행업시。공사투자여은행대관현금류민감성상승。이이수도산업정책격려적공사양본진행분석，민영기업비국유기업획득경다은행대관적지지。상술결과설명，당공사수도산업정책격려시。유조우민영기업돌파행업벽루화획득경다은행융자지지。종이투자증가，단이행정수단진행적산업정책조공，회사득투자효솔하강。본문인위중국재제정산업정책、조정산업결구시，응축점강저행정수단적한제여운용，감소투자항목심비화가강은행신대시장화정도，이제승산업정책격려효솔。
Research on Chinese industrial policy＇s impact on corporate investment behavior is of great significance to optimize the implement of industrial policy and to accelerate the adjustment and upgrading of industrial structure. Using the sample of A-share listed firms from 2001 to 2011, we examine the macro industrial policy＇s impact on corporate investment behavior and the mechanism. The study finds that industrial policy overall does not significantly promote corporate investment. Further analysis based on the ownership type shows that industrial policy promotes investment in private firms but with a decreasing investment efficiency, while investment in state-owned firms do not change significantly at different period of industrial policy. When the industry of the firm receives the support of the industrial policy, sensitivity between investment and cash flow of bank loan increases. When analyzing the only sample which is supported by the industrial policy, compared to the state- owned finns, private finns get more bank loans. These results indicate that when the companies are subjected to industrial policy incentives, they can break the trade barriers and get more bank financing support to increase investment, but industrial policy carried out by administrative means will make the investment efficiency decrease. This paper argues that when drawing up the industrial policy and adjusting the industrial structure, Chinese government should gradually reduce the restriction and the use of administrative measures, eliminate investment approval system and strengthen the marketization of the bank credits, in order to improve incentive efficiency of industrial policy.