CAJ | 학술논문

资源禀赋、经济发展的不平衡,导致我国各地区的外部治理环境存在较大差异。文章以2003-2012年我国沪深两市A股上市公司为研究样本,从政府干预、金融发展水平以及法治水平三个维度考察了外部治理环境、产权性质对上市公司投资效率的影响。研究发现：（1）全样本的实证结果表明,降低政府干预程度、提高金融发展水平、加强法治水平建设有助于改善上市公司投资效率;（2）当上市公司产权性质为非国有企业时,金融发展水平和法治水平与上市公司投资效率正相关;（3）在我国经济转轨初期,当上市公司产权性质为国有企业时,政府干预、金融发展水平和法治水平与上市公司投资效率负相关。上述结论可为政府等监管部门制定发展对策提供参考,有助于实现我国经济转轨的健康有序进行。
자원품부、경제발전적불평형,도치아국각지구적외부치리배경존재교대차이。문장이2003-2012년아국호심량시A고상시공사위연구양본,종정부간예、금융발전수평이급법치수평삼개유도고찰료외부치리배경、산권성질대상시공사투자효솔적영향。연구발현：（1）전양본적실증결과표명,강저정부간예정도、제고금융발전수평、가강법치수평건설유조우개선상시공사투자효솔;（2）당상시공사산권성질위비국유기업시,금융발전수평화법치수평여상시공사투자효솔정상관;（3）재아국경제전궤초기,당상시공사산권성질위국유기업시,정부간예、금융발전수평화법치수평여상시공사투자효솔부상관。상술결론가위정부등감관부문제정발전대책제공삼고,유조우실현아국경제전궤적건강유서진행。
Resource endowments and unbalanced economic development leading to biggish disparity among the regions in the external governance environment. This research uses data of A-Share listed companies listed in Shenzhen and Shanghai Stock Exchanges in the period 2003-2012 as a sample, and firstly, empirically studies from the extent of government intervention, financial development level and the level of the rule of law of external governance environment on the investment efficiency of China＇s listed companies; secondly, base on the ownership of China＇s listed companies, dividing companies into non-state-owned listed companies and state-owned listed companies two categories, empirically study the impact of the external governance environment on the investment efficiency of listed companies when the nature of the ownership is different. The results show that：（1） with the weaker government intervention, the higher the level of financial development, the higher the level of the rule of law in areas, listed com- panies has the higher efficiency investment. This means that improving relationship between government and market, reducing government intervention, improving the level of financial development, improving the degree of investor protection and improving supervision and management functions of legal organizations and third-party regulatory bodies can improve the investment efficiency of listed companies. （2） Due to the nature of ownership is different, government intervention, the level of financial development and the level of the rule of law have different impact on the non-state-owned listed companies investment efficiency and state-owned listed companies＇ investment efficiency. （3） When the nature of ownership of the companies is non-state-owned, companies＇ investment efficiency is positively correlated with the level of financial development and the level of the rule of law, and is not sig- nificant correlated with the government intervention; When the nature of ownership of the companies is state-owned, companies＇ investment efficiency is negatively correlated with the government intervention, the level of financial development and tile level of the rule of law. The above conclusions can provide reference for government and other regulatory authorities making development countermeasures, and contributing to China＇s economic health and orderly transition.