经济增长目标压力下的国企投资规律及效应研究——来自地级经济增长目标与上市公司样本的证据

中国地方政府肩负着实现地方经济增长的任务，在其面临经济增长压力时，必然想法设法稳增长。文章进一步拓展已有文献，提出了一个地方政府借助国有企业投资扩张保障地方经济增长目标实现的逻辑框架。文章采用2001-2016年地级市经济增长目标数据，构造了一个度量地方政府面临的经济增长压力的指标，结合A股上市公司微观数据对理论逻辑进行验证。实证发现：增长压力显著提高了国有上市公司的投资，对非国有上市公司则没有明显影响。这一规律在中国经济受到重大冲击的情况下更加明显。最后，发现在经济增长压力下的国有上市公司投资扩张对企业投资效率有不利影响。文章的研究增进了对国有经济作用以及中国经济增长规律的学理认识。

Research on Rule and Effect of State-owned Enterprise Investment under the Pressure of Economic Growth Target: Evidence from China's Prefectural Economic Growth Target and Listed Companies

China's local governments shoulder the task of realizing economic growth. When they face the pressure of economic growth, they must make their best to maintain growth. This paper enriches the existing literature and proposes a logical framework for local governments to realize the goal economic growth by means of investment expansion of state-owned enterprises. This paper uses the 2001-2016 prefecture-level economic growth target data to construct an indicator to measure the economic growth pressure faced by local governments, and to verify the theoretical logic in combination with the micro-data of A-share listed companies. The empirical findings show that the growth pressure has significantly increased the investment of state-owned listed companies, and has no significant impact on non-state-owned listed companies. This is even more pronounced in the context of a major shock on the Chinese economy. This result is quite stable, and this law is more obvious when China's economy has been hit by a major impact. Finally, it is found that the investment expansion of state-owned listed companies under the pressure of economic growth has an adverse effect on the investment efficiency of enterprises. The research in this paper has enhanced people's understanding of the role of the state-owned economy and the pattern of China's economic growth.