资产专用性、淘汰落后产能政策与上市公司资本投资

基于投资支出——投资机会模型,分别考察资产专用性、淘汰落后产能政策及其交互作用,对工业企业上市公司资本投资的影响。研究结果表明：拥有越高资产专用性的企业,其资本投资越大;淘汰落后产能政策加速了政策所属行业企业的投资;但对于拥有较高资产专用性的淘汰落后产能政策所属行业企业,淘汰落后产能政策抑制了其资本投资,这种情况在公司所在地地方政府环境政策支持度较高的地区尤其明显,而在地方政府环境政策支持度较低的地区则不显著。

Asset Specificity,Policy of Elimination Backward Production Capacity and Listed Companies Capital Investment

Based on investment spending - investment opportunity model, the impacts of asset specificity and policy of elimination backward production capacity on capital investment from industrial listed companies individually are explored. The results show that the higher asset specificity, the greater the company invests; policy of elimination backward production capacity accelerates capital investment of company; but for company affected by policy with higher asset specificity, policy of elimination backward production capacity hinders it＇s capital investment especially in the areas where the government support level of environmental policies is high, while it isn＇t obvious in the areas of low level.