我国经济制度变迁对企业投资动机的影响——基于调查问卷的比较分析

以405家国有企业和220家非国有企业为研究对象，采用结构方程模型分析了我国经济制度变迁对国有企业和非国有企业投资动机的影响。结果表明：经济环境变化对企业投资动机的影响要明显强于经济政策变化所产生的影响；科技的发展是推动我国企业开展投资活动的最重要的环境因素；非国有企业的投资动机受“证券监管制度”变更的影响较小，而国有企业对各项政策的变更都很关注；“充分利用闲置资金”等投资动机受经济制度变迁的影响很大，而“提高产品的市场份额”等投资动机受经济制度变迁的影响不明显。

An Investigation into the Influence of China's Economic Institutional Changes on Investment Motivation of Enterprises——Comparative Analysis on Polls

This paper analyzes the influence of China's economic institutional changes on investment motivation of enterprises by structure equation modeling,using a database of 405 state-owned enterprises and 220 non-state-owned enterprises in China.The result demonstrates the following: firstly,on the whole,the influence of the evolution of economic environment on investment motivation is more obvious than that of economic policy;secondly,the evolution of economic policy gently suppresses the investment motivation of the non-state-owned enterprises;thirdly,the development of science and technology play the most important role in promoting the investment of enterprises and China's economic institutional changes exert the greatest influence on the motivations such as "making full use of financial slacks" in the decision-making of firms,while its influence on the motivation such as "promoting the market shares of products" is not so obvious.