产品市场竞争治理效应：基于静态和动态投资的实证研究

本文以2003年～2008年深沪两市国有上市公司为研究样本，探讨产品市场竞争程度与投资行为之间的关系。研究发现，在产品市场竞争程度较低样本中，竞争程度与公司当年的投资呈负相关关系，与公司投资变动幅度也呈负相关关系，这表明产品市场竞争程度对静态和动态投资均有治理效应，但在高竞争行业中不显著。此外，研究还证明了非市场化经济中典型的“预算软约束”问题。

Treatment effect of Product Market Competition:An Empirical Study Based on Static and Dynamic Investment

Taking data observed from state -owned listed companies from 2003 to 2008 as the research sample, this paper discusses the relationship between the degree of product market competition and the investment behavior. The study finds that in the sample of a lower degree of competition, there is a negative correlation between the level of competition in the industry and the investment of companies. The study also finds that there is a negative correlation between the level of competition in the industry and the change of the investment of companies. This conclusion shows thai the level of competition in Ihe industry will managerially affect the static and dynamic investment, however, the results but are still not significant in highly competitive industries. And what＇s more, this paper also finds the key on the soft budget constraint in the non- market economy.