China’s government procurement system has been in place for more than two decades,and government procurement policy has gone through the journey that took developed countries more than 200 years to complete,and it has also come out with Chinese own characteristics.Government procurement has been developing rapidly in terms of system construction,implementation and effect manifestation,which has a huge impact on the economy and society.China’s government procurement started with the government procurement pilot program launched in 1995 and has been in full swing nationwide since 2000.With the deepening reform of China’s economic system,the government procurement market has shown vigorous development and the market share of government procurement has been increased.The Government Procurement Law of the People’s Republic of China(hereinafter referred to as the "Government Procurement Law"),which was formally implemented on January 1,2003.It marked that China’s government procurement activities were formally incorporated into the track of China’s rule of law.Since its implementation,government procurement has played an important role in regulating government procurement behavior.The cost-saving and anti-corruption function of government procurement has achieved remarkable results.Government procurement policy has adapted to the real needs of China’s supply-side structural reform under the new economic environment,and the function of government procurement as an economic and social regulation policy has been increasingly emphasized.The newly solicited proposals of the"Government Procurement Law(Draft Revision for Comments)" to promote economic and social development as the goal.It is clearly proposed that "government procurement should help achieve the goals of sustainable economic and social development,including maintaining national security,supporting scientific and technological innovation,promoting the development of small and medium-sized enterprises,supporting green development,supporting underdeveloped regions and ethnic minority areas,and safeguarding the interests of vulnerable groups,etc." Thus,it can be seen that government procurement exerts a wide range of policy influences on business entities through the supply and demand chain in the transaction purchase process,and its microeconomic governance effects cannot be ignored.At the same time,Investment is not only one of the "troika" driving economic growth,but also crucial to corporate growth.In the face of fierce market competition,enterprises need to make investment decisions based on their own capabilities,talent pool and market environment in order to pursue sustainable growth of future operating cash flow.As an important actor in the market economy,the investment and financing behavior of enterprises is not only related to their own sustainable development,but also related to the development of related industries and even the whole macro economy.So,how to improve the efficiency of enterprise investment and suppress the irrational investment behavior of enterprises has been a frontier issue and a hot topic in academic and practical circles.At present,in face of the supply shock,demand contraction,expectations turn weak economic downward development environment.Enterprises face a significantly higher risk of falling into business and development difficulties,the issue of enterprise investment efficiency has received a high degree of attention.How to help enterprises to relieve difficulties and improve investment efficiency has become an important focus point to boost confidence in business development and enhance the resilience of economic development.In this context,government procurement is highly emphasized at the policy-making level as an important fiscal policy instrument.However,at the same time,government procurement as a transaction activity has a long history,but it has developed a little bit more slowly as a public policy function of government procurement in China.Therefore,the realistic practice of the effect of macroeconomic regulation policy of government procurement is also more urgent to dig deeper at the theoretical level.And,at the same time to dig deeper into how government procurement can play the macroeconomic regulation function.In particular,the problem of improving the efficiency of enterprise investment need to be more concerned.In view of this,this paper analyzes the relationship between government procurement and corporate investment efficiency based on principal-agent theory,information asymmetry theory,signaling theory and resource-based theory,This paper analyzes the relationship between government procurement and the efficiency of corporate investment.It further analyzes how government procurement,a macroeconomic policy,has an impact on the efficiency of corporate investment.Specifically,this paper focuses on the following questions:First,does government procurement have an impact on the efficiency of corporate investment?Second,what is the specific mechanism of the impact of government procurement on the efficiency of corporate investment?Third,what are the effects of the firm’s internal and external governance environment on government procurement?This article constructs a theoretical framework for analyzing the impact of government procurement on enterprise investment efficiency,and uses a combination of both normative and empirical research paradigms to investigate the association between government procurement and enterprise investment efficiency.This article is divided into seven chapters:Chapter 1,Introduction;Chapter 2,Literature Review;Chapter 3,Theoretical Foundations and Institutional Background;Chapter 4,Research on the Impact of Government Procurement on Enterprise Investment Efficiency;Chapter 5,Correlation Analysis of Government Procurement,Business Environment and Enterprise Investment EfficiencyBased on External Policy Environment Perspective;Chapter 6,Correlation Analysis of Government Procurement,Internal Control and Enterprise Investment Efficiency-Based on Internal Governance Environment Perspective;Chapter 7,Research Conclusion,Policy Recommendations and Future Prospects.The details are as follows:Chapter 1,Introduction.This chapter introduces the research background and significance,the research idea and research content,and the main innovations of this paper.T The research method is selected according to the research needs,and the theoretical and practical significance of the study is explained;finally,possible innovations of the paper are proposed.Chapter 2,Literature Review.Based on the content of the paper,a targeted literature analysis is carried out around the following four issues.Firstly,review of the literature related to the economic consequences of government procurement,specifically including studies on the impact of government procurement on enterprise innovation,studies on the impact of government procurement on enterprise financing constraints,studies on the impact of government procurement on corporate fulfillment of social responsibility,and studies on government procurement to support the development of small-medium enterprises;Secondly,relevant studies on the factors,which influence the efficiency of enterprise investment were sorted out.After a comprehensive analysis of the factors which influence the efficiency of enterprise investment,Specifically sorted out studies related to enterprise investment efficiency in the context of information asymmetry theory,studies related to enterprise investment efficiency in the context of principal-agent theory and studies related to enterprise innovation,financing constraints and enterprise investment efficiency;Thirdly,the research is focused on the impact of business environment on enterprise investment efficiency;Finally,the relevant literature studies on the impact of internal control on enterprise investment efficiency are sorted out.Chapter 3,Theoretical Basis and Institutional Background.This chapter reviews the relevant theories that may be involved in the research content of this paper,including information asymmetry theory,principal-agent theory,signaling theory and resource-based theory.These theories make the theoretical pavement for the following analysis of the impact of government procurement on enterprise investment efficiency.At the same time,this paper systematically compares the development history of macroeconomic policies in which government procurement has a direct impact on the operation of micro enterprises,while further analyzing the process and criteria of government procurement in conjunction with the research content of this paper.Finally,the institutional context in which government procurement affects the efficiency of business investment is clarified.Chapter 4,The Study of the Impact of Government Procurement on the Efficiency of Enterprise Investment.This chapter analyzes the intrinsic correlation between government procurement and corporate investment efficiency at the theoretical level.The scale of government procurement acquired by listed companies on the main board of Shanghai and Shenzhen A-shares from 2015-2019 which used as the research object.By analyzing the actual effect of government procurement on enterprise investment efficiency,the intrinsic mechanism of action and the characteristics of heterogeneous performance,thus proposing relevant research hypotheses.Chapter 5,Correlation Analysis of Government Procurement,Business Environment and Enterprise Investment Efficiency,which based on external policy environment perspective.In this chapter,from the perspective of the impact of the external policy environment,the scale of government procurement acquired by A-share listed companies from 2015-2019 is used as the research object.This chapter empirically examines the actual impact of the business environment on the association between government procurement and corporate investment efficiency,and explores the differences in the effect of the business environment under different inefficient investment types,property rights attributes and size types.Chapter 6,Correlation Analysis of Government Procurement,Internal Control and Corporate Investment Efficiency,which based on Internal Governance Environment Perspective.This chapter starts from the perspective of the impact of the company’s internal governance environment,and takes the scale of government procurement acquired by A-share listed companies from 2015-2019 as the research object.This chapter empirically examines the actual impact of internal controls on the association between government procurement and corporate investment efficiency,and uncovers the differences in the effect of internal controls under different inefficient investment types,property rights attributes and size types,and further distinguishes the impact of different procurement organization forms on heterogeneity analysis.Chapter 7,Research Conclusions,Policy Recommendations and Future Prospects.This chapter summarizes the previous research results and proposes corresponding policy recommendations and future outlook based on them.Based on the analysis conducted in the paper,the following conclusions were obtained:(1)In terms of the overall impact of government procurement on the investment efficiency of enterprises,relying on the huge market size,unblocking the market mechanism of enterprises,and enriching the policy functions.In view of the role path,government procurement improves the investment efficiency of enterprises mainly by promoting innovation,reducing financing constraints and alleviating information asymmetry.Considering the type of investment efficiency,property right attribute,scale type and organizational form,government procurement simultaneously effectively reduces the problems of excessive investment and insufficient investment of enterprises,and has a more significant impact on the procurement implementation of non-state-owned enterprises,large-scale enterprises,centralized procurement agencies and social intermediary agencies.(2)In terms of the analysis of the impact of the business environment on the correlation between government procurement and enterprise investment efficiency,the business environment can promote the improvement of government procurement on the investment efficiency of enterprises.Considering the type of investment efficiency,property right attribute,scale type and organizational form,the impact of business environment on the correlation between government procurement and enterprise non-efficiency investment level is mainly reflected in excessive investment behavior,etc.The policy effect focuses on the organizational form of non-state-owned enterprises,small enterprises and centralized procurement agencies.(3)In terms of the analysis of the impact of internal control on the correlation between government procurement and enterprise investment efficiency,the improvement of internal control level significantly improves the inhibitory effect of government procurement on the non-efficiency investment level of enterprises.Considering the type of investment efficiency,property right attribute,scale type and organizational form,the impact of internal control on the correlation between government procurement and enterprise inefficient investment level is mainly reflected in the excessive investment behavior,and the policy effect focuses on state-owned enterprises,smaller enterprises and the organizational form of social intermediary institutions.The main contributions and possible innovations of this paper are the following three main points:(1)Firstly,it enriches the study of micro governance effects of government procurement macro policies.Government procurement is an important part of research in the field of finance.Government procurement mainly relies on market mechanisms to perform policy functions.However,few scholars have studied the topic of government procurement directly from the perspective of the accounting field.And at the same time,the macro policy of government procurement is introduced into the analysis of the impact of micro activities of enterprises.This study takes the efficiency of enterprise investment as the object of analysis,which combines the characteristics of public attributes of government procurement.It further delves into the micro impact effects and the intrinsic mechanism of the macro policy function of government procurement.The research in this paper fills the weak research space in the field of government procurement policy behavior to a certain extent.(2)Secondly,it enriches the study of factors influencing the efficiency of corporate investment.Existing studies analyzing the factors influencing corporate investment efficiency focus on factors that characterize operations,governance,and other aspects at the firm level.Comparatively less attention has been paid to macro-level policy and institutional influences.Taking government procurement policy as the entry point,by analyzing the actual policy impact effects of government procurement in supporting innovation,improving financing constraints,and optimizing the external concern environment,which achieve an expanded analysis of the factors influencing the efficiency of corporate investment.(3)Thirdly,it helps to promote the macroscopic expansion of the accounting function in the area of corporate investment efficiency.As the activities of the accounting function expand and shift more and more to the macro level,our full understanding of the macro-institutional environmental factors that affect the efficiency of corporate investment,which contribute to a macro-oriented shift in the activities of the accounting function.Based on the analysis of the overall effect,intrinsic mechanism and heterogeneity of government procurement on enterprise investment efficiency,this paper points out the improvement direction for guiding the effective implementation of government procurement macro policy by combining the operational characteristics of micro enterprise investment efficiency. |