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Research On The Impact Of Industrial Policies On Corporate Investment From The Perspective Of Enterprise Life Cycle

Posted on:2019-02-15Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhangFull Text:PDF
GTID:2359330548958275Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
Industrial policy plays an important role in the healthy development of the national economy which is important means of government regulation and control of the economy.The rational use of industrial policy can guide the direction of industrial development and promote the upgrading of industrial structure.Since the reform and opening up,China has implemented industrial policies many times,aiming at the market economy environment.To adopt appropriate policy measures to promote economic development.At present,China has formed a multidimensional consistent and diverse industrial policy system.The related research on industrial policy has been widely concerned by the academic community.Micro-enterprise behavior as a way and channel to achieve the goal of macroeconomic policy.It can be a new angle of view to study the effect of industrial policy through the result of enterprises’ behavior.Based on the data of China’s A-share manufacturing listed enterprises in 2011-2015,this paper analyzes the effect of industrial policies on enterprises’ investment in different life cycle stages.First of all,from the perspective of free cash flow and financing constraints,this paper analyzes the theoretical transmission mechanism of industrial policy affecting enterprise investment,combined with market failure theory,credit rationing theory and financing priority theory.From the dynamic perspective of enterprise life cycle,this paper analyzes the influence mechanism of enterprise industrial policy on enterprise investment in growth period,mature period and recession period,and puts forward the corresponding hypothesis.Secondly,the development process of industrial policy in China is sorted out.At present,the industrial policy system of our country mainly includes three levels: the programmatic policy and plan at the national level,the industrial policy and the regional industrial policy document issued by the government departments at all levels.In this paper,the sample is divided into growth period,maturity period and recession period according to the method of enterprise life cycle division of cash flow group.Analysis of the impact of industrial policies on enterprise investment and investment efficiency in different life cycle stages.At the same time.From the angle of enterprise age and enterprise property right,we consider the cross effect of enterprise age and enterprise life cycle and the cross effect of enterprise property right and enterprise life cycle respectively.The effect of industrial policy on enterprise investment.The study shows that,overall,industrial policy does not play an incentive role in enterprise investment,the division of enterprise life cycle found.Industrial policy can effectively promote the level of investment of mature enterprises,but it does not play a significant role in the growth and decline period of enterprises;From the point of view of investment efficiency,the implementation of industrial policy can promote the investment efficiency of growing and mature enterprises,but for enterprises in recession,the implementation of industrial policies will lead to the decline of enterprise investment efficiency.Considering the cross effect of enterprise age and enterprise life cycle,the industrial policy can promote the improvement of the investment level of the aged enterprises in the growing period,but it has no obvious effect on the light enterprises in the growing period.Considering the cross effect of property right and life cycle,the industrial policy can improve the investment level of the non-state-owned enterprises in the growing period,but has no significant influence on the state-owned enterprises in the growing period.However,the industrial policy can not change the investment level of enterprises in the recession period,whether from the angle of enterprise age or the nature of property rights.The implementation of industrial policy not only needs to consider the industrial policy itself,but also involves the reasons of economic system.The effective allocation of social resources depends on the micro efficiency of enterprises.When the government adopts direct or indirect means to control industrial policies,it should take the stage of microenterprise development into consideration;Promote financial reform,strengthen the degree of marketization of bank credit,gradually eliminate financial discrimination,and improve the overall implementation of industrial policies;To speed up the construction of diversified financing channels,to increase innovative financing methods,to cooperate with the implementation of industrial policies,and to promote the implementation effect and goal of industrial policies.
Keywords/Search Tags:Industrial policy, enterprise investment, enterprise life cycle
PDF Full Text Request
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