市场竞争会驱动过度投资吗?——基于战略性新兴产业的经验证据

被引：26

作者：

刘亭立 ^{[1
,2
]}

蔡娇娇 ^{[1
]}

杨松令 ^{[1
,2
]}

机构：

[1] 北京工业大学经济与管理学院

[2] 北京现代制造业发展研究基地

来源：

管理评论 | 2019年 / 31卷 / 12期

关键词：

市场竞争; 过度投资; 市场地位; 战略性新兴产业;

D O I：

10.14120/j.cnki.cn11-5057/f.2019.12.019

中图分类号：

F275 [企业财务管理]; F276.44 [高新技术企业];

学科分类号：

摘要：

基于战略性新兴产业的特征与发展趋势,本文研究了外部市场竞争和企业的市场地位对企业过度投资的综合影响。研究发现,在产业政策这一固定效应基础上,市场竞争通过"抢占先机"和"攀比动因"两个路径驱动了企业的过度投资;进一步,企业市场地位的差异会带来"自然防护效应"和"信息壁垒效应",修正了市场竞争对过度投资的影响,企业市场地位的提升会加剧市场竞争对过度投资的驱动作用。研究证实,战略性新兴企业的过度投资是在对政策良好预期的背景下应对竞争的防御性反应。

引用

页码：219 / 232

页数：14

共 35 条

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