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文章通过对A股2011-2015年非金融类非ST上市公司为样本,参照Richardson(2006)投资效率模型,从市场竞争角度出发,以产权性质为背景,实证检验了市场竞争对企业投资效率的影响。检验表明,国有企业的过度投资程度高于非国有企业,而市场竞争可以弱化由于是国有企业导致的过度投资现象,且在高竞争水平环境尤为明显。
Based on the Richardson (2006) investment efficiency model of A-share non-financial non-ST listed companies from 2011 to 2015, this paper empirically tests the impact of market competition on the efficiency of business investment from the perspective of market competition and property rights influences. The test shows that overinvestment of state-owned enterprises is higher than that of non-state-owned enterprises, and market competition can be weakened because of overinvestment caused by state-owned enterprises, especially in a highly competitive environment.