财政科技支出、地方政府行为与企业非效率投资

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Abstract This paper uses the micro data of China's listed companies from 2008 to 2018 and the macro-level fiscal technology expenditure variables to analyze the impact of “financial technology expenditure-company's inefficient investment”empirically.Unlike existing research,this article further embeds the influence of local government behavior.The paper found that fiscal technology expenditures can be optimized for companies' inefficient investment behavior.For companies with higher levels of inefficient investment,fiscal technology expenditures show greater marginal optimization effects.Fiscal technology expenditure has a significant inhibitory effect on the inefficient investment of state-owned companies,while its impact on private companies is not obvious.It has obvious efficiency optimization effects for “high-tech companies and non-high-tech companies”,and this restraining effect is even more obvious for technology companies.An effective government incentive system is an important condition for releasing the effectiveness of fiscal technology expenditures.With strong government GDP competition incentives,fiscal technology expenditures can show the effect of reducing company's inefficient investment.The conclusions are helpful to optimize fiscal technology expenditures,improve government incentive system,and improve the operating efficiency of microeconomic entities.

Key words： Fiscal technology expenditure Inefficient investment Overcapitalization Undercapitalized Government behavior

Received: 31 July 2020

PACS:

F062.9

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	Li Wei
	Ye Xian
	Chang Xi

Cite this article:

Li Wei,Ye Xian,Chang Xi. Fiscal Technology Expenditure,Local Government Behavior and Company Inefficient Investment[J]. , 2021, 2(6): 54-65.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2021/V2/I6/54

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