Government Subsidy, Property Rights and Corporate Investment Efficiency

摘要

This article takes the impact of government subsidies on corporate investment behavior as an entry point, uses panel data from Shanghai and Shenzhen A-share listed companies from 2010 to 2019, and uses OLS regression analysis to explore the relationship between government subsidy, property rights and corporate investment efficiency. The study found that: (1) Government subsidy significantly affect the investment efficiency of enterprises, aggravate the excessive investment behavior of enterprises, and alleviate the underinvestment behavior of enterprises; (2) Through the group inspection of the nature of property rights, it is found that government subsidy are sensitive to the excessive investment behavior of state-owned enterprises higher, more sensitive to underinvestment in non-state-owned enterprises.