Does the Regional Business Environment Affect the Investment Decision of Enterprises?——An Empirical Test Based on Chinese A-share Listed Companies
With the dual pressure of economic growth slowdown and structural transformation and upgrading under the"new normal",how to stimu-late enterprise innovation vitality and improve innovation investment has become an important issue.Based on the financial data of listed companies and the evaluation index of business environment in various provinces of China,this paper empirically studies the impact of business environment on the two most important investment orientations of enterprises.At the same time,another important factor affecting enterprise investment decision-making—Official governance with Chinese characteristics is brought into the research framework to explore the interactive effect of business environ-ment and official promotion pressure in enterprise investment decision-making.It is found that the good business environment will enable enterpri-ses to reduce investment in fixed assets and increase investment in R&D.In addition,the empirical results also show that the promotion pressure of officials will weaken the relationship between business environment and enterprise investment decisions,and play a regulatory role in the relationship between them.Further tests reveal that employee employment security and entrepreneurship play an important intermediary role in the above effects.At the same time,the impact of business environment on enterprise investment behavior will be affected by the nature of property rights and regional Confucian cultural differences.
business environmentpromotion pressurefixed assets investmentR&D investmentinvestment decision
万方数据
