Government Development Strategy and Enterprise Investment:Empirical Evidence from Chinese Industrial Enterprises
China's economic growth has gradually slowed down in recent years,and the in-vestment vigor of enterprises has shown weakness.Based on the perspective of new structural economics,this paper constructs a mathematical model of the impact of government develop-ment strategies on investment,and adopts the data of Chinese above-scale industrial enterprises from 1998 to 2013 to study the impact of government development strategies on the investment behavior of enterprises.The empirical results find that government strategies aimed at encourag-ing the prioritization of capital-intensive sectors crowd out investment in local enterprises,and the investment crowding-out effect is more significant for small and medium-sized enterprises and private enterprises,while there is no significant negative effect on investment in large-scale enterprises and state-owned enterprises.The government development strategy is negatively af-fecting enterprise investment by reducing enterprise profitability and exacerbating enterprise fi-nancing constraints.This paper reveals the negative consequences of violating the comparative advantage development strategy from the perspective of enterprise investment,and provides new ideas on how to improve enterprise investment.
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