Can Government Support Promote Corporate Investment Efficiency:Evidence from Government Procurement
Government procurement,as one of government's market-oriented supporting methods on the demand side,has raised wide attention.Using the data of Chinese listed firms from 2015 to 2020,this paper tests the impact of government procurement on corporate investment efficiency.The re-sults indicate that government procurement significantly promotes corporate investment efficiency,and can synchronously inhibit over-investment and under-investment.After distinguishing the feature of the procurement,we find that only nonlocal government procurement can promote corpo-rate investment efficiency.Mechanism tests suggest that government procurement can promote in-vestment efficiency by decreasing firms'operation uncertainty and alleviating firms'information a-symmetry.The promoting effect of government procurement on investment efficiency is more pro-nounced in enterprises with more severe market competition,enterprises in the areas with more stringent government audit supervision,non-state-owned enterprises and enterprises in the areas with poorer legal environment.This paper not only provides empirical evidence on how to promote investment efficiency by government support,but also has important enlightenment on how to ac-tively carry out the interaction between government and enterprises,as well as on how to optimize their relationship,and ultimately accelerate high-quality economic development.
Government ProcurementInvestment EfficiencyGovernment SupportEffective Gov-ernment
NETL
NSTL
万方数据
