Impact of Urbanization Intervention on Investment Efficiency of Enterprises:Evidence from Listed Companies

张亦春，厦门大学经济学院教授、博士生导师；周杰峰，厦门大学经济学院博士研究生。【中文摘要】在我国,地方政府是城镇化建设的主力，为了追求经济增长等目标，地方政府具有引导企业加大投资，以推动城镇化的相关建设的冲动。土地是重要的生产资料,且土地出让市场由地方政府所垄断,所以地方政府通过干预土地市场，可能影响到企业的投资效率。以我国2003—2013年A股上市公司的数据进行实证研究，结果表明,提高每单位土地出让面积的就业人口，会显著降低企业因为现金流富余引发的过度投资，而且股权分散度高的企业和非国有企业，受到的影响会更加显著。因此,限制地方政府的土地出让行为,能够一定程度上改善企业的投资效率。 【Abstract】In China，local governments are the main force of urbanization. In order to pursue the gal of economic growth，local governments have the impulse to gide enterprises to increase their investment to promote the related construction of urbanization.As land is an important means of production and the land transfer market is monopolized by local governments ，local governments may interfere with the efficiency of enterprises’investment by intervening in the land market. With the data of China's A-share listed companies from 2003 to 2013，the empirical results show that by increasing the employed population per unit area of land transfer，over-investment caused by surplus cash flow can be significantly reduced. Further research shows that enterprises with highly dispersed shareholding and non-state-owned enterprises，will be influenced more significantly.Therefore，restricting the land transfer of local governments can improve the investment efficiency of enterprises to a certain extent.教育部人文社科重点研究基地重大项目“中国的经济增长与经济发展”（11JJD790046);福建省社科基金一般项目“非平衡系统演化博弈与金融风险跨国分摊研究”（2009B2003