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How to explain corporate investment heterogeneity in China's new normal: Structural models with state-owned property rights

机译：如何解释中国新正常的企业投资异质性：具有国有产权的结构模型

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摘要

This paper studies corporate investment and its structural change by the view of state-owned property right. By constructing dynamic investment decision-making model, we find corporate investment heterogeneity in China due to their different dynamic shifts of objective functions, demonstrated by our simulations. Empirical tests imply that the expansion of investment improves financial performance, but does not play a positive role on solving social employment. POEs expanded investment much more than SOEs did, even in the transitional period, but both of them reduced their investment significantly in new normal. Mechanisms are explored by 3-stage structural models for non-matched control group and nearest neighbor PSM matched control group. Although investment inefficiency of SOEs are concerned, executive stock ownership and equity finance could be exotic methods to stimulate efficient investment. Investment efficiency of POEs has been recovered in new normal but POEs have shifted away from 'profit-driving' they used to be in the old normal.
机译：本文通过国有产权观基于企业投资及其结构变革。通过构建动态投资决策模型，我们发现中国的企业投资异质性由于其模拟所证明的客观函数的不同动态转变。实证测试意味着投资的扩张提高了财务绩效，但在解决社会就业方面没有发挥积极作用。 Poes扩大的投资超出了SOES所做的，即使在过渡时期，也是在新的正常情况下显着降低了投资。非匹配控制组和最近邻居PSM匹配对照组的3阶段结构模型探索了机制。虽然国有企业的投资效率低下，但行政股票所有权和股权融资可能是刺激有效投资的异国情调。 Poes的投资效率已经在新的正常中恢复，但Poes已从“盈利驾驶”转移，他们过去常常。

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