| Investment as an important economic activities of enterprises,its efficiency a ffects enterprise profit and future development,therefore,the domestic and foreign scholars have been very concerned about the research in the field of investment efficiency.But from the present research situation, the scholars in the discussion of the problems in most of the enterprises and the macro economic policy discus sed apart.In fact,the company's financial investment decision is the external enviro nment and microcosmic evolution of the results,especially in the Chinese,characteri sties of strong government intervention in investment in research on enterprise effic iency can not be overlooked.The important way of the industrial policy of the st ate as the state intervention in the economy, by providing resources for developm ent of enterprises in the industry influence the investment behavior and efficienc y.Therefore, study on the impact of macro industrial policy and its role in the pat h, it is very important to study the field of enterprise investment efficiency.This paper combines the theory of government intervention, industrial polic y, referring to the latest research results of the existing literature, using empirica 1 research methods to explore the influence of industrial policy on enterprise effi ciency of investment and its role in the path, and on this basis, further study o n the basic characteristics of the enterprise on the relationship between the tw o. The study found:Industrial policy will significantly affect the efficiency of investment, industria 1 policy support to enterprises, the investment behavior of non efficiency will be r educed, the positive support and enterprise investment efficiency of industrial polic y related; in the short term, the industrial policy is mainly through to ease financin g constraints and change the efficiency of investment, due to the policy support ina short time can not effectively increase the investment opportunities, which is cause d by the change of investment efficiency and therefore can not be through incre ased investment opportunities; in addition, the efficiency of investment of private enterprises the main industry policy, policy support will make the motivation of p rivate enterprises to improve the efficiency of resource allocation and industrial policy is not an effective role in the state-owned enterprises, the relationship bet ween policy support and investment efficiency of state-owned enterprise is not si gnificant. In the aspect of business life cycle stage, the implementation of indust rial policy will improve the investment efficiency of growth enterprises, the effici ency of resource allocation to the recession enterprises will have a negative effec t on the maturity and enterprise investment efficiency is not significant. |
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