从高管的政治关系和地区社会资本视角出发,研究了非正式制度对公司投资效率的影响,结果发现,政治关系和社会资本不仅会缓解信息不对称导致的投资不足问题,而且抑制了内部人对现金流滥用导致的过度投资行为。进一步的研究还发现,我国上市公司普遍存在过度投资行为,政治关系和社会资本改善了投资效率,提高了公司价值。综合研究结果,可以认为,在法律和金融等正式制度较不完善的中国,政治关系和社会资本这些非正式制度可以起到替代作用,帮助企业提高投资效率,进而促进企业的扩张和价值的提升。From political connections and social capital perspective,this paper studies the impact of non-formal institutions on investment efficiency of listed companies in China.The results show that political connections and social capital alleviate underinvestment problem arising from information asymmetries.The authors also find that political connections and social capital mitigate the over-investment.In addition,overinvestment is more dominated distortion.There is a positive relation between political connection and firm value.In high-social capital areas,Tobin's Q of local firms is higher.This paper illuminates informal institutions,such as political connections and social capital,can be alternative mechanism of under-developed financial markets and poor investor protection in China and help add value to firms,i.e.,increasing investment efficiency.国家自然科学基金项目(71002042;71272082); 福建省自然科学基金项目(2010J05152
