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| Based on the investment expenditure expectation model, A bilateral random boundary model considering financing constraints and government subsidies was constructed to investigate the degree and net effect of financing constraints and government subsidies on inefficient investment in China\'s A-share manufacturing companies, and the robustness test was conducted. The empirical study shows that: financing constraints on the actual investment expenditure of manufacturing enterprises is higher than the pull of government subsidies, the net effect of the two is the investment shortage; In addition, increasing cash flow helps to ease the financing constraint effect, and small and medium-sized enterprises get more significant government subsidies; Finally, due to the different property rights and enterprise scale of enterprises, there are certain differences in non-efficient investment among manufacturing enterprises, among which state-owned enterprises have more serious underinvestment and small-scale enterprises have higher non-efficient degree.????? |
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| Keywords:Manufacturing industry; Financing constraints; Government subsidies; Bilateral random boundary model; Inefficient investment |
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