The disappearing of firm investment efficiency: From the perspective of the discrepancy between production and consumption prices

被引：0

作者：

Li, Ao ^{[1
]}

Chen, Sicen ^{[2
]}

Zhang, Qihao ^{[3
]}

Liu, Chengyi ^{[4
]}

机构：

[1] Zhongnan Univ Econ & Law, Sch Finance, Wuhan, Peoples R China

[2] Xiamen Natl Accounting Inst, Xiamen, Peoples R China

[3] Xian Jiaotong Liverpool Univ, Suzhou, Peoples R China

[4] Jimei Univ, Sch Finance & Econ, Xiamen, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

关键词：

PPI-CPI price scissors; Energy enterprises; Investment efficiency; Inventory change; CORPORATE SOCIAL-RESPONSIBILITY;

D O I：

10.1016/j.frl.2023.104543

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the impact of the widening PPI-CPI price scissors on firm investment efficiency, based on the data from listed companies in the energy sector during 2010-2021. The results show that the widening of the PPI-CPI price scissors will inhibit the investment efficiency of enterprises, mainly by triggering overinvestment. Besides, enterprises with low valuation and private enterprises are more significantly affected by the price scissors. Inventory control and adjustment are the main impact mechanism in the above effects. This paper provides an insight for enterprises' managers to understand the consequences and mechanisms of PPI-CPI price scissors.

引用

页数：7

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