The Impact of National Standardisation Reform Policies on Corporate Investment Efficiency

Bibliographic Data

ID22006901
AuthorsYunning Zhang (0000-0002-1721-3729, Shandong University of Finance and Economics, corresponding author)
Year2026
Volume16
Issue1
Publication date2026-01-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueSAGE Open (JOURNAL)
Journal identifiersISSN: 2158-2440 • E-ISSN: 2158-2440
PublisherSAGE Publications (PUBLISHER • US)
DOI10.1177/21582440261424017
OpenAlexW7131669312
LanguageEN
References cited91

Market segmentation severely restricts corporate investment efficiency, while the role of standardisation as a basic system for reshaping market rules has not been fully studied. Using data from A-share listed companies in Shanghai and Shenzhen from 2013 to 2024, this paper employs the multi-period DID method to examine the impact of the national standardisation comprehensive reform pilot policy on enterprise investment efficiency. It is found that the policy significantly enhances enterprise investment efficiency and reduces the deviation of actual investment from optimal investment, with the effect improving over time. Mechanism analysis reveals that the policy operates through two key paths: strengthening market competition and reducing transaction costs. Heterogeneity analysis reveals that the policy effect is more significant in regions with lower marketisation, larger government size, and lower social trust. This study provides new evidence for understanding the microeconomic consequences of standardisation regimes

Database transaction · Investment policy · Market competition · Open-ended investment company · Transaction cost · Corporate Finance and Governance · Energy, Environment, Economic Growth · Innovation Policy and RD

Tools

Open DOIOpen Access