This study connects the development view and political view of government ownership with the firm life cycle theory to explain firms’ investment efficiency. We find that government ownership of firms in the introduction and decline stages is driven by the development view that improves investment efficiency. However, consistent with the political view, higher government ownership worsens firms' investment efficiency in the growth and mature stages. For firms in these two stages, we also find a significant threshold effect of government ownership on investment efficiency. Our results imply that the government's participation objective is different based on the firms’ development stages.

本研究将政府所有权的发展观和政治观与企业生命周期理论联系起来，以解释企业的投资效率。我们发现，在引入和衰退阶段，政府对企业的所有权是由提高投资效率的发展观驱动的。然而，与政治观点一致的是，较高的政府所有权会降低企业在成长和成熟阶段的投资效率。对于处于这两个阶段的企业，我们还发现政府所有权对投资效率具有显着的门槛效应。我们的结果表明，政府的参与目标因企业的发展阶段而异。