【摘要】 公平竞争的市场环境是激发民营企业投资活力的重要保障。以公平竞争审查制度为准自然实验，利用2011-2022年A股上市企业数据，探究市场公平竞争对民营企业投资水平的影响。研究发现，公平竞争审查制度的实施显著提升了民营企业投资水平，尤其是创新投资和异地投资水平。公平竞争审查制度主要通过提振民营企业信心、助力竞争中性、降低制度性交易成本、促进资源中性等，进而推动民营企业投资水平提升。对于非国有经济占比较低地区、经济政策不确定性程度较高时期、成长性较高以及融资约束较高的企业，公平竞争审查制度对民营企业投资水平的提升效果更为显著。公平竞争审查制度的实施也进一步提升了民营企业全要素生产率和就业规模。为进一步鼓励民营企业投资，需继续推进公平竞争审查制度的落实，畅通政企沟通机制，消除市场隐性壁垒，并通过实施分层政策支持体系，提升资源配置精准度，引导企业提升核心竞争力，推动民营企业高质量发展。更多还原

【Abstract】 The market environment of fair competition is an important guarantee to stimulate the investment vitality of private enterprises. Taking the fair competition review system as a quasi-natural experiment,this paper uses A-share listed companies from 2011 to 2022 as samples to explore the impact of fair competition on the investment level of private enterprises. The study finds that the implementation of the fair competition review system has significantly improved the investment level of private enterprises,especially the level of innovation investment and off-site investment. The fair competition review system mainly promotes the investment level of private enterprises by boosting the confidence of private enterprises,helping competition neutrality,reducing institutional transaction costs,and promoting resource neutrality channels. For enterprises with low proportion of non-state-owned economy,high degree of economic policy uncertainty,high growth and high financing constraints,the fair competition review system has a more significant effect on the improvement of investment level of private enterprises. The implementation of the fair competition review system has also further improved the total factor productivity and employment scale of private enterprises. In order to further encourage private enterprises to invest,it is necessary to continue to promote the implementation of the fair competition review system,unblock the communication mechanism between government and enterprises,eliminate hidden market barriers,and improve the accuracy of resource allocation through the implementation of a hierarchical policy support system,so as to guide enterprises to enhance their core competitiveness and promote the high-quality development of private enterprises.更多还原