中文摘要：

选择2011年～2013年产能严重过剩的传统制造业上市公司作为研究样本,探究其固定资产投资是否受地方政府干预的影响,以及造成的经济后果.运用多元回归及对比分析方法,得出结论如下：地方政府干预对产能严重过剩的传统制造企业的固定资产投资具有正向影响效应.从地区的比较来看,地方政府干预较强的中西部地区,对传统制造企业的固定资产投资的正向影响效应更大,且投资无效率.

英文摘要：

Choosing the traditional manufacturing listed companies with serious surplus capacity in 2011-2013 as research sample, this paper studies the influence of the local govemment intervention on their investment in fixed assets and the economic consequences. The multiple regression and correlation analysis show that government intervention has a positive effect on the investment in fixed assets for the traditional manufacturing industry with serious surplus capacity. As the government intervention is stronger in mid western regions, the positive effect is stronger and the investment is inefficient.