财政政策、经营异质性与企业价值

发布时间：2018-05-02 16:41

本文选题：财政政策 + 经营异质性　；参考：《中南财经政法大学学报》2017年01期

【摘要】：财政政策作为企业经营的外部环境,对企业的经营行为与价值创造有着重要影响。然而,微观企业层面上财政政策究竟如何影响企业行为尚不明晰。本文从需求管理、财政融资和供给管理三个维度,建立了财政政策影响企业微观行为的分析框架,沿着前两个维度对中国制度背景下扩张性财政政策与企业价值之间的关系进行了理论分析和实证检验。研究发现:扩张性财政政策总体上增加了企业价值,在销售增长率较低、经营现金流更好、净资产收益率较低的企业中,价值增加效应更加显著;企业经营特质的调节作用在非国有企业中表现更为典型;中西部地区的财政政策微观表现为拉动效应,东部地区的微观表现为挤出效应。研究揭示,在微观层面上财政政策直接拉动效应在国有企业中更为显著,而乘数效应更多体现在非国有企业中。
[Abstract]:As the external environment of enterprise management, fiscal policy has an important influence on business behavior and value creation. However, it is not clear how fiscal policies affect corporate behavior at the micro-enterprise level. Based on the three dimensions of demand management, financial financing and supply management, this paper sets up an analytical framework for the influence of fiscal policy on the microcosmic behavior of enterprises. The relationship between expansionary fiscal policy and enterprise value under the background of Chinese institution is analyzed theoretically and empirically along the first two dimensions. It is found that the expansionary fiscal policy increases the enterprise value in general, and in the enterprises with lower sales growth rate, better operating cash flow and lower net asset return, the value increase effect is more significant. The regulating effect of enterprise management characteristics is more typical in non-state-owned enterprises, the micro effect of fiscal policy in the central and western regions is the pull effect, and the micro performance of the eastern region is the extrusion effect. The research reveals that the direct pulling effect of fiscal policy is more obvious in state-owned enterprises than the multiplier effect in non-state-owned enterprises at the micro level.
【作者单位】：中南财经政法大学会计学院;
【基金】：中国博士后科学基金项目“财政政策、企业投融资行为与价值创造研究”(2014M562096)和“财政政策环境、企业投资行为与财务业绩”(12YJC630159)
【分类号】：F812.0;F275

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