财政刺激、信念波动与企业过度投资——基于管理者视角的经验研究

发布时间：2019-01-28 19:42

【摘要】：文章结合行为财务的研究成果,基于管理者视角探讨了信念波动在财政刺激与企业过度投资行为之间的中介效应,以及不同特征的企业对财政刺激资金效应与信号效应路径的选择性反应。研究发现,财政刺激政策的实施与退出造成了管理者信念和异质信念的波动,较强的管理者信念和异质信念均加剧了企业的过度投资行为;管理者信念在财政刺激与企业过度投资行为之间存在中介效应,异质信念的中介效应则不明显。进一步研究发现,国有企业、规模较大和破产风险较大的企业对财政刺激所产生的资金冲击的反应更加明显,而民营企业、规模较大和破产风险较小企业的管理者信念的中介效应更加显著。以上结果说明,财政刺激政策同时通过资金效应与信号效应影响企业投资效率,这为完善政策制定、提高施政水平提供了有益的借鉴。
[Abstract]:Based on the research results of behavioral finance, this paper discusses the intermediary effect of belief fluctuation between financial stimulus and excessive investment behavior of enterprises from the perspective of managers. And different characteristics of enterprises to the financial stimulus and signal effect of the selective response of the path. It is found that the implementation and withdrawal of fiscal stimulus policy lead to the fluctuation of managers' beliefs and heterogeneous beliefs, and the strong managerial beliefs and heterogeneous beliefs both aggravate the overinvestment behavior of enterprises. There is intermediary effect between financial stimulus and excessive investment behavior of enterprise, but the intermediary effect of heterogeneous belief is not obvious. Further studies have found that state-owned enterprises, large scale enterprises and those with higher bankruptcy risks are more responsive to the financial impact of fiscal stimulus, while private enterprises, The intermediary effect of managers' beliefs in larger and less bankrupt enterprises is more significant. The above results show that the fiscal stimulus policy affects the investment efficiency of enterprises through both capital effect and signal effect, which provides a useful reference for perfecting the policy making and improving the administrative level.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金重点项目(71232004);国家自然科学基金面上项目(71172082,71372137,70902030) 教育部人文社科基金项目(13YJC630087)
【分类号】：F812.0;F275

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