政府质量、产权性质与企业风险承担

发布时间：2018-06-08 17:22

本文选题：政府质量 + 企业风险承担　；参考：《新疆财经大学》2015年硕士论文

【摘要】：在国家层面营造良好的制度环境对社会经济的大发展有着至关重要的作用(North,1981;La Porta 1998)。政府是国家政策的制定者与执行者,其对社会公众的相关事务及经济主体提供服务,并对企业组织、社会事务组织进行监督、管理。政府质量是自身行政效率、腐败、公平公正、法律规范等方面的体现。良好的制度环境一定程度上是由政府职能的高效发挥来保障,高质量的政府表现为政府职能的高效发挥。考虑到企业因投资而获取的收益是经济不断增长的强大引擎,当企业越多的选择投资高风险且净现值大于零的项目,说明企业充分利用了投资机会,这能促进企业及社会经济的长期发展,由于企业内生于政府所提供的制度环境之中,企业在投资决策时对风险的选择不可避免的会受到政府质量的影响。中国处于新兴加转轨的经济变革中,政府在社会舞台上的角色不断地发生着重要的变化。分税制改革后,地方政府将更多的人财物等生产资料置于掌中,地方政府有充足的自由空间追求经济发展,但是考虑到各地区资源禀赋有较大的差距,地方政府(官员)在经济动机和政治动机驱动下,政府会对企业采取扶持或掠夺手段进行不同程度的干预,此时不同城市的企业面临的政府质量高低不同,两种不同的政府行为使公司面临优劣不同的投资环境。地方政府对企业伸出“扶持之手”或“掠夺之手”是如何影响企业的投资决策?在回顾和梳理国内外相关文献的基础上发现,学术界关于对企业的风险承担研究更多的聚焦在公司治理机制等微观层面,而宏观制度环境对企业投资时所面临的项目风险选择的影响也不可忽视。本文从企业所处的外部环境着手,首次尝试研究政府质量与微观领域的企业风险承担(即企业投资时对风险的选择)之间的关系,并且考察了政府质量对不同产权性质企业的风险承担影响。本文以委托代理、信息不对称、交易成本为理论依据进行假设推导,选取以2006-2012年中国A股沪深两市上市公司为样本,本文数据处理使用软件stata 11,运用回归分析研究政府质量、产权性质与企业风险承担之间的关系。本文的研究结果证实了:高质量的政府即政府对企业发挥扶持作用,将会提高企业的风险承担水平;通过区分不同产权性质的公司,我们发现比起非国有企业,国有企业的整体风险承担水平明显较低;最后,相对于低质量的政府地区,高质量政府地区的国有企业与非国有企业之间的风险承担水平的差异更小。
[Abstract]:Creating a good institutional environment at the national level plays an important role in the development of social economy. The government is the national policy maker and executor, it provides the service to the social public related affairs and the economic main body, and carries on the supervision and the management to the enterprise organization and the social affairs organization. Government quality is its own administrative efficiency, corruption, fairness and justice, legal norms and other aspects of the embodiment. To some extent, a good institutional environment is guaranteed by the efficient exertion of government functions, and the high quality of government performance is the efficient exertion of government functions. Considering that the income earned by enterprises as a result of investment is a powerful engine of economic growth, the more companies choose projects with a high risk of investment and a net present value greater than zero, the more they take advantage of investment opportunities, This can promote the long-term development of enterprises and social economy. Because enterprises are born in the institutional environment provided by the government, the choice of risk in investment decision-making is inevitably affected by the quality of government. China is in the process of economic transformation, and the role of government in the social stage is constantly changing. After the reform of the tax sharing system, local governments put more people, property, and other means of production into their hands. Local governments have ample freedom to pursue economic development, but considering that there is a large gap in the natural resources of various regions, Local governments (officials), driven by economic and political motives, will intervene in different degrees to support or plunder enterprises. At this time, enterprises in different cities face different levels of government quality. Two different government actions make the company face different investment environment. How does the local government extend a "supporting hand" or a "plundering hand" to enterprises? On the basis of reviewing and combing the relevant literature at home and abroad, it is found that the academic research on the risk bearing of enterprises is more focused on the micro level of corporate governance mechanism. The impact of macro-institutional environment on the project risk selection faced by enterprises can not be ignored. Starting from the external environment of the enterprise, this paper first tries to study the relationship between the government quality and the risk bearing of the enterprise in the micro field (that is, the choice of the risk when the enterprise invests). The influence of government quality on the risk bearing of enterprises with different property rights is also investigated. Based on the theory of principal-agent, asymmetric information and transaction cost, this paper chooses the listed companies in Shanghai and Shenzhen from 2006 to 2012 as a sample, and uses stata 11 to process the data, and uses regression analysis to study the government quality. The relationship between the nature of property right and the risk bearing of the enterprise. The results of this study confirm that a high-quality government, that is, the government plays a supportive role in enterprises, will increase the level of risk-taking of enterprises; by distinguishing companies with different property rights, we find that they are better than non-state-owned enterprises. The overall risk-bearing level of state-owned enterprises is obviously lower than that of low-quality government areas, and the difference between state-owned enterprises and non-state-owned enterprises in high-quality government areas is even smaller.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D630;F271;F272.3

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