产品市场竞争、政府作用与企业财务风险

发布时间：2018-03-24 06:23

本文选题：产品市场竞争　切入点：政府作用　出处：《现代财经(天津财经大学学报)》2017年03期

【摘要】：从市场竞争发挥外部治理效应的视角,考察产品市场竞争及政府作用对企业财务风险的影响。基于2011-2015年沪深两市A股公司的检验发现,产品市场竞争具有外部治理机制,传递到企业财务层面,则会显著降低企业财务风险。加入对政府作用的考虑后,无论是作为企业外部管理者还是作为企业资本所有者,政府的介入作用都会影响竞争治理效应的发挥,使产品市场竞争降低企业财务风险的作用不明显。进一步加大政府作用力度,发现较大的政府作用力度会削弱产品市场竞争通过治理路径抑制企业财务风险的效应;特别是在政府实际控制和参股的企业中,政府作用力度对企业财务风险的影响远大于产品市场竞争的作用。
[Abstract]:From the perspective of market competition exerting external governance effect, this paper investigates the influence of product market competition and government role on enterprise financial risk. Based on the test of A share companies in Shanghai and Shenzhen stock markets from 2011 to 2015, it is found that product market competition has external governance mechanism. After considering the role of the government, whether as the external manager of the enterprise or as the owner of the capital of the enterprise, the financial risk of the enterprise will be significantly reduced when it is transferred to the financial level of the enterprise. The role of government intervention will affect the effectiveness of competition governance, and the role of product market competition in reducing the financial risk of enterprises is not obvious. It is found that the greater government role will weaken the effect of product market competition to restrain the financial risk of enterprises through the governance path, especially in the enterprises which are actually controlled and invested by the government. The influence of government action on enterprise financial risk is far greater than that of product market competition.
【作者单位】：东南大学经济管理学院;
【基金】：江苏省软科学重点项目(BR2016039) 江苏省普通高校学术学位研究生科研创新计划项目(KYLX16_0305)
【分类号】：D630;F275;F271

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