摘要
在中国式经济增长进程中,政府作为"幕后推手"日益引发各界关注。政府的质量取决于政府所提出的制度安排,而企业行为是对政府所制定的制度的反应。本文以2009—2011年我国上市公司经验数据为样本,检验政府质量、市场化程度与现金—现金流敏感性间的关系。实证结果发现,随着政府质量的提升,企业运用内部现金流积累现金的倾向减弱,表现为现金—现金流敏感性降低。同时发现,这种变化在不同市场化程度地区的企业中会呈现不同的特征。具体而言,伴随政府质量的提升,市场化程度较低地区的企业受惠于制度环境的优化,其现金—现金流敏感性显著降低,而市场化程度较高地区的企业这一变化并不明显。本文为解释地方政府推出制度优化经济环境的微观机制提供了经验证据。
In the process of economic growth of China mode, the government acted as an invisibility driving force which has increasingly attracted attention from all walks of life. The quality of government is decided by the institutional arrangements an- nounced by governments, meanwhile the behavior of enterprises is a reaction to the governmental institutions. This paper ex- amines the internal factors of government quality, marketerization degree and cash-cash flow sensitivity by the information of Chinese public companies during 2009--2011. The empirical results show that with the improvement of government quality, the enterprises take a tendency of using cash flow to save account and weaken the cash-cash flow sensitivity. Meanwhile such changes exhibit different characteristics in the different market-based degree area. Specifically, the cash-cash flow sensitivity of higher market-based enterprises diminishes significantly during the improvement of government quality, whereas it doesn＇t diminish significantly for lower market-based enterprises. This paper provided some experimental evidence to explain the mi- cro-mechanism of local government refinements to optimize the general economic environment.
出处
《审计与经济研究》
CSSCI
北大核心
2015年第2期52-60,共9页
Journal of Audit & Economics
基金
国家自然科学基金项目(70972039
71202106
71172064)
关键词
政府质量
市场化程度
现金—现金流敏感性
企业融资
制度环境
金融危机
现金流管理
公司财务
government quality
marketerization degree
cash-cash flow sensitivity
enterprise financing
institutional envi-ronment
financial crisis
cash flow management
corporate finance
