摘要
财政政策存在于不同社会制度和经济发展水平的国家中,是企业所面临的重要政策环境,对企业微观行为具有重要影响。不同股权性质和治理特征是否会影响微观企业利用宏观政策的效率呢?本文运用2003-2014年中国沪深A股上市公司样本,研究了以财政赤字衡量的财政政策扩张对企业价值的影响,以及股权性质、股权制衡和管理层激励对上述影响的调节作用。结果发现,公司所处地区的财政政策扩张程度越高,其企业价值越高。但是,在利用财政政策的边际效应方面,国有企业显著弱于非国有企业,原因可能在于其利用资源创造价值的效率相对较弱。进一步分析公司治理因素的调节作用后发现,企业管理层持股和国有企业的股权制衡有助于企业更高效地利用财政政策来创造价值。本研究不仅提供了不同微观主体利用财政扩张具有不同效率的实证证据,更重要的在于揭示了宏观政策的实现载体会影响其资源配置效率。
Fiscal policy exists in countries of different social systems and levels of economic development.It is the important policy environment of enterprises,and will have important influence on the microscopic enterprise behaviors.However,how do different equity property and governance characteristics affect the utilization efficiency of macro policy by micro businesses? The China's Shanghai and Shenzhen A-share listed firm sample from 2003 to 2014 has been used to investigate the effect of expansionary fiscal policy,which is measured by fiscal deficit,on corporate value and the adjustment effect of equity property,counter balance mechanism of shareholder and managerial ownership.The authors find that the higher degree of regional expansionary fiscal policy,the higher enterprise value of companies located in.However,in terms of the marginal effect to use fiscal policy,state-owned enterprises are significantly weaker than non-state-owned enterprises,due to the relative inefficiency of state-owned enterprises to create value by using resources.Analyzing the regulating effect of corporate governance factors,furtherly,the authors find that both the counterbalance mechanism of shareholder of state-owned enterprises and the managerial ownership of non-state-owned enterprises have contributed to the higher using efficiency of fiscal policy to create value.The paper not only provides the empirical evidences that different microscopic main bodies have different using efficiencies of fiscal policy,but also reveals that the implementation carrier of macro policy will affect its efficiency of resource allocation.
作者
林芳
杨海燕
Fang Lin;Haiyan Yang
出处
《会计论坛》
2019年第1期116-136,共21页
Accounting Forum
基金
北方工业大学科研启动基金项目
湖北省教育科学规划2017年度重点课题(2017GA030)
武汉体育学院2019年度青年教师科研基金项目(2019S05)
关键词
财政政策
公司治理
企业价值
资源配置效率
Fiscal policy
Corporate governance
Corporate value
Efficiency of resource allocation
