本文選題：財政政策 + 經(jīng)營異質(zhì)性��； 參考：《中南財經(jīng)政法大學學報》2017年01期

【摘要】：財政政策作為企業(yè)經(jīng)營的外部環(huán)境,對企業(yè)的經(jīng)營行為與價值創(chuàng)造有著重要影響。然而,微觀企業(yè)層面上財政政策究竟如何影響企業(yè)行為尚不明晰。本文從需求管理、財政融資和供給管理三個維度,建立了財政政策影響企業(yè)微觀行為的分析框架,沿著前兩個維度對中國制度背景下擴張性財政政策與企業(yè)價值之間的關(guān)系進行了理論分析和實證檢驗。研究發(fā)現(xiàn):擴張性財政政策總體上增加了企業(yè)價值,在銷售增長率較低、經(jīng)營現(xiàn)金流更好、凈資產(chǎn)收益率較低的企業(yè)中,價值增加效應(yīng)更加顯著;企業(yè)經(jīng)營特質(zhì)的調(diào)節(jié)作用在非國有企業(yè)中表現(xiàn)更為典型;中西部地區(qū)的財政政策微觀表現(xiàn)為拉動效應(yīng),東部地區(qū)的微觀表現(xiàn)為擠出效應(yīng)。研究揭示,在微觀層面上財政政策直接拉動效應(yīng)在國有企業(yè)中更為顯著,而乘數(shù)效應(yīng)更多體現(xiàn)在非國有企業(yè)中。
[Abstract]:As the external environment of enterprise management, fiscal policy has an important influence on business behavior and value creation. However, it is not clear how fiscal policies affect corporate behavior at the micro-enterprise level. Based on the three dimensions of demand management, financial financing and supply management, this paper sets up an analytical framework for the influence of fiscal policy on the microcosmic behavior of enterprises. The relationship between expansionary fiscal policy and enterprise value under the background of Chinese institution is analyzed theoretically and empirically along the first two dimensions. It is found that the expansionary fiscal policy increases the enterprise value in general, and in the enterprises with lower sales growth rate, better operating cash flow and lower net asset return, the value increase effect is more significant. The regulating effect of enterprise management characteristics is more typical in non-state-owned enterprises, the micro effect of fiscal policy in the central and western regions is the pull effect, and the micro performance of the eastern region is the extrusion effect. The research reveals that the direct pulling effect of fiscal policy is more obvious in state-owned enterprises than the multiplier effect in non-state-owned enterprises at the micro level.
【作者單位】： 中南財經(jīng)政法大學會計學院;
【基金】：中國博士后科學基金項目“財政政策、企業(yè)投融資行為與價值創(chuàng)造研究”(2014M562096)和“財政政策環(huán)境、企業(yè)投資行為與財務(wù)業(yè)績”(12YJC630159)
【分類號】：F812.0;F275

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