本文選題：政府質(zhì)量 + 企業(yè)風(fēng)險(xiǎn)承擔(dān)��； 參考：《新疆財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：在國(guó)家層面營(yíng)造良好的制度環(huán)境對(duì)社會(huì)經(jīng)濟(jì)的大發(fā)展有著至關(guān)重要的作用(North,1981;La Porta 1998)。政府是國(guó)家政策的制定者與執(zhí)行者,其對(duì)社會(huì)公眾的相關(guān)事務(wù)及經(jīng)濟(jì)主體提供服務(wù),并對(duì)企業(yè)組織、社會(huì)事務(wù)組織進(jìn)行監(jiān)督、管理。政府質(zhì)量是自身行政效率、腐敗、公平公正、法律規(guī)范等方面的體現(xiàn)。良好的制度環(huán)境一定程度上是由政府職能的高效發(fā)揮來(lái)保障,高質(zhì)量的政府表現(xiàn)為政府職能的高效發(fā)揮。考慮到企業(yè)因投資而獲取的收益是經(jīng)濟(jì)不斷增長(zhǎng)的強(qiáng)大引擎,當(dāng)企業(yè)越多的選擇投資高風(fēng)險(xiǎn)且凈現(xiàn)值大于零的項(xiàng)目,說(shuō)明企業(yè)充分利用了投資機(jī)會(huì),這能促進(jìn)企業(yè)及社會(huì)經(jīng)濟(jì)的長(zhǎng)期發(fā)展,由于企業(yè)內(nèi)生于政府所提供的制度環(huán)境之中,企業(yè)在投資決策時(shí)對(duì)風(fēng)險(xiǎn)的選擇不可避免的會(huì)受到政府質(zhì)量的影響。中國(guó)處于新興加轉(zhuǎn)軌的經(jīng)濟(jì)變革中,政府在社會(huì)舞臺(tái)上的角色不斷地發(fā)生著重要的變化。分稅制改革后,地方政府將更多的人財(cái)物等生產(chǎn)資料置于掌中,地方政府有充足的自由空間追求經(jīng)濟(jì)發(fā)展,但是考慮到各地區(qū)資源稟賦有較大的差距,地方政府(官員)在經(jīng)濟(jì)動(dòng)機(jī)和政治動(dòng)機(jī)驅(qū)動(dòng)下,政府會(huì)對(duì)企業(yè)采取扶持或掠奪手段進(jìn)行不同程度的干預(yù),此時(shí)不同城市的企業(yè)面臨的政府質(zhì)量高低不同,兩種不同的政府行為使公司面臨優(yōu)劣不同的投資環(huán)境。地方政府對(duì)企業(yè)伸出“扶持之手”或“掠奪之手”是如何影響企業(yè)的投資決策?在回顧和梳理國(guó)內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上發(fā)現(xiàn),學(xué)術(shù)界關(guān)于對(duì)企業(yè)的風(fēng)險(xiǎn)承擔(dān)研究更多的聚焦在公司治理機(jī)制等微觀層面,而宏觀制度環(huán)境對(duì)企業(yè)投資時(shí)所面臨的項(xiàng)目風(fēng)險(xiǎn)選擇的影響也不可忽視。本文從企業(yè)所處的外部環(huán)境著手,首次嘗試研究政府質(zhì)量與微觀領(lǐng)域的企業(yè)風(fēng)險(xiǎn)承擔(dān)(即企業(yè)投資時(shí)對(duì)風(fēng)險(xiǎn)的選擇)之間的關(guān)系,并且考察了政府質(zhì)量對(duì)不同產(chǎn)權(quán)性質(zhì)企業(yè)的風(fēng)險(xiǎn)承擔(dān)影響。本文以委托代理、信息不對(duì)稱、交易成本為理論依據(jù)進(jìn)行假設(shè)推導(dǎo),選取以2006-2012年中國(guó)A股滬深兩市上市公司為樣本,本文數(shù)據(jù)處理使用軟件stata 11,運(yùn)用回歸分析研究政府質(zhì)量、產(chǎn)權(quán)性質(zhì)與企業(yè)風(fēng)險(xiǎn)承擔(dān)之間的關(guān)系。本文的研究結(jié)果證實(shí)了:高質(zhì)量的政府即政府對(duì)企業(yè)發(fā)揮扶持作用,將會(huì)提高企業(yè)的風(fēng)險(xiǎn)承擔(dān)水平;通過(guò)區(qū)分不同產(chǎn)權(quán)性質(zhì)的公司,我們發(fā)現(xiàn)比起非國(guó)有企業(yè),國(guó)有企業(yè)的整體風(fēng)險(xiǎn)承擔(dān)水平明顯較低;最后,相對(duì)于低質(zhì)量的政府地區(qū),高質(zhì)量政府地區(qū)的國(guó)有企業(yè)與非國(guó)有企業(yè)之間的風(fēng)險(xiǎn)承擔(dān)水平的差異更小。
[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.
【學(xué)位授予單位】：新疆財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：D630;F271;F272.3

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