本文關(guān)鍵詞：經(jīng)濟(jì)發(fā)展、政府偏袒與公司發(fā)展——基于政府代理問題與公司代理問題的分析，由筆耕文化傳播整理發(fā)布。

經(jīng)濟(jì)發(fā)展、政府偏袒與公司發(fā)展——基于政府代理問題與公司代理問題的分析

Economic Growth, Government Partiality and Corporate Performance --Empirical Analysis Based on Government andCorporate Agency Problems

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Hou Qingchuan, Jin Qinglu and Chen Mingduan （Shanghai University of Finance and Economics）

財(cái)經(jīng)大學(xué)會(huì)計(jì)與財(cái)務(wù)研究院,上海200433

文章摘要：本文基于政府代理問題與公司代理問題，試圖厘清宏觀經(jīng)濟(jì)環(huán)境對(duì)微觀企業(yè)行為影響的傳導(dǎo)路徑。本文發(fā)現(xiàn)，市場(chǎng)化進(jìn)程較低時(shí)，，政府代理問題突出表現(xiàn)為地方政府通過在資源配置中向國(guó)有企業(yè)傾斜以實(shí)現(xiàn)經(jīng)濟(jì)粗放型增長(zhǎng)，使得國(guó)有企業(yè)在經(jīng)濟(jì)發(fā)展過程中以外延型增長(zhǎng)為主，這具體表現(xiàn)為企業(yè)規(guī)模的擴(kuò)張與經(jīng)濟(jì)發(fā)展之間的相關(guān)性更強(qiáng)。市場(chǎng)化進(jìn)程提高，上述政府代理問題會(huì)有所緩解，非國(guó)有企業(yè)的制度安排更有助于減少公司代理問題，實(shí)現(xiàn)企業(yè)從外延型增長(zhǎng)向內(nèi)涵型增長(zhǎng)轉(zhuǎn)變，這具體表現(xiàn)為非國(guó)有企業(yè)盈利能力提高與經(jīng)濟(jì)發(fā)展之間的相關(guān)性更強(qiáng)。

Abstr：This paper studies the relationship between economic growth and corporate performance from the perspective of the agency problem of government and of corporate. This paper intends to clarify the path through which the macroeconomic environments affect the micro corporate performance. In regions of low marketization, local governments have more discretion to allocate economic resources toward SOEs, and thus the agency problem of government exacerbates. In terms of growth, SOEs tend to focus on scale. The empirical findings indicate that for SOEs, the relation between sales growth and GDP growth is stronger than that for Non-SOEs. In regions of high marketization, the agency problem of government alleviates, and the organizational infrastructures of Non-SOEs can mitigate the agency problem of corporate, and thus the corporate puts more weight on intensive growth （earnings） rather than extensive growth （ scale）. Accordingly, the relation between earnings growth and GDP growth is stronger for Non-SOEs.

文章關(guān)鍵詞：

Keyword：:Agency Problem of Government Agency Problem of Corporate Economic Growth Corporate Performance

課題項(xiàng)目：作者感謝國(guó)家自然科學(xué)基金項(xiàng)目（71072036,71272012,71472114）、教育部新世紀(jì)優(yōu)秀人才支持計(jì)劃、上海市曙光計(jì)劃項(xiàng)目（11SG35）以及上海財(cái)經(jīng)大學(xué)創(chuàng)新團(tuán)隊(duì)支持計(jì)劃的資助,感謝匿名審稿意見.文責(zé)自負(fù).

  本文關(guān)鍵詞：經(jīng)濟(jì)發(fā)展、政府偏袒與公司發(fā)展——基于政府代理問題與公司代理問題的分析，由筆耕文化傳播整理發(fā)布。