【摘要】：基于政府對(duì)國有企業(yè)管制的制度背景,采用2008-2015年中國國有上市公司的數(shù)據(jù)對(duì)政府管制與國有企業(yè)財(cái)務(wù)決策行為、股利無關(guān)理論以及管理層短視假說進(jìn)行實(shí)證檢驗(yàn)。研究發(fā)現(xiàn),管制扭曲了國有企業(yè)財(cái)務(wù)決策行為,管制程度較輕的國有企業(yè)分紅意愿與分紅水平均較高。進(jìn)一步研究發(fā)現(xiàn),中央控制企業(yè)比地方國有企業(yè)更多地參與研發(fā)活動(dòng),分紅意愿越強(qiáng)與比例越高的國有企業(yè)更多地制定研發(fā)決策,創(chuàng)新投入的比例更高,中央控制強(qiáng)化了兩者之間的關(guān)系。研究結(jié)果拒絕了股利無關(guān)理論和管理者短視假說,并為實(shí)施RD費(fèi)用有條件資本化的準(zhǔn)則提供支持。研究為《中共中央、國務(wù)院關(guān)于深化國有企業(yè)改革的指導(dǎo)意見》的相關(guān)內(nèi)容提供了經(jīng)驗(yàn)證據(jù),為進(jìn)一步深化國有企業(yè)改革提供了政策建議。
[Abstract]:Based on the institutional background of government regulation of state-owned enterprises, the data of state-owned listed companies in China from 2008 to 2015 are used to test the theory of government regulation and financial decision-making behavior of state-owned enterprises, dividend relevance theory and management shortsightedness hypothesis. It is found that regulation distorts the financial decision-making behavior of state-owned enterprises, and the willingness to pay dividends and the average dividend water of state-owned enterprises with lighter degree of regulation are higher on average. It is found that the central control enterprises are more involved in R & D activities than the local state-owned enterprises, the stronger the willingness to pay dividends and the higher the proportion of state-owned enterprises making R & D decisions, the higher the proportion of innovation investment, and the stronger the relationship between the two. The results reject the dividend independence theory and the short-sighted hypothesis of managers, and provide support for the implementation of the criterion of conditional capitalization of RD costs. The study provides empirical evidence for the relevant contents of the guiding opinions of the CPC Central Committee and the State Council on deepening the Reform of State-owned Enterprises, and provides policy suggestions for further deepening the reform of state-owned enterprises.
【作者單位】： 綿陽師范學(xué)院經(jīng)濟(jì)與管理學(xué)院;西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國家社會(huì)科學(xué)基金重大項(xiàng)目“會(huì)計(jì)信息在宏觀經(jīng)濟(jì)分析與預(yù)測(cè)中的應(yīng)用價(jià)值及其實(shí)現(xiàn)方式研究”(16AJY004)
【分類號(hào)】：F273.1;F275;F276.1

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