李刚1,侯青川2,张瑾2.政府补助与公司投资效率——基于中国制度背景的实证分析[J].审计与经济研究,2017,(4):
政府补助与公司投资效率——基于中国制度背景的实证分析
  
DOI:
中文关键词:  政府补助  公司投资效率  市场化进程  产权性质  投资不足  投资过度  财政资源分配  经济后果
英文关键词:government subsidy company  investment efficiency  marketization  firm nature  under investment  over investment  distribution of financial resources  economic effect
基金项目:国家自然科学基金项目(71362031)
作者单位
李刚1,侯青川2,张瑾2 1. 新疆财经大学 会计学院新疆 乌鲁木齐 8300122. 上海财经大学 会计学院上海 200433 
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中文摘要:
      政府补助作为政府通过资源再分配进行经济干预的方式之一,在弥补市场缺陷、刺激经济发展、贯彻产业政策等多方面发挥着重要作用。国内现有文献对政府补助的研究主要从资源配置的影响因素以及补助对公司绩效的影响等角度展开。鉴于投资在公司经营和价值创造中的重要意义,以投资为切入点,探讨中国制度环境下政府补助与投资效率的关系,我们的研究发现,对于市场化程度较高地区的国有企业而言,政府补助有助于缓解投资不足;而对于市场化程度较低地区的民营企业而言,政府补助会加剧投资过度。本文丰富了政府补助与投资效率关系的文献,也为财政资源分配提供政策启示。
英文摘要:
      As one method of economic intervention by redistributing fiscal resources among entities,government subsidies can help to remedy the market defects,stimulate economic development,and carry out industrial policies.The extant literature focuses on the determinants of the allocation and the impact on firm performance of government subsidies.When classifying the sample based on marketization index,this study finds that for firms located at regions of high marketization index,government subsidies can help to alleviate under investment;while for firms located at regions of low marketization index,government subsidies aggravate over investment.When further classifying the sample based on firm types,this study finds that the alleviation of government subsidies on under investment concentrates on SOEs in regions of high marketization index,while the aggravation of government subsidies on over investment concentrates on non SOEs in regions with low marketization index
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