后小仙1,郑田丹2.金融化、财政激励与企业投资结构[J].审计与经济研究,2021,(3):
金融化、财政激励与企业投资结构
  
DOI:
中文关键词:  财政激励  金融化  企业投资结构  权益性投资  PSM模型  脱实向虚
英文关键词:financial incentives  financialization  corporate investment structure  equity investment  PSM model  transformation of economy from the substantial to the fictitious
基金项目:国家社科基金项目(17BJY001);江苏省社科基金项目(21JZB001)
作者单位
后小仙1,郑田丹2 1.南京审计大学 政府审计学院江苏 南京 2118152.上海财经大学 公共经济与管理学院上海 200433 
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中文摘要:
      财政激励政策对企业投资结构的调整具有重要影响。实证研究结果表明,财政激励政策会促使企业选择提升权益性投资比重,且这种促进作用具有递减倾向。其中,税收返还和财政贴息会显著促进企业权益性投资比重升高,研发补贴则会促进企业固定资产投资比重升高。进一步以企业融资效率为中介变量进行检验发现,财政激励可以通过提升企业融资效率进而促使企业提升权益性投资比重。因此,在利用财政激励政策工具调节企业投资结构时,应充分考虑企业金融化水平,以避免企业投资结构出现失衡。
英文摘要:
      Financial incentive policy has an important impact on the adjustment of corporate investment structure. The empirical results elucidate that the fiscal incentive policy will promote the enterprises to choose to increase the proportion of equity investment, and this promotion has a decreasing trend. Among them, tax returns and financial discount will significantly promote the proportion of equity investment, while R&D subsidies will promote the proportion of fixed assets investment. Furthermore, test, which considers enterprise financing efficiency as the intermediary variable, shows that financial incentive promotes the proportion of equity investment by improving enterprise financing efficiency. In the final analysis, when using fiscal incentive policy tools to adjust the investment structure of enterprises, it should completely consider the level of enterprise financialization in order to avoid the imbalance of enterprise investment structure.
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