产业政策、融资能力与股权价值

Industrial Policy,Financing Capacity and Equity Value

产业政策是一种政府行为,是政府为了实现其经济和社会发展目标而制定的各种政策总和。本文基于Tirole(2006)的企业融资分析框架,分析了政府的投资补贴、收入税和预算平衡三种产业政策对企业家融资能力和股权价值的影响。理论研究表明:就股份制企业而言,投资补贴政策将增加企业家的融资能力及其股权价值,扩大投资规模,收入税政策则相反;预算平衡的产业政策对企业家的融资能力、股权价值及投资规模无影响。此外,在投资补贴和预算平衡这两种产业政策下,企业家的股权价值均大于1,且投资规模与其自有资产呈一种倍数关系。然而,在收入税政策下,企业家的股权价值则不一定大于1,投资规模也未必是其自有资产的倍数乘数。

Industrial policy,a governmental behavior,is the sum total of various measures and policies that are adopted by the government for realizing its economy development target.Based on the corporate finance ana-lytical framework of Tirole（2006）,this paper analyzes the impact of government′s investment subsidy,income tax and balanced budget policy on entrepreneur′s financing capacity and equity value.The results indicate that the policy of investment subsidy will increase entrepreneur′s financing capacity,equity value and the scale of in-vestment,but the policy of income tax is opposite,and the balanced budget policy does not have any impact on entrepreneur′s financing capacity,equity value and the scale of investment.In addition,under the investment subsidy and balanced budget policy,the entrepreneur′s equity value is greater than 1 ,and the scale of invest-ment and its own assets presents a multiple relationship;however,in the case of income tax policy,the entre-preneur′s equity value is not necessarily greater than 1 ,and the scale of investment and its own assets may not present a multiple relationship.