财政政策、经营异质性与企业价值

Fiscal Policy,Operation Heterogeneity and Enterprise Value

财政政策作为企业经营的外部环境,对企业的经营行为与价值创造有着重要影响。然而,微观企业层面上财政政策究竟如何影响企业行为尚不明晰。本文从需求管理、财政融资和供给管理三个维度,建立了财政政策影响企业微观行为的分析框架,沿着前两个维度对中国制度背景下扩张性财政政策与企业价值之间的关系进行了理论分析和实证检验。研究发现:扩张性财政政策总体上增加了企业价值,在销售增长率较低、经营现金流更好、净资产收益率较低的企业中,价值增加效应更加显著;企业经营特质的调节作用在非国有企业中表现更为典型;中西部地区的财政政策微观表现为拉动效应,东部地区的微观表现为挤出效应。研究揭示,在微观层面上财政政策直接拉动效应在国有企业中更为显著,而乘数效应更多体现在非国有企业中。

Fiscal policy is an important part of external environment for enterprise because it would impact enterprise from daily operation and value creation.This paper builds up a framework to analyze how fiscal policy works on enterprise from the perspective of consumer demand,financing and market supply.The relationship between fiscal policy and enterprise value in China is discussed from the perspective of demand and financing guided by the aforementioned framework.The sample has been used to investigate the relationship and adjustment effects from operation heterogeneities.We find that the financial deficit impacts enterprise value positively,and the sale growth,operation cash flow and asset usage affect the relationship between deficit and enterprise value.Less sale growth,better cash flow and less asset usage predicts more high enterprise value.The paper tells us that in China fiscal policy push enterprise's value creation totally.Also,value-added effect is significant to be observed in SOE firms while value adjustment is typical in non-SOE firms.