财政政策与企业投资效率——基于不同金融化水平的比较分析

Fiscal Policy and Enterprise Investment Efficiency——A Comparative Analysis Based on Different Financial Levels

企业的投资效率提升是经济转型升级的重要保障,随着企业来自金融领域的收益越来越高,宏观经济政策对企业投资效率的调控作用受到企业金融化水平的影响。本文将货币政策和财政政策同时纳入实证模型,并考虑金融化水平异质性,重点考察了财政政策对企业投资效率的影响,丰富了目前综合宏观政策调控企业投资效率机制的研究成果。我们利用SFA模型与SVAR模型的实证分析发现:低金融化企业对于财政政策变动的响应要显著强于高金融化企业;高金融化企业更易受到利率变动的影响,低金融化企业面对货币供给变动冲击的响应程度相对更强。财政支出政策和税收政策对企业投资效率的影响相反,企业投资效率对税收政策的冲击响应为负向,对财政支出政策的冲击响应均为正向。本文的研究意味着经济新常态下,宏观调控政策也要针对企业金融化水平进行差别化安排。

The improvement of investment efficiency of enterprises is an important guarantee for economic transformation and upgrading. As enterprises＇ income from the financial sector becomes higher, macroeconomic regulation and control will affect the efficiency of enterprise investment through financial intermediaries such as interest rates and credit constraints. This paper combines monetary policy and fiscal policy into an empirical model, focusing on the impact of fiscal policy on corporate investment efficiency, making up for the research gap of the current comprehensive macroeconomic regulation and control enterprise investment efficiency mechanism. Through the empirical analysis of the SFA model and the SVAR model, we find that the macroeconomic policy＇s regulation effect on enterprise investment efficiency is affected by the level of enterprise financialization level. The study of this paper means that under the new normal economic conditions, macroeconomic control policies must also differentiate according to the level of enterprise financial development.