财政政策与企业投资

Fiscal Policies and Corporate Investments

本文基于中国A股上市公司1999—2017年的数据,研究中国财政政策对企业投资行为的影响。研究发现:(1)积极财政政策的实施能够提升企业的投资水平,但会降低企业投资的资源配置效率;(2)财政政策对企业投资的影响具有较好的时效性,能够在短期内迅速生效且效果能够长期持续,而且在各地区、各行业表现出一定的普适性;(3)关于积极的财政政策对企业投资水平的促进作用,非国有企业强于国有企业,而关于企业投资对未来业绩的促进作用,国有企业强于非国有企业。上述结果表明,积极财政政策能够提高企业投资水平,而政府对企业投资的指导作用能够提高企业投资的科学性和合理性,加强投资转化为收入和产出的能力,避免投资过量和产能过剩。本文的研究结论可以为政府部门财政政策的制定和实施以及企业管理者投资决策的制定提供一定的借鉴。

This study uses data from Chinese A-share listed firms from 1999 to 2017 to examine the influence of fiscal policies on corporate investments.The findings arc as follows:(1)The proactive fiscal policies encourages firms to invest more but lead to lower efficiency of resource allocation;(2)The influence of fiscal policies on corporate investments has a good timeliness,which could take effect quickly and the effect could continue in the long term,and show its universality among different rcigions and industries;(3)The positive influence of proactive fiscal policies on corporate investments is stronger among non-SOEs(non-state-owned enterprises)than SOEs(state-owned enterprises),while the positive influence of corporate investments on future performances is stronger among SOEs than nonSOFs.These results indicate that proactive fiscal policies could increase corporate investments,while the guidelines given by the government to firms could increase the appropriateness of corporate investments and enhance their ability of transforming investment to revenues and outputs,avoiding overinvestment and overcapacity.The conclusion of this study provides reference for the government to make and implement fiscal policies,and for corporate managers to make investment decisions.