政府采购对企业“脱实向虚”的治理效应研究

Study on the Governance Effect of Government Procurement on Enterprises Shifting from Real to Fictitious

振兴实体经济防范经济“脱实向虚”是新时期构建双循环新发展格局的战略任务。作为财政的重要制度安排,政府采购能否承载治理“脱实向虚”的政策功能尚未得到充分研究。本文基于2008—2018年上市公司数据,检验了政府采购对企业金融化的影响及机制。研究发现:政府采购显著抑制了企业金融化程度,促进了企业心无旁骛做实业;政府采购主要通过增加实业相对盈利、缓解融资约束和稳定预期抑制了企业金融化程度,但并未通过激励创新施加影响,政府采购嵌入的创新促进功能有待加强;当政府采购持续性强、企业内部控制完善以及市场关注弱时,政府采购对企业金融化抑制效应越显著。未来可有效利用政府采购的微观治理政策功能,促进实体经济与虚拟经济协调发展。

Revitalizing the real economy and preventing the economy from “shifting from real to fictitious” is a strategic task of building a new development pattern of double circulation in the new era.As an important institutional arrangement of finance,whether government procurement can carry the policy function of governance from real to virtual has not been fully studied.Based on the data of listed companies from 2008 to 2018,this paper tests the impact and mechanism of government procurement on enterprise financialization.It is found that government procurement significantly inhibits the degree of enterprise financialization and promotes enterprises to focus on industry.Government procurement mainly inhibited the degree of enterprise financialization by increasing relative profits,alleviating financing constraints and stabilizing expectations,but did not exert influence by stimulating innovation.When the sustainability of government procurement orders is strong,the enterprise’s risk-taking ability is high and the market attention is weak,the inhibitory effect of government procurement on enterprise financialization is more significant.The innovation promotion function embedded in government procurement needs to be strengthened.In the future,the micro governance policy function of government procurement can be effectively used to promote the coordinated development of the real economy and virtual economy.