政府采购能够抑制企业杠杆操纵吗——基于上市公司的经验证据

Can Government Procurement Curb Corporate Leverage Manipulation——Empirical Evidence Based on Listed Companies

基于2015—2020年沪深A股上市公司数据,探究政府采购对上市公司杠杆操纵的影响及其作用机理。研究发现:政府采购能够显著抑制企业杠杆操纵;政府采购通过缓解融资约束、改善信息透明度从而作用于企业杠杆操纵行为;在采购订单较稳定、非国有、内部控制较弱以及环境不确定性较强的企业中,政府采购对杠杆操纵的抑制效应更为显著;政府采购抑制杠杆操纵行为后可以明显降低企业经营风险。研究结论有助于理解政府采购作为宏观调控手段可能的政策职能和经济后果,为防范化解金融风险提供新的解题思路。

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2015 to 2020,this paper explored the impact and action mechanism of government procurement on the leverage manipulation of listed companies.The research found that:government procurement could significantly inhibit corporate leverage manipulation.Government procurement acted on corporate leverage manipulation behavior by alleviating financing constraints and improving information transparency.Specifically,the inhibitory effect of government procurement on leverage manipulation was more significant in enterprises with more stable purchase orders,nonstate-owned nature,weaker internal control and stronger environmental uncertainty.Furthermore,government procurement could significantly reduce business risk after inhibiting leverage manipulation.The research conclusion was helpful to understand the possible policy functions and economic consequences of government procurement as a macro-control instrument,providing new solutions for preventing and resolving financial risks.