腐败治理与财政补贴效率:基于政治联系视角的分析  

Anti-corruption and Fiscal Subsidy Efficiency:Explanation from Political Connection

作　　者：曲红宝 QU HongBao(School of Economics and Statistics,Guangzhou University,Guangzhou 510006)

机构地区：[1]广州大学经济与统计学院,广东广州510006

出　　处：《财贸研究》2018年第11期71-80,共10页Finance and Trade Research

基　　金：国家社科基金重点项目"现代财政视域下税收体系构建研究"(16AJY021);教育部人文社科研究一般项目"财政腐败的动因;效应及其治理:基于中国财政体制的理论分析与实证检验"(15YJA790017);广州大学人才引进项目的支持

摘　　要：利用2010—2015年中国120个城市民营上市公司的微观数据样本,实证分析中共十八大后反腐新政和政治联系对民营企业获取财政补贴以及财政补贴对企业绩效的影响。结果表明:反腐新政纠正了财政补贴的国企偏向性,使高腐败地区民营企业获得更多财政补贴。在反腐新政下,建立政治联系使高腐败地区民营企业获得更多财政补贴,并且高管曾经在政府部门任职建立的政治联系的正向作用更加显著。在反腐新政后,没有政治联系或高管当期任职建立政治联系的企业,财政补贴与企业绩效正相关;高管曾经任职建立政治联系的企业,财政补贴与企业绩效负相关,尽管统计上不显著。这表明民营企业有建立政治联系的内在激励,高管曾经任职建立的政治联系在一定程度上支持了寻租观点,而反腐败的威慑作用使企业高管当期在职建立的政治联系发挥了积极作用。This paper analyzes the impact of new anti-corruption policies and political connection after the 18 th CPC national congress on the efficiency of private firm' s fiscal subsidies and their performance based on private listed firms' micro-data in 120 cities in China from 2010 to 2015. The empirical research show s that anti-corruption new policies correct state-ow ned enterprise bias of subsidy,and increase subsidy scale for private firm. Under new anti-corruption policy,political connection is beneficial to acquire more subsidies,and the effect is more significant for post political connection. After new anti-corruption policy,if firm has no political connection or has current political connection,the relationship betw een subsidy and firm's performance is significantly positive. Conversely,if firm has past political connection,the relationship is not significant,even negative. The results reveal that private firms have intrinsic motivation to establish political connection,post political connection supports rent-seeking perspective of political connection,and the deterrent effect of current anti-corruption policies make political connection established by business executives in the current period play a positive role.

关 键 词：腐败治理 政治联系 财政补贴 

分 类 号：F812.2[经济管理—财政学]