政府行为的不确定抑制了企业创新吗?——基于地方财政行为波动的视角  

Has the Uncertainty of Government Behavior Hindered Firm Innovation?Perspective from the Fluctuation of Local Government Fiscal Behavior

作　　者：黎文飞[1] 唐清泉[1] 

机构地区：[1]中山大学管理学院,广东广州510275

出　　处：《经济管理》2015年第8期45-54,共10页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"按业绩支付薪酬促进了企业创新吗:基于高科技上市公司的研究"(71272197);广东省哲学社会科学规划项目"企业转型创新能力的机制研究"(GD13CGL06);广州市科技计划项目"并购转型的创新研究"(2014Y4300013)

摘　　要：本文研究地方财政行为波动与企业创新的关系,旨在解释中国式分权下的地方政府行为如何影响我国企业的创新活动。以2002—2012年中国A股上市公司为样本,研究发现:地方财政行为的频繁波动破坏了以财税为核心的政企双边关系的稳定性和可预期性,这种不确定性导致企业创新活动的减少,表现为财政行为的波动性越大,创新性投资活动就越少;而且这种负面影响无论在国有还是非国有企业、大规模还是小规模企业中都是显著的,这说明财政波动对不同类型的企业创新都产生了负面影响;而地方政府质量的提高不仅促进了企业的创新活动,而且有助于缓解财政行为波动对企业创新的负向影响。本文提供了地方财政行为影响企业创新活动的微观证据,为地方政府如何培育辖区内企业的创新活动提供了新的视角和政策依据。China＇s ＂Twelfth Five-Year Plan＂ has clearly pointed out that we should found an innovative country by implementing the innovation-driven development strategy, promoting the reasonable allocation of innovation re- sources and enhancing innovative spirit of enterprises and the whole society. Although China has already improved national innovation policies and firms have realized the importance of innovation, innovation activities haven＇t per- formed as successfully as expected. Since China still run in the process of transition from a planned economy to a market economy, the government plays an important role in finns＇ investment decisions. This paper studies the relationship between the fluctuation of local government fiscal behavior and firm innova- tion, and intends to explain how the local governments under Chinese - style fiscal decentralization influence firm in- novation. Using a sample of A-share listed firms between 2002 and 2012 in China,we provides significant evidence that frequent fluctuations in local fiscal behavior undermines the stability and predictability of the bilateral relation- ship between government and firms, which highly depends on fiscal and taxation. The uncertainty of frequent fluctua- tions of local fiscal behavior hinders firm＇s innovation. The more fluctuation of local government fiscal behavior, there would be less innovative investment activities in firms. In further studies, we find that the negative effect in both the state-owned and non-state-owned enterprises, big or small enterprises are significant, suggesting that local govern- ment financial volatility has a negative effect on different types of firm innovation. Fortunately, to some extent, high quality of local governance not only promotes firm innovation, but also helps to alleviate the negative relationship be- tween fluctuation of local government fiscal behavior and firm innovation. This paper makes some contribution to the literature. Firstly, the paper provides microscopic evidence that local governme

关 键 词：中国式分权 财政行为波动 企业创新 政府质量 

分 类 号：F812.7[经济管理—财政学] F272.3