国有企业政策性负担对企业财务行为的影响研究  

The Influences of SOEs Policy Burdens on Enterprise Financial Behavior

作　　者：赵雅娜[1] 敖小波[2,3] 

机构地区：[1]中国人民大学商学院,北京100872 [2]中央财经大学会计学院,北京100081 [3]北京工商大学国有资产管理协同创新中心,北京100048

出　　处：《经济问题》2016年第11期105-111,共7页On Economic Problems

基　　金：北京工商大学国有资产管理协同创新中心项目(GZ20130801);国家社会科学基金重大项目(14ZDA027);国家社会科学基金重点项目(14AJY005);中央财经大学2016年博士生重点选题支持计划

摘　　要：国有企业在国民经济的发展中发挥着至关重要的作用,同时也因其受政府的管制及干预,承担着一定的政策性负担。以2003-2014年国有上市公司为研究对象,以冗员度量政策性负担。实证结果表明:第一,政策性负担不仅会加大国有企业的自由现金约束,还会导致投资不足,具有显著的投资约束作用;第二,国有企业的政策性负担还会提高企业的股权融资成本,即二者存在显著的正相关关系。并且,国有企业承担政策性负担会损害企业的竞争力,降低财务绩效。虽然国有企业承担政策性负担会带来一定的政策优惠,但是其会对企业的财务绩效以及投融资活动产生不利影响。研究结论对当前的国有企业改革、政企关系改善以及供给侧改革都有重要的参考意义。State- owned enterprises play an important role in economic development. Government uses their administrative power to interfere state- owned companies and eventually state- owned enterprises bear policy burdens. Based on the data of state- owned listed companies during 2003- 2014,we use redundant personnel to measure policy burdens. Our empirical study found that redundancies can lead to important economic consequences. We found that redundancies will influence the free cash flow of state- owned enterprises and has a significant role in investment constraints. Further study found that redundancies have a positive relationship with the equity cost and redundancies will decrease the financial performance. The conclusion of this paper indicates that although state- owned enterprises will get policy preferences from bearing policy burdens,policy burdens have negative effect on investment and financing activities and financial performance,and reduce the enterprises＇ competitiveness. The conclusion of this paper has practical implications,and it will provide evidence for SOE reform and supply- side structural reform.

关 键 词：政策性负担 国有企业 投资不足 股权融资成本 财务绩效 

分 类 号：F234.3[经济管理—会计学]