政府管制、国企分红与企业创新  

Government Regulation, Dividend Payment of State Owned Enterprises and Enterprise Innovation

作　　者：高文亮 罗宏[2] 潘明清 

机构地区：[1]绵阳师范学院经济与管理学院,四川绵阳621006 [2]西南财经大学会计学院,四川成都611130

出　　处：《当代财经》2017年第9期70-79,共10页Contemporary Finance and Economics

基　　金：国家社会科学基金重大项目"会计信息在宏观经济分析与预测中的应用价值及其实现方式研究"(16AJY004)

摘　　要：基于政府对国有企业管制的制度背景,采用2008-2015年中国国有上市公司的数据对政府管制与国有企业财务决策行为、股利无关理论以及管理层短视假说进行实证检验。研究发现,管制扭曲了国有企业财务决策行为,管制程度较轻的国有企业分红意愿与分红水平均较高。进一步研究发现,中央控制企业比地方国有企业更多地参与研发活动,分红意愿越强与比例越高的国有企业更多地制定研发决策,创新投入的比例更高,中央控制强化了两者之间的关系。研究结果拒绝了股利无关理论和管理者短视假说,并为实施R&D费用有条件资本化的准则提供支持。研究为《中共中央、国务院关于深化国有企业改革的指导意见》的相关内容提供了经验证据,为进一步深化国有企业改革提供了政策建议。Based on the instit utional background of government regulation on state owned enterprises, this paper conducts an empirical test on the relationship between government regulation and the financial decisions of state-owned enterprises, the dividend irrelevance theory and the hypothesis of managerial myopia by making use of the data of China＇s state-owned listed companies from 2008 to 2015. The findings show that the regulation has distorted the financial decisions of the state-owned enterprises; the state-owned enterprises with lower degree of government regulation have stronger dividend paying intension and higher dividend paying level. Further study reveals that the enterprises controlled by the central government are more involved in RD activities than the local state-owned enterprises; and the state-owned enterprises with stronger willingness to pay dividends and higher proportion will make more RD decisions, the proportion of innovation investment is also higher. The central government＇s control has strengthened the relationships between the two. These study results have rejected the dividend irrelevance theory and the hypothesis of managerial myopia, and have provided support to the implementation of standards for the RD costs conditional capitalization. This study also provides empirical evidences to the relevant contents of the Guiding Opinions of the Central Committee of the Communist Party of China and the State Council on Deepening the Reform of State-Owned Enterprises and policy suggestions for further deepening the reform of state owned enterprise.

关 键 词：政府管制 国企分红 企业创新 

分 类 号：F276.1[经济管理—企业管理]