政府规制与企业财务风险——来自中国A股上市公司的经验证据  

Government Regulation and Financial Risk of Enterprises:Empirical Evidence from A-share Listed Companies in China

作　　者：吕雪晶[1] 陈志斌[2] 李东阳 王诗雨 Xuejing Lyu;Zhibin Chen;Dongyang Li;Shiyu Wang(Business School,Nanjing University,Nanjing Jiangsu 210093,China;School of Economics and Management,Southeast University,Nanjing Jiangsu 210096,China;Dongwu School of Business,Soochow University,Suzhou Jiangsu 215006,China)

机构地区：[1]南京大学商学院,江苏南京210093 [2]东南大学经济管理学院,江苏南京210096 [3]苏州大学东吴商学院,江苏苏州215006

出　　处：《会计与经济研究》2020年第5期56-67,共12页Accounting and Economics Research

基　　金：国家自然科学基金青年项目(71202106);国家自然科学基金面上项目(71872040);江苏高校哲学社会科学研究重大项目(2017ZDXM003);江苏省社科应用研究精品工程财经发展专项课题(17SCA-01);中央高校基本科研业务费项目(2242019S10008,2242019S30017,2242019S30018,242018S30042)

摘　　要：文章以2016-2018年沪深两市A股上市公司为样本,从政府作用力度和政府作用方式两个角度考察政府规制对企业财务风险的治理作用。通过建立多元线性回归模型实证检验发现:政府规制对企业财务风险具有显著影响,立足于中国当前规制环境,政府作用力度越大,企业财务风险越小;且政府规制对企业财务风险的治理作用因政府作用方式的不同而不同,经济性规制的治理作用较社会性规制更为显著。实证结果为中国经济性规制改革和处在不同规制环境中的企业如何应对财务风险提供了经验证据和理论参考.Based on A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2016 to 2018,this paper mainly examines the impact of government regulation on financial risk of enterprises from two perspectives of the force and the mode of government regulation.Through the empirical test of the establishment of multiple linear regression analysis model,the paper finds that the government regulation has a significant impact on the financial risk of enterprises.Based on the current regulatory environment in China,the stronger the force of government regulation,the smaller the financial risk of enterprises,and the impact of government regulation on financial risk of enterprises varies with the ways the government acts,and the impact of economic regulation on financial risk of enterprises is more significant than that of social regulation.The empirical results provide theoretical reference and empirical evidence for China's economic regulation reform and how enterprises cope with financial risks in different regulatory environments.

关 键 词：政府规制 企业财务风险 经济性规制 社会性规制 

分 类 号：F275[经济管理—企业管理]