财政激励、投资战略与公司价值  

Fiscal Incentive,Investment Strategy and Firm Value

作　　者：刘振[1] 黄丹华 刘博[2] Liu Zhen;Huang Danhua;Liu Bo(School of Business,Zhengzhou University of Aeronautics,Zhengzhou 450046,China;Zhengzhou Shengda University of Economics,Business&Management,Zhengzhou 450046,China)

机构地区：[1]郑州航空工业管理学院商学院,郑州450046 [2]郑州升达经贸管理学院,郑州450046

出　　处：《技术经济》2021年第1期128-137,共10页Journal of Technology Economics

基　　金：国家自然科学基金“军民科技资源共享的价值共创模式及实现机制研究”(71974175);国家社会科学基金“高管薪酬契约设计、研发配置优化与公司价值创造”(13BGL051);教育部人文社科一般项目“财税政策协同、创新资源配置与公司价值创造研究”(19YJA630048);航空科学基金“促进中航工业自主创新的动力机制与影响路径研究”(2018ZG55025)。

摘　　要：基于政府规制理论、投资战略理论和价值创造理论,以中国A股上市公司为样本,探讨了财政激励、投资战略与公司价值之间的路径关系,并提出一个有调节的中介效应模型,对高管薪酬激励在“财政激励→投资战略→公司价值”路径中的调节作用进行检验。实证结果显示:①财政激励能够同时促进企业创新投资和规模投资,创新投资对公司价值具有创造作用,而规模投资对公司价值具有毁损作用;②高管货币薪酬激励能够增强财政激励对创新投资的促进作用,进而增强对企业价值的“创造效应”;高管股权薪酬激励能够遏制财政激励对规模投资的促进作用,进而削弱对企业价值的毁损效应。Based on the theory of government regulation,investment strategy and value creation,taking Chinese A‑share listed companies as samples,the path between the fiscal incentive,the investment strategy and the company value is explored.We further propose a moderating model to test the moderating role of executive compensation incentive in the path of“financial incentive→investment strategy→firm value”.The empirical results show as follows.Fiscal incentive can stimulate enterprises to increase innovation investment and scale investment at the same time.Innovation investment has a creative effect on the firm value,while scale investment has a damaging effect on firm value.Monetary compensation incentive of executives can enhance the promotion effect of fiscal incentive on innovative investment,thereby enhance the“creative effect”on corporate value.And equity compensation incentives can curb the promotion effect of fiscal incentive on scale investment,thereby weakening the“damaging effect”on corporate value.

关 键 词：财政激励 创新投资战略 规模投资战略 公司价值 高管薪酬 

分 类 号：F275.5[经济管理—企业管理]