财政干预改变了企业融资倾向吗?  

Has Fiscal Intervention Changed Corporate Financing Tendencies?

作　　者：郑田丹 莫东序 ZHENG Tiandan;MO Dongxu(School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China;School of Statistics and Management,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学公共经济与管理学院,上海200433 [2]上海财经大学统计与管理学院,上海200433

出　　处：《当代经济科学》2022年第1期13-24,共12页Modern Economic Science

基　　金：国家社会科学基金重大招标项目“中国的政府间事权与支出责任划分研究”(16ZDA065)。

摘　　要：企业融资问题不仅受到金融货币政策的影响,财政干预对于企业融资倾向的影响也不容忽视。通过构建财政干预政策与企业融资倾向指标,利用多元面板logit模型进行实证研究发现,财政干预政策推动企业选择股权融资作为外部融资的首选手段。对企业进行分组检验发现,企业的所有制、行业性质、规模等不同,企业受到财政干预政策的影响不同。以企业经济预期作为中介变量检验发现,财政干预政策通过影响企业对经济的预期而影响企业融资决策。以市场金融化程度作为政策环境冲击分析发现,当前“脱实向虚”的经济走势显著影响了财政干预政策对企业融资倾向的作用效果。因此,新常态下的财政干预政策要着眼于微观企业的异质性,同时结合金融货币政策保障企业融资市场的有序。Under the new economic normal,the influence of the financial sector on the real economy is still gradually increasing.However,the great financial development has also brought about debt problems and high leverage ratios,which have hurt the growth potential of the macro economy.In this context,the corporate sector will have structural changes in its financing tendencies.In order to optimize corporate financing tendencies and improve the efficiency of corporate investment,the government will issue rich macro policies for regulation and control.Existing studies have different conclusions on the financing tendency of enterprises,and most of them focused on financial policy and monetary policy,and the research on the intervention effect of fiscal policy is relatively scarce.This paper constructs fiscal intervention policy indicators through corporate microdata,and defines a 4-dimensional corporate financing tendency indicator,and matches the two at the micro level.Using this data,we apply the multi-panel logit model to conduct an empirical research and find that fiscal intervention policies promote enterprises to choose equity financing as the preferred means of external financing.Furthermore,the results demonstrate that enterprises are affected heterogeneously by fiscal intervention policies in terms of ownerships,sectors,and scales.Using corporate economic expectations as a mediating variable,we found that fiscal intervention policies affect corporate financing decisions by affecting their economic expectations.Taking the degree of market financialization as the impact of the policy environment,this paper makes analysis and finds that the current economic trend of funds being diverted out of the real economy has significantly affected the effect of the fiscal intervention policy on the corporate financing tendency.This research conclusion means that,the fiscal intervention policy under the“new normal”should focus on the heterogeneity of micro-enterprises,and at the same time,combine financial and monetary polici

关 键 词：财政干预 企业融资 金融发展 经济预期 金融化 

分 类 号：F812.0[经济管理—财政学] F275