财政透明度能提高企业全要素生产率吗?——基于宏观与微观中介效应的实证分析  

Can Fiscal Transparency Improve Enterprises Total Factor Productivity?——Empirical Analysis Based on Macro and Micro Mediation Effects

作　　者：柳宇燕[1] 黄瑶 LIU Yuyan;HUANG Yao(School of Economics&Management,Changsha University of Science&Technology,Changsha 410114,China)

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410114

出　　处：《福建商学院学报》2022年第4期50-59,共10页Journal of Fujian Business University

基　　金：湖南省教育厅优秀青年项目“公用事业定价会计对利益相关者的决策影响研究”(20B020)。

摘　　要：推动政府信息公开透明化是我国政府治理的重要发展方向。选择2011—2018年沪深A股上市公司的面板数据,建立地方政府财政透明度影响企业微观行为的分析框架,探究其中的作用机制。研究发现:政府财政透明度对企业全要素生产率具有倒U型影响效应,低水平财政透明度的提升会促进生产率增长,而越过某一门槛值,透明度的提升又会抑制生产率。机制分析表明,财政透明度在宏观上,通过影响财政科技支出强度和基础设施建设进而对企业全要素生产率产生作用;在微观上,通过影响企业创新产出和资本利用效率进而对企业全要素生产率发挥效应。应发挥政府职能,适度提高财政透明度水平,注重信息披露质量,推动企业全要素生产率提升。Promoting the openness and transparency of government information is an important development direction of Chinese government governance.Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2018,this paper establishes an analytical framework for the impact of local government fiscal transparency indicators on the micro behavior of enterprises and explores the mechanism.It is found that government fiscal transparency has an inverted U-shaped effect on enterprise total factor productivity.The improvement of low-level fiscal transparency will promote productivity growth.Beyond a certain threshold,the improvement of transparency will inhibit productivity.The mechanism analysis shows that at the macro level,fiscal transparency has an effect on the total factor productivity of enterprises by affecting the intensity of fiscal science,technology expenditure and infrastructure construction;while at the micro level,it affects the innovation output and capital utilization efficiency of enterprises,and then exerts an effect on the total factor productivity of enterprises.In view of this,it's proposed that the government should play its role to improve fiscal transparency and pay attention to the quality of information disclosure to promote the total factor productivity of enterprises.

关 键 词：财政透明度 企业全要素生产率 中介效应 非线性 

分 类 号：F812.7[经济管理—财政学]