地方政府投资对企业金融资产配置的影响研究  

Research on the Impact of Local Government Investmenton the Financial Asset Allocation of Enterprises

作　　者：卓越[1] 文倩雅 ZHUO Yue;WEN Qian-ya(Business School,Xiangtan University,Xiangtan,Hunan 411105,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《湘潭大学学报（哲学社会科学版）》2023年第4期78-85,共8页Journal of Xiangtan University:Philosophy And Social Sciences

基　　金：国家社会科学基金项目“金融虚拟化的资源配置效应与金融‘脱虚入实’的政策优化研究”(18BJL076)。

摘　　要：地方政府主导的投资过热与实体经济“脱实向虚”问题是中国经济迈向高质量发展面临的两大挑战。依据中国A股2008—2020年上市制造业企业和各省统计年鉴数据,实证考察了地方政府投资对企业金融资产配置的影响。研究发现,地方政府扩大投资显著提高了企业金融资产配置水平,地方政府投资每增加一个标准差,企业金融资产配置比例将提高约0.87个百分点。地方政府投资主要通过提高企业融资成本、增加企业实际税负和扩大企业金融投资与实体投资收益率缺口三个机制提升企业金融资产配置水平。研究结论对科学评估地方政府投资效率和治理经济“脱实向虚”具有现实意义。The overheated investment led by local government and the problem of entity economy"shifting from real to fictitious"are two major challenges for China's economy to move towards high-quality development.Based on the data of China’s A-share listed manufacturing enterprises and provincial statistical yearbooks from 2008 to 2020,this paper empirically examines the impact of local government investment on the financial asset allocation of enterprises.It is found that the expansion of local government investment significantly improves the level of financial asset allocation of enterprises.With the increase of every standard deviation in local government investment,the proportion of financial asset allocation of enterprises will increase by about 0.87 percentage points.Local government investment mainly improves the level of financial asset allocation through three mechanisms:raising the financing cost of enterprises,increasing the actual tax burden of enterprises,and expanding the gap between corporate financial investment and entity investment yield.The conclusion of this paper is of practical significance to the scientific evaluation of the efficiency of local government investment and the governance of economy"from real to fictitious".

关 键 词：地方政府投资 金融资产配置 经济“脱实向虚” 

分 类 号：F830[经济管理—金融学]