财政政策、会计信息可比性与企业投资——来自中国上市公司的经验证据  

Fiscal Policy,Accounting Information Comparability,and Corporate Investment:Empirical Ev­idence from China’s Listed Companies

作　　者：陆阳 LU Yang

机构地区：[1]哈尔滨商业大学会计学院

出　　处：《科学决策》2023年第10期100-115,共16页Scientific Decision Making

基　　金：国家社会科学基金一般项目(项目编号:15BGL068)。

摘　　要：基于2007-2021年A股上市公司为研究样本,从宏微观交叉视角,考察不同财政政策下,会计信息可比性和企业投资之间的互动关系。研究发现:相比扩张的财政政策,紧缩的财政政策下的企业可能有更高的投资-现金流敏感性,降低企业投资水平,而会计信息可比性的提高能够有效改善紧缩财政政策下的企业投资水平。进一步分析表明,紧缩的财政政策下,提高非国有企业会计信息可比性更有助于企业投资水平的改善。对于提高宏观经济政策的调控效果和促进实体经济的健康发展都具有重要的现实意义。Based on A-share listed companies from 2007 to 2021 as research samples,this paper examines the interactive relationship between accounting information comparability and corporate investment under different fiscal policies from a macro and micro perspective.The results show that compared with the period of fiscal policy expansion,enterprises under tight fiscal policies may have higher investment-cash flow sensitivity and lower investment lvevels,while improving the accounting information comparability can effectively improve the investment level of enterprises under tightening fiscal policies.Further analysis indicates that under tight fiscal policies,improving the accounting information comparability of non-state-owned enterprises can significantly improve the investment level of enterprises.This paper has important practical significance for improving the regulation effect of macroeconomic policies and promoting the healthy development of real economy.

关 键 词：财政政策 会计信息可比性 企业投资 投资-现金流敏感性 

分 类 号：F230[经济管理—会计学] F120[经济管理—国民经济] F832.51