政府工作报告信息含量上升能否助力企业“脱虚向实”?——基于文本分析的证据  

Whether the Increase of Information Content in Government Work Report Can Help Enterprises Move FromVirtual ToReal?——Evidencebased ontextanalysis

作　　者：黄晓霞[1] 郭博瑞 张曾莲[1] Huang Xiaoxia;Guo Borui;Zhang Zenglian

机构地区：[1]北京科技大学经济管理学院

出　　处：《投资研究》2023年第11期31-49,共19页Review of Investment Studies

基　　金：国家社科基金(21FGLB025);国家社科基金重大项目“绩效管理导向下的中国政府成本体系研究”(20&ZD115);企业高质量发展的实现路径与实施效果研究。

摘　　要：本文以中国地级市政府工作报告文本为基础,采用文本向量化回归的方法,考察地方政府工作报告文本信息含量对企业金融化的影响效应,从政府与企业联动视角理解企业“脱实向虚”现象。实证结果表明:地方政府工作报告信息含量与企业金融化水平之间存在显著负相关关系。机制检验发现,地方政府工作报告信息含量上升通过提升净资产回报率和降低债务融资成本两条路径降低了企业金融化水平。Based on the text of China's prefecture-level city government work report,this paper adopts the text-oriented quantitative regression method to investigate the influence of the information content in the text of government work report on the allocation of financial assets of enterprises,and to understand the phenomenon of enterprises“moving from real to virtual”from the perspective of the linkage between government and enterprises.The empirical results show that there is a significant negative correlation between the information content of local government work report and the level of enterprise financialization.Mechanism test shows that the increase of information content in local government work reports reduces the level of financialization of enterprises by improving the return on corporate net assets and reducing the financing cost of corporate debt.

关 键 词：政府工作报告信息含量 企业金融化 高质量发展 

分 类 号：F832.51[经济管理—金融学] F279.2