隐性福利还是效率损失?——基于国企超额在职消费的行为经济学分析  

Hidden Benefits or Efficiency Drain?A Behavioral Economics Perspective on Excessive Perquisite Consumption in SOEs

作　　者：陈泽铭 吴泓 廖添土[1] CHEN Ze-ming;WU Hong;LIAO Tian-tu(School of Economics,Fujian Normal University,Fuzhou,350100,China;School of Management,Fujian University of Technology,Fuzhou,350100,China)

机构地区：[1]福建师范大学经济学院,福建福州350100 [2]福建理工大学管理学院,福建福州350100

出　　处：《福建金融管理干部学院学报》2025年第1期69-83,共15页Journal of Fujian Institute of Financial Administrators

基　　金：国家社会科学基金一般项目“共同富裕引领下国企红利上缴的遵从行为评估与治理机制研究”(23BJY241)。

摘　　要：自2007年国务院发布《关于实行国有资本经营预算的意见》起,我国国有企业开始执行红利上缴政策。尽管如此,国有企业上缴比例偏低,与企业盈利能力不相符,导致内部留存收益过多,形成了国企利润的“内循环”现象。高管的“超额在职消费”在国有企业中体现为一种潜在的“隐性福利”,这种隐性福利不仅增加了企业的运营成本,还可能对企业经营效率造成负面冲击。本研究引入行为经济学理论,探讨了企业高层管理者的超额在职消费对公司绩效的影响。研究发现,高层管理者的超额在职消费对企业绩效有显著负面影响,并通过稳健性检验进一步验证了这一结论。此外,研究还揭示了国有企业相较于非国有企业、非制造业企业相较于制造业企业、中西部地区企业相较于东部地区企业在超额在职消费现象上的显著差异。基于实证分析结果,提出以下建议:完善国有企业激励机制,提高国有企业透明度并建立信息披露制度,以及提升国有企业红利上缴比例。Since the State Council issued the"Opinions on Implementing the State-owned Capital Opera-tion Budget"in 2007,China's state-owned enterprises(SOEs)have adopted dividend submission policies.Nevertheless,the low dividend submission ratio of SOEs,inconsistent with their profitability,has led to an excessive profit retention and the formation of an"intermal circulation"of funds.The"internal circulation"provides a financial basis for"excess perquisite consumption",which in turn exacerbates the internal circu-lation issue,thus forming a vicious circle.In SOEs,the executives'excessive perquisite consumption man-ifests as a form of"hidden welfare",which not only increasing operational costs of enterprises but also negatively impacting corporate efficiency.This study introduces behavioral economics theory and explores the impact of excessive perquisite consumption by top management on corporate performance.The re-search findings indicate that such consumption significantly harms corporate performance,and this conclu-sion is further validated through robustness tests.Additionally,significant differences exist in excessive perquisite consumption between SOEs and non-SOEs,non-manufacturing enterprises and manufacturing enterprises,enterprises in the central and western regions and those in the eastern regions.Based on the empirical results,the following recommendations are proposed:improving the incentive mechanisms of SOEs,enhancing the transparency of SOEs through a disclosure system,and increasing the dividend sub-mission ratio of state-owned enterprises.

关 键 词：国有企业 红利上缴 超额在职消费 

分 类 号：F275[经济管理—企业管理]