财政透明能助力企业“脱虚向实”吗？——基于稳预期和政企合作的视角

《上海财经大学学报》 2022年24卷第2期 页码：45 - 60  online：2022年4月1日

财政透明能助力企业“脱虚向实”吗？——基于稳预期和政企合作的视角

Can Fiscal Transparency Help Enterprises “Move from Virtual to Real”? From the Perspectives of Stabilizing Expectations and Government-Enterprise Cooperation

作者（中）：王少华1, 2, 张宇茹1, 陈宋生2

作者（英）：Wang Shaohua1, 2, Zhang Yuru1, Chen Songsheng2

作者单位：1.山西财经大学 会计学院，山西 太原 030006 2.北京理工大学 管理与经济学院，北京 100081

摘要：财政透明是影响经济发展预期的重要原因，也是引导企业“脱虚向实”的重要前提。文章选取全国地级市财政透明得分数据，以2013-2019年中国沪深A股上市公司为样本，检验地级市财政透明度对属地企业金融化的影响、机制及其经济后果。结果发现：财政透明度每变动一个单位，会引起当地企业减持0.54%的金融资产，且财政透明不仅能降低财政政策不确定性，通过稳定企业业绩预期抑制企业金融化；还能缓解政企间信息不对称，通过增加政企间项目合作抑制企业金融化。研究结论对推进政府进一步财政公开、遏制企业“脱实向虚”、引导企业回归主业发展有重要意义。

关键词：财政透明度; 稳预期; 政企合作; 企业金融化; 主业发展

Summary: Fiscal transparency is an important reason to influence economic development expectations, and also an important premise to guide enterprises to “move from virtual to real”. This paper selects the fiscal transparency score data of prefecture-level cities and takes the A-share listed companies from 2013 to 2019 as samples to test the impact, mechanism and consequences of fiscal transparency on corporate financialization.The results show that: (1) Fiscal transparency can restrain corporate financialization. It can not only reduce the uncertainty of fiscal policy and restrain corporate financialization by stabilizing their performance expectations, but also alleviate the information asymmetry between government and enterprise and restrain corporate financialization by increasing cooperation between government and enterprise. (2) In terms of stabilizing expectations, when enterprises are faced with strong economic policy uncertainties, fierce industry competition and access to government subsidies, improving fiscal transparency is likely to stabilize their performance expectations, thus restraining financialization. (3) In terms of project decision-making, improving fiscal transparency is conducive to the participation of state-owned enterprises and enterprises with a high level of governance in project cooperation between government and enterprise, thus restraining financialization; and management overconfidence will weaken the impact of fiscal transparency on project decision-making. (4) Restraining corporate financialization through fiscal transparency can guide enterprises to return to main business and improve total factor productivity.The policy suggestions are as follows: (1) Fiscal policies need to strengthen the guidance of enterprises from virtual to real. On the one hand, the government should enhance the transparency of fiscal work and stabilize enterprise expectations; on the other hand, the government should timely release project bidding information on its official website to encourage enterprises to participate in the cooperation between the government and private capital. (2) The government should properly carry out macro-control over the market and industries, provide special government subsidies to enterprises, and treat state-owned and non-state-owned enterprises equally. (3) Enterprises should pay attention to the internal governance mechanism to prevent the overconfident behavior tendency of senior managers. (4) Enterprises should combine policy guidance, actively grasp the opportunities of government-enterprise cooperation projects, and focus on the development of main business, so as to promote high-quality development and “move from virtual to real”.

Key words: fiscal transparency; stabilizing expectations; government-enterprise cooperation; corporate financialization; main business development

DOI：10.16538/j.cnki.jsufe.2022.02.004

收稿日期：2021-10-15

基金项目：国家社科基金重点项目“党和国家审计监督体系完善研究”（21AZD089）；中国博士后科学基金会项目“新发展格局下供应链网络地位对企业过度金融化的影响及治理研究”（2021M690387）；山西财经大学研究生教育创新项目“供应链金融与企业金融化:影响与作用机制”（21cxxj121）；山西省政府重大决策咨询课题“山西构建大中小企业融通创新发展的产业生态研究”（ZB20210902）

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