政府管制、国企分红与企业创新

《政府管制、国企分红与企业创新》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。

1、政府管制、国企分红与企业创新高文亮罗宏潘明清绵阳师范学院经济与管理学院西南财经大学会计学篋棊于政府对国有企业管制的制度背景，采用2008-2015年屮国国有上市公司的数据对政府管制与国有企业财务决策行为、股利无关理论以及管理层短视假说进行实证检验。研究发现，管制扭曲了国有企业财务决策行为，管制程度较轻的国有企业分红意愿与分红水平均较高。进一步研宄发现，中央控制企业比地方国有企业更多地参与研发活动，分红意愿越强与比例越高的国有企业更多地制定研发决策，创新投入的比例更高，屮央控制强化/两者之间的关系。研究结果拒绝了股利无关理论和管理者短视假说，并为实施R&D费用有条件资本化的准则提供支持

2、。研究为《中共中央、国务院关于深化国有企业改革的指导意见》的相关内容提供了经验证据，为进一步深化国有企业改革提供了政策建议。关键词：政府管制;国企分红;企业创新;基金：国家社会科学基金重大项目“会计信息在宏观经济分析与预测中的应用价值及其实现方式研宄”（16AJY004）GovernmentRegulation，DividendPaymentofStateOwnedEnterprisesandEnterpriseInnovationGAOWen-liangLUOHongPANMing-qingMianyangNormalUniversity;SouthwesternUniversit

3、yofFinanceandEconomics;Abstract：Basedontheinstitutionalbackgroundofgovernmentregulationonstateownedenterprises,thispaperconductsanempiricaltestontherelationshipbetweengovernmentregulationandthefinancialdecisionsofstate-ownedenterprises,thedividendirrelevancetheoryandthehypothesisofmanagerialmyo

4、piabymakinguseofthedataofChina’sstate-ownedlistedcompaniesfrom2008to2015.Thefindingsshowthattheregulationhasdistortedthefinancialdecisionsofthestate-ownedenterprises;thestate-ownedenterpriseswithlowerdegreeofgovernmentregulationhavestrongerdividendpayingintensionandhigherdividendpayinglevel.Fur

5、therstudyrevealsthattheenterprisescontrolledbythecentralgovernmentaremoreinvolvedinR&Dactivitiesthanthelocalstate-ownedenterprises;andthestate-ownedenterpriseswithstrongerwillingnesstopaydividendsandhigherproportionwillmakemoreR&Ddecisions,theproportionofinnovationinvestmentisalsohigher.Thecent

6、ralgovernment’scontrolhasstrengthenedtherelationshipsbetweenthetwo.Thesestudyresultshaverejectedthedividendirrelevancetheoryandthehypothesisofmanagerialmyopia,andhaveprovidedsupporttotheimplementationofstandardsfortheR&Dcostsconditionalcapitalization.Thisstudyalsoprovidesempiricalevidencestothe

7、relevantcontentsoftheGuidingOpinionsoftheCentralCommitteeoftheCommunistPartyofChinaandtheStateCouncilonDeepeningtheReformofState-OwnedEnterprisesandpolicysuggestionsforfurtherdeepeningthereformofstateownedenterprise.Keyword：govern