政府科技支出、财政政策工具与企业风险承担——基于公共风险视角的分析被引量：15

Government R&D Spending,Fiscal Policy Instruments and Corporate Risk-Taking——Analysis Based on the Perspective of Public Risk

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摘要风险社会下公共财政应当定位于防范化解公共风险。创新的外部性往往导致企业承担更多风险,有为政府会加大科技支出,应用财政政策工具以促进企业风险承担,防止个体风险转化为公共风险。基于这一视角,本文验证了政府科技支出与企业风险承担的因果关系及财政政策工具的作用机制。研究发现,政府科技支出可以有效提高企业风险承担水平。政府补贴不但作为财政政策工具的作用机制非常明显,还可以缓解融资约束、劳动力成本和管理制度有效性不足这三类企业要素配置问题,但税收优惠只在劳动力成本和管理制度的约束下才能发挥作用。政府科技支出下企业风险承担能够提高资金配置效率,却加剧了盈余管理行为。研究从公共风险视角为政府科技支出促进企业风险承担提供了理论支持和财政政策工具应用建议。 Public finance in a risky society should be positioned to prevent and resolve public risks.The externalities of innovation often cause corporates to take more risks.Facilitating governments will increase R&D spending,and use fiscal policy instruments to promote corporate risk-taking and prevent individual risks from turning into public risks.Based on this perspective,this paper verifies the causal relationship between government R&D spending and corporate risk-taking and the mechanism of fiscal policy instruments.This paper found that government R&D spending can effectively increase corporate risk-taking.Government subsidies are not only very obvious as a fiscal policy instruments,but also can alleviate three types of corporate factor allocation,such as finance constraints,labor costs,and insufficient management system effectiveness.However,tax incentives can only take effect under the constraints of labor cost and management systems.The corporate risk-taking behavior affected by the government R&D spending can improve capital allocation efficiency,but it intensifies earnings management behavior.From the perspective of public risk,this paper provides theoretical support and recommendations on the application of fiscal policy instruments for government R&D spending to promote corporate risk-taking.

作者唐大鹏李渊郑好王伯伦 Tang Dapeng;Li Yuan;Zheng Hao;Wang Bolun

机构地区东北财经大学会计学院审计系东北财经大学会计学院中国内部控制研究中心东北财经大学会计学院东北财经大学国际商学院

出处《财政研究》 CSSCI 北大核心 2021年第5期55-69,共15页 Public Finance Research

基金国家自然科学基金青年项目“差异模式下社保基金市场化投资研究:风险测度方法与风险控制机制”(基金号:71602022) 国家社会科学基金一般项目“基于政府公信力视角的公共养老保险基金投资绩效评价及相关信息披露研究”(基金号:18BG1062) 中国博士后科学基金“社保基金财务偿付能力评价体系与财政风险控制”(基金号:2017T100098)的资助

关键词政府科技支出风险承担财政政策工具公共风险要素配置 Government R&D Spending Corporate Risk-Taking Fiscal Policy Instruments Public Risk Factor Allocation

分类号 F812.0 [经济管理—财政学] F812.45 [经济管理—财政学]