摘要
近期的研究支持了转型经济条件下政府与企业之间的密切联系,但却少有研究关注政府公共治理效力对微观企业的影响。基于此,本文以地方政府财政透明度为对象,将政府公共治理因素纳入到企业行为的分析中,观察其对企业投资效率的影响。本文发现,与央企和民企相比,地方政府财政透明度的增加更有助于提高地方国有企业的投资效率;地方政府财政透明度的增加对地方国有企业的过度投资具有更强的抑制作用。本文的研究提供了政府公共治理影响企业价值的经验证据,丰富了转型经济条件下"政府——企业"的行为分析框架。并且本文对推进财政信息公开、加强社会主义民主制度和责任型政府建设,亦具有积极的实践指导价值。
Recent research finds that government will affect the corporate operation in transitional economy, but few pays attention to the relationship between the public governance and the corporate operation. Based on fiscal transparency of local government, this paper distinguishes the differences of governments＇ interventions, and analyzs the corporates＇ investment efficiency. This paper tells contrast to the central state-owned enterprises and private firms, the increasing of local government＇s fiscal transparency will enhance the investment efficiency of local state-owned enterprises, especially decreasing their overinvestments. These findings provide the evidence that the public governance will affect the corporate value, which enriches the analysis framework ＇from governemet to corporate＇ in transitional economy. These findings will also be helpful to enchance fiscal transparency, and strengthen China socialism democracv nolitics construct and the govemment accountabitity.
出处
《审计研究》
CSSCI
北大核心
2011年第4期58-67,共10页
Auditing Research
基金
国家自然科学基金项目(批准号:70802035)
教育部重点研究基地重大课题(批准号:07JJD630007)的阶段性研究成果
关键词
政府公共治理
财政透明度
非正常投资
过度投资
投资不足
public governance, fiscal transparency, abnormal investment, overinvestment, underinvestment
