本文關(guān)鍵詞：經(jīng)濟發(fā)展、政府偏袒與公司發(fā)展——基于政府代理問題與公司代理問題的分析，由筆耕文化傳播整理發(fā)布。

經(jīng)濟發(fā)展、政府偏袒與公司發(fā)展——基于政府代理問題與公司代理問題的分析

Economic Growth, Government Partiality and Corporate Performance --Empirical Analysis Based on Government andCorporate Agency Problems

[1] [2] [3]

Hou Qingchuan, Jin Qinglu and Chen Mingduan （Shanghai University of Finance and Economics）

財經(jīng)大學會計與財務研究院,上海200433

文章摘要：本文基于政府代理問題與公司代理問題，試圖厘清宏觀經(jīng)濟環(huán)境對微觀企業(yè)行為影響的傳導路徑。本文發(fā)現(xiàn)，市場化進程較低時，，政府代理問題突出表現(xiàn)為地方政府通過在資源配置中向國有企業(yè)傾斜以實現(xiàn)經(jīng)濟粗放型增長，使得國有企業(yè)在經(jīng)濟發(fā)展過程中以外延型增長為主，這具體表現(xiàn)為企業(yè)規(guī)模的擴張與經(jīng)濟發(fā)展之間的相關(guān)性更強。市場化進程提高，上述政府代理問題會有所緩解，非國有企業(yè)的制度安排更有助于減少公司代理問題，實現(xiàn)企業(yè)從外延型增長向內(nèi)涵型增長轉(zhuǎn)變，這具體表現(xiàn)為非國有企業(yè)盈利能力提高與經(jīng)濟發(fā)展之間的相關(guān)性更強。

Abstr：This paper studies the relationship between economic growth and corporate performance from the perspective of the agency problem of government and of corporate. This paper intends to clarify the path through which the macroeconomic environments affect the micro corporate performance. In regions of low marketization, local governments have more discretion to allocate economic resources toward SOEs, and thus the agency problem of government exacerbates. In terms of growth, SOEs tend to focus on scale. The empirical findings indicate that for SOEs, the relation between sales growth and GDP growth is stronger than that for Non-SOEs. In regions of high marketization, the agency problem of government alleviates, and the organizational infrastructures of Non-SOEs can mitigate the agency problem of corporate, and thus the corporate puts more weight on intensive growth （earnings） rather than extensive growth （ scale）. Accordingly, the relation between earnings growth and GDP growth is stronger for Non-SOEs.

文章關(guān)鍵詞：

Keyword：:Agency Problem of Government Agency Problem of Corporate Economic Growth Corporate Performance

課題項目：作者感謝國家自然科學基金項目（71072036,71272012,71472114）、教育部新世紀優(yōu)秀人才支持計劃、上海市曙光計劃項目（11SG35）以及上海財經(jīng)大學創(chuàng)新團隊支持計劃的資助,感謝匿名審稿意見.文責自負.

  本文關(guān)鍵詞：經(jīng)濟發(fā)展、政府偏袒與公司發(fā)展——基于政府代理問題與公司代理問題的分析，由筆耕文化傳播整理發(fā)布。