Fiscal Decentralization,Corporate Investment Efficiency and Capital Allocation
- 经济学院－已发表论文 
文章从财政分权的角度出发,实证检验了财政分权、企业投资效率和资本配置的关系。研究发现:总体上,上市公司所在地财政分权度越高,企业过度投资或投资不足程度越低,即企业投资效率越高;相对于民营企业,地方财政分权程度对国有企业的投资和资本配置效率影响更显著,国有企业过度投资或投资不足程度越低;相对于中央国有企业,地方国有企业过度投资或投资不足程度越低。财政分权制下能有效降低企业过度投资或投资不足对公司价值造成的损害,使得企业投资更符合市场需求。进一步研究发现,财政分权制下形成有效的市场机制所带来融资约束的缓解和企业内部第一类、第二类代理成本的降低,是促进地方上市公司投资效率提高的重要原因。From the perspective of fiscal decentralization,this paper empirically tests the relationship of fiscal decentraliza-tion,corporate investment efficiency and capital allocation. The study shows that:In general,the higher the degree of fiscaldecentralization in the location of the listed company,the lower the degree of corporate overinvestment or underinvestment,and the higher the corporate investment efficiency;Compared with private enterprises,the degree of local fiscal decentraliza-tion has a more significant impact on investment and capital allocation efficiency of state-owned enterprises,the level of over-investment or underinvestment of state-owned enterprises is lower;Compared with central state-owned enterprises,the levelof overinvestment or underinvestment of local state-owned enterprises is lower. The fiscal decentralization system can effec-tively reduce the damage of corporate overinvestment or underinvestment to corporate value,and make corporate investmentmore to meet the market demand. The further study indicates that the effective market mechanism under the fiscal decentraliza-tion system,which brings about the mitigation of financing constraints and reduces the first and second types of agency costsinside enterprises,is an important reason for promoting the improvement of investment efficiency of local listed companies.