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财政分权体制和企业“规模效应”①导致地方政府更关心企业产值增长,投资拉动地方GDP最终也反映在相关企业的产值增长上。本文以中国上市公司(2009年-2012年的季度数据)为样本研究了地方政府干预地方国有企业进行产值操控的动因及其经济后果。研究结果发现:上季度地方GDP相对业绩与地方国有企业产值操控负相关;地方政府直接控制的公司更容易进行产值操控;GDP相对业绩对地方国有企业产值操控行为的影响并未因为政府控制方式的不同而有所差异;地方国有企业的产值操控对未来短中期的经营业绩产生不利影响。
Fiscal decentralization and enterprise “economies of scale ” ① lead local governments are more concerned about the growth of output value of enterprises, driven by investment Local GDP is also ultimately reflected in the output growth of related enterprises. In this paper, we use Chinese listed companies (quarterly data from 2009 to 2012) as a sample to study the motivation and economic consequences of local government intervention in the output control of local state-owned enterprises. The results show that: the relative performance of local GDP is negatively correlated with the output control of local state-owned enterprises in the last quarter; the companies directly controlled by local governments are more likely to control output; the relative performance of GDP does not affect the output control of local state-owned enterprises because of the government control The output value of the local state-owned enterprises will have a negative impact on the business performance in the short to medium term in the future.