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论文编号：	14707
作者编号：	1120201099
上传时间：	2024/6/6 12:56:24
中文题目：	土地财政对企业多元化投资与企业价值的影响 ——基于中国上市公司的实证研究
英文题目：	The Effect of Land Finance on Corporate Diversification and Value —Based on Empirical Research of Listed Firms in China
指导老师：	黄福广
中文关键字：	土地财政；企业多元化投资；企业价值；制度环境；地方政府行为
英文关键字：	Land Finance; Diversification; Firm Value; Institutional Environment; Local Government Behavior
中文摘要：	多元化投资作为企业重要的战略选择和投资决策，能有效分散经营风险，促进业务转型和规模扩张，对企业的持续发展具有重要意义。但在实践中，很多企业盲目走上多元化之路，忽视了其成本和潜在风险，有些多元化投资甚至沦为内部人牟利的手段。那么，究竟何种因素驱使企业频繁实施多元化投资？ 西方学者在解释企业多元化投资行为时，主要从效率视角出发，并广泛借助市场势力理论等理论工具。然而，这些理论在解释我国企业的多元化投资实践时仍存在一定局限。基于我国独特的制度背景，虽然学者们基于制度基础观发展了多元化理论框架，但对制度因素的讨论仍显宽泛，未能充分聚焦地方政府这一主体。在我国经济发展进程中，地方政府实施了“以地生财，以财养地”的土地财政行为。作为地方政府行为的重要组成部分，土地财政实质上体现了地方政府在应对外部制度环境时的策略性选择。鉴于此，本文以土地财政为背景，深入探讨了其对企业多元化投资决策的具体影响和作用机制，及其如何作用于企业价值。具体而言，本文主要结论如下： 第一，本文论证了土地财政对企业多元化投资的影响效果，并选取2008-2020年上市公司为样本进行实证分析。研究发现，土地财政显著推动了企业的多元化投资行为。从地方政府维度看，当经济增长目标提高、财政压力增大、对土地财政的依赖程度加深，或市场干预力度加大时，土地财政对企业多元化投资的促进作用愈发显著。而从企业特性出发，国有企业、资源相对较少的企业、处于高竞争行业或衰退阶段的企业，在土地财政的刺激下更倾向于进行多元化投资。进一步分析表明，土地财政对非相关多元化投资的促进作用更为明显。不论是商住用地还是工业用地，其出让收入均刺激了企业的多元化投资。与协议出让相比，招拍挂出让收入对企业多元化投资的推动作用更显著。 第二，本文探讨并检验了土地财政影响企业多元化投资的具体机制，包括信贷机制、寻租机制和投资机制。信贷机制方面，土地财政对企业信贷产生挤出，激励企业通过多元化以增强融资能力。寻租机制方面，土地财政强化了地方政府设租能力，激励企业通过多元化投资手段寻租，以迎合地方政府需求。投资机制方面，土地财政促进了房地产等行业发展，进而吸引企业涉足房地产的多元化投资。进一步研究揭示：信贷机制下，土地财政提升了企业内部资本市场活跃度。同时，土地财政背景下的多元化投资增强了企业的债务融资能力，尤其显著促进了短期贷款的增长。寻租机制下，考虑到寻租可能在一定程度上缓解了企业的融资约束，该机制仍然有效。对于政治关联较弱的企业，其更倾向于通过多元化投资迎合地方政府。投资机制下，对处于高度竞争或衰退期的企业而言，房地产行业的高利润更具吸引力并引导其进入该行业，有利于提升企业短期绩效。 第三，本文剖析了土地财政背景下企业多元化投资对企业价值的影响，揭示了多元化投资在此情境下会产生折价效应。机制检验发现，上述多元化折价源于内部代理成本、交易成本和政治成本的上升。从地方政府角度进行异质性分析发现，地方官员晋升压力与政府干预强度均会显著加剧多元化折价，而地方产权保护制度的完善则有助于缓解多元化折价。从企业角度出发，本文发现企业税费负担会加重多元化折价，而政治关联及土地资产配置的增加能够缓解企业多元化折价。此外，本文对不同多元化类型下的企业投资行为进行了区分，结果显示，土地财政背景下企业的非相关多元化投资对企业价值的负面影响更为显著。 基于以上，本文的创新点主要包括： 首先，本文从地方政府实施的土地财政行为视角出发，深入剖析了土地财政对企业多元化投资的影响及机制，从而丰富了基于制度基础观的多元化投资理论。与多元化主流理论相比，本文不仅关注了制度因素，还基于土地财政背景强调了地方政府行为在企业多元化投资决策中的重要性，为理解企业多元化投资提供了新的视角，也对企业多元化的影响因素研究进行了有益补充。 其次，本文深入探讨了土地财政背景下企业多元化折价的形成机制。通过实证分析，发现土地财政背景下的企业多元化投资存在折价效应，并进一步揭示了其折价机制。这不仅为我国制度背景下的企业多元化折价提供了更多实证支持，而且以土地财政为切入点对企业多元化折价给出了新的解读。 最后，本文拓展了土地财政的微观经济后果研究，通过将其纳入影响企业多元化投资的制度因素分析框架，探讨了土地财政对企业多元化投资决策及其对企业价值的影响。这种将宏观和微观相结合的分析思路，弥补了土地财政微观经济后果领域的研究不足，深化了对土地财政经济后果的全面认识。
英文摘要：	Diversification, as a crucial strategic choice and investment decision for firms, can effectively spread business risks, facilitate business transformation and scale expansion, and holds significant importance for the sustainable development of firms. However, in practice, many firms blindly embark on the path of diversification, neglecting its costs and potential risks. Some diversification even become means for insiders to seek profits. Then, what factors exactly drive firms to frequently choose diversification? Western scholars mainly adopt an efficiency perspective and widely utilize theoretical tools such as market power theory when explaining firms' diversification. Nonetheless, these theories still exhibit certain limitations when interpreting the diversification in China. Based on Chinese unique institutional background, although scholars have developed a diversification research framework from an institutional perspective, the discussion on institutional factors remains broadly focused, inadequately concentrating on local governments as key actors. In the process of Chinese economic development, local governments have implemented land finance behaviors characterized by "generating wealth from land and sustaining land with wealth." As a significant component of local government actions, land finance reflects their strategic choices in responding to the external institutional environment. Given this context, the specific impacts and mechanisms of land finance on firms' diversification and its effects on firm value are delved into. Main findings are as follows: Firstly, the effect of land finance on firms' diversification is examined, employing listed firms from 2008 to 2020 as samples for empirical analysis. The results reveal that land finance significantly promotes diversification in firms. From the local government dimension, the promotion effect of land finance on diversification becomes more pronounced when economic growth targets are raised, fiscal pressure increases, dependence on land finance deepens, or market intervention intensifies. Considering firm characteristics, state-owned enterprises, those with fewer resources, and those operating in highly competitive or declining industries are more inclined to engage in diversification driven by land finance. Further analysis demonstrates that land finance exerts a more significant promoting effect on unrelated diversification. Both commercial and residential land as well as industrial land transfers stimulate diversification. Compared to the agreement transfer method, land transfer revenue obtained through bidding, auction, and listing plays a more significant role in promoting diversification. Secondly, the specific mechanisms through which land finance influences diversification is explored, including credit mechanism, rent-seeking mechanism, and investment mechanism. Regarding credit mechanism, land finance crowds out firms' credit, motivating firms to enhance their financing capabilities through diversification. Concerning rent-seeking mechanism, land finance reinforces local governments' ability to set rents, inducing firms to engage in rent-seeking through diversification means to cater to local government demands. For investment mechanism, land finance fosters the development of local industries such as real estate, thereby triggering diversification involving real estate. Further investigations unveil: Under the credit mechanism, land finance boosts the activity of firms' internal capital markets. Meanwhile, diversification in the context of land finance strengthen firms' debt financing capabilities, significantly promoting the growth of short-term loans in particular. Considering the rent-seeking mechanism, given that rent-seeking may alleviate financing constraints to some extent, this mechanism still remains effective. Firms with weaker political connections tend to cater to local governments through diversification. Under the investment mechanism, for firms in highly competitive or declining industries, the high profits of the real estate industry appear more attractive, guiding their entry into this sector. Such cross-industry diversification behaviors are beneficial for enhancing enterprise performance in the short term. Thirdly, the impact of diversification on firm value in the context of land finance is analyzed, revealing a discount effect of diversification. Mechanism testing indicates that the diversification discount effect stems from increases in internal agency costs, transaction costs, and political costs. From the local government perspective, heterogeneity analysis reveals that both promotion pressure on local officials and government intervention intensity significantly exacerbate diversification discounts, whereas improvements in local property rights protection systems contribute to mitigating this discount effect. From the firm standpoint, firm tax burdens exacerbate diversification discounts, while political connections and increased land asset allocation can alleviate such discounts. Also, different types of diversification are distinguished, suggesting that unrelated diversification in the context of land finance exert a more significant negative impact. Based on the above, the innovation points primarily include: Firstly, the impact of land finance on diversification and its mechanisms are delved into from the perspective of land finance implemented by local governments, thereby enriching diversification theory grounded in institutional views. Compared to mainstream diversification theories, not only are institutional factors focused on, but also the importance of local government behaviors in diversification within the land finance context is emphasized. It provides a new lens for understanding firm diversification and offers valuable supplements to research on the influencing factors of diversification. Secondly, the formation mechanisms of diversification discounts in firms under the backdrop of land finance are thoroughly explored. Through empirical analysis, it uncovers the discount effect of diversification and further elucidates its underlying mechanisms. This not only provides additional empirical support for diversification discounts under Chinese institutional background but also presents a new interpretation of such discounts, utilizing land finance as an entry point. Finally, the field of study on the microeconomic consequences of land finance is broadened. By incorporating land finance into the analytical framework of institutional factors that affect diversification, it explores the impact of land finance on firms' diversification and their subsequent effects on firm value. This combined macro-micro analytical approach bridges research gaps regarding the microeconomic consequences of land finance, deepening the comprehensive understanding of its economic outcomes.
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