管理评论

›› 2020, Vol. 32 ›› Issue (3): 122-135.

• 技术与创新管理 • 上一篇    下一篇

政府创新补助与公司高管自娱性在职消费——基于外部治理与积极情绪的考量

彭红星1, 毛新述1, 张茵2   

  1. 1. 北京工商大学商学院/国有资产管理协同创新中心, 北京 100048;
    2. 北京工业大学经济与管理学院, 北京 100124
  • 收稿日期:2018-05-07 出版日期:2020-03-28 发布日期:2020-04-08
  • 通讯作者: 张茵(通讯作者),北京工业大学经济与管理学院讲师,博士
  • 作者简介:彭红星,北京工商大学商学院副教授,硕士生导师,博士;毛新述,北京工商大学商学院教授,博士生导师,博士后
  • 基金资助:

    国家社会科学基金专项课题（18VSJ068）；国家社会科学基金青年项目（18CJY028）；国家自然科学基金面上项目（71672003）；北京市属高校高水平教师队伍建设支持计划长城学者培养计划项目（CIT&TCD20170308）；北京市教委社科一般项目（SM201910011006）；北京市高精尖学科建设-工商管理项目（19005902053）。

Government Innovation Subsidy and Executives Entertainment Spending Perks Considering the Effect of External Governance and Positive Emotion

Peng Hongxing1, Mao Xinshu1, Zhang Yin2   

  1. 1. Business School/Collaborative Innovation Center for State-owned Asset Administration, Beijing Technology and Business University, Beijing 100048;
    2. School of Economics and Management, Beijing University of Technology, Beijing 100124
  • Received:2018-05-07 Online:2020-03-28 Published:2020-04-08

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摘要：

本文聚焦于探讨政府创新补助对公司高管自娱性在职消费行为的影响。一方面，政府部门通过制定补助资金管理办法，督促高管专注公司经营，抑制自娱性在职消费行为，称作"外部治理效应"；另一方面，政府创新补助的利好消息催生积极情绪，促使高管产生自娱性在职消费的冲动，称作"积极情绪效应"。本文利用A股高科技行业上市公司2009-2014年数据，探讨转型经济背景下政府创新补助究竟表现为何种效应。研究发现，政府创新补助强度越高，管理层自娱性在职消费水平越高，即创新补助表现为积极情绪效应。2013年实施"后补助"政策后，在非国有产权公司中积极情绪效应更为显著，而在国有公司样本中，此效应得以显著缓解，这是因为党的十八大召开之后，政治生态改善，国有企业反腐工作有效抑制了高管积极情绪且提高了公司外部治理水平。在构建新型政企关系背景下，本文结论对于提升创新补助外部治理水平，降低公司代理成本具有重要政策意义。

关键词: 政府创新补助, 自娱性在职消费, 高科技公司, 外部治理, 积极情绪

Abstract:

This paper sheds light on the impact of government innovation subsidy on executive entertainment spending behavior. On the one hand, government plays its role in corporate governance by implementing subsidy funds management policy, supervising the operation of companies and suppressing executives' self-entertainment consumption, and this is called "external governance effect". On the other hand, the positive news of government innovation subsidies give rise to positive emotions, which lead executives to have an impulse to entertainment consumption, and this is called "positive emotional effect". We take A-share listed high-tech Chinese firms from 2009 to 2014 as the sample, to explore the real effect of government innovation subsidies in the context of the transition economy. The study demonstrates that the higher the intensity of government innovation subsidy, the higher the level of executives' entertainment consumption, that is, the positive emotional effect is significantly pronounced. What's more, this effect is more pronounced in the non-state-owned companies after the implementation of the "post-subsidy" policy in 2013, and the positive emotional effect is significantly mitigated in the sample of state-owned companies, which can be interpreted as the political environment is improved after the important event of the 18th Congress, the positive emotion is effectively inhibited and the external governance level is enhanced by anti-corruption in state-owned enterprises. This paper has important policy implications in enhancing the external governance level of government innovation subsidy and reducing the agency cost of companies against the backdrop of constructing a new government-enterprise relationship.

Key words: government innovation subsidy, executives' entertainment spending perks, high-tech companies, external governance, positive emotion