政府大规模购买股票与企业财务风险

摘要/Abstract

摘要： 防范上市公司财务风险对于资本市场平稳健康发展非常重要。利用2014—2017年中国A股上市公司的季度数据,通过构建多时点双重差分模型,研究了政府大规模购买股票对企业财务风险的影响。研究发现,政府大规模购买股票能降低企业的财务风险。机制检验表明,政府大规模购买股票能发挥机构投资者的治理作用和提高企业的投资效率,因而政府大规模购买股票可以降低企业的财务风险。异质性分析发现,政府大规模购买股票对企业财务风险的降低作用在信息透明度低的企业、汇金公司持股及持股时间长的企业中更显著。为此,政府在制定救助政策时,应将企业财务风险防控纳入政策目标体系;政府购买股票的执行主体要深度参与公司治理,推动企业的资源向核心主业和高效项目配置。

关键词: 政府大规模购买股票, 企业财务风险, 政府救助

Abstract: Preventing financial risks of listed companies is crucial for the stable and healthy development of the capital market. By using the quarterly data from Chinese A-share listed companies from 2014 to 2017, this paper constructs a multi temporal DID model to study the impact of large-scale government stock purchases on corporate financial risk. Research has found that large-scale government stock purchases can reduce financial risks for businesses. The mechanism testing shows that large-scale government stock purchases can play a governance role for institutional investors and improve the investment efficiency of enterprises. Therefore, large-scale government stock purchases can reduce the financial risks of enterprises. The heterogeneity analysis reveals that the government’s large-scale purchase of stocks has a more significant effect on reducing corporate financial risks in companies with low information transparency, as well as in companies with long-term holdings of Huijin Corporation. Therefore, when formulating rescue policies, the government should incorporate the prevention and control of corporate financial risks into the policy objective system. The executing entity of government stock purchases should deeply participate in corporate governance, and promote the allocation of enterprise resources towards core businesses and efficient projects.

Key words: government large-scale stock purchases, corporate financial risks, government bailout

中图分类号:

F275.5

任明健. 政府大规模购买股票与企业财务风险[J]. 当代财经, 2026, 0(4): 154-164.

Ren Ming-jian. Government Large-Scale Stock Purchases and Corporate Financial Risks[J]. Contemporary Finance & Economics, 2026, 0(4): 154-164.

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