产业政策与公司投资：政府监管与企业之间的一个博弈

As an important means of national intervention of economy, industrial policy does not only affect resource allocation efficiency at the micro-level, but also determines whether macro economy can achieve long-term and sustainable development, and thus is of vital national strategic importance. However, whether industrial policy works smoothly depends not only on the government, but also on the behavior of firms. In fact, the effectiveness of industrial policy is determined by the game behavior between government and firms, but previous research did not study systematically how financial acts of firms affect the effectiveness of industrial policy. This project will cover mainly three aspects of financial acts of firms, which include alternation of raised funds, capital flow within business group and mergers, respectively, focusing on how these financial acts affect the effectiveness of industrial policy. First of all, this project will study how industrial policy affects the causes and economic consequences of alternation of raised funds. Then this project will analyze how firms cope with industrial policy by capital flow within business group. Finally this project will try to understand whether mergers can be motivated by industrial policy and its consequence. This project is a leading, exploring and fundamental research on industrial policy and corporate finance. The finding will help to understand the economic consequnce of government intervention and transmission mechanism of industrial policy, and thus provide some reference for the government to establish industry policy.

作为政府干预经济的重要手段，产业政策不仅关系着微观资源的配置效率，也决定了宏观经济能否实现长期可持续发展，因而具有至关重要的国家战略意义。然而，产业政策能否顺利发挥作用不仅依赖于政府，也受到政策受体- - 企业行为的影响，因此其效力实质上取决于企业与政府间的博弈。但迄今鲜有研究系统考察企业财务行为如何影响产业政策效力，本课题分别从募集资金变更、系族内部资金调配与公司并购等角度对此问题进行探讨。首先考察产业政策对公司变更募集资金的动机及其经济后果的影响；然后分析公司如何通过系族内部资金调配的方式应对产业政策；最后考察公司并购是否受到产业政策驱动及其经济后果。本项目是关于产业政策与公司财务行为的一项前沿性、探索性和基础性的研究，有助于更好地认识政府干预的经济后果与产业政策的传递机制，从而为我国产业政策的制定提供借鉴。

课题组发表标注本项目的论文16篇，包括国际顶尖会计学期刊论文2篇，《经济研究》论文3篇。作为政府干预经济的重要手段，产业政策不仅关系着微观资源的配置效率，也决定了宏观经济能否实现长期可持续发展。然而，产业政策能否顺利发挥作用不仅依赖于政府，也受到企业行为的影响，因此其效力实质上取决于企业与政府间的博弈。但迄今鲜有研究系统考察企业财务行为如何影响产业政策效力，本课题从政府与企业的博弈视角，聚焦“产业政策与公司投资”对此问题进行了深入考察。本项目有助于更好地认识政府干预的经济后果与产业政策的传递机制，可为我国产业政策的制定提供理论借鉴和经验证据。