金融生态、企业财务质量与资本配置效率

As one of the key issues to explain the growth of Chinese companies and facilitate sustainable development of Chinese capital market, the research on the theoretical and evaluation system of the financial quality of companies is based on the effective allocation of resources and oriented by value creation. Taking into consideration the unique complex background under which Chinese companies carrying out their operating practice in the process of marketization, this project comes up with the perspective of 'three-dimensional balance among growth, profit and risk' and builds up an analytical framework of the theory and the relative assessment system of financial quality. In addition, given the reality that there are differences among companies in terms of financial ecological environment, we try to place this framework on the background of China's financial ecological environment and study the effect of corporate financial quality on the efficiency of resource allocation, providing theoretical guidance to companies' growth issues. Afterwards, through systematical theoretical analysis, empirical tests, questionnaires and case studies, we try to draw a larger picture about the mechanism and the way under the emerging and transitional system that financial quality influences the efficiency of resource allocation, as well as the effect financial ecology could have upon the relationship between financial quality and the efficiency of resource allocation. By doing so, we try to have a better understanding of how corporate financial quality affects the efficiency of resource allocation and the effect of financial ecological environment on the relationship above, what restraint conditions and supporting institutional arrangements should be made, thus we can figure out a new way and a new financial method to improve firms' financial qualities and new financial methods to improve their abilities of value creation.

以资本配置效率为途径，以价值创造为导向的企业财务质量理论与评价体系研究是解释我国企业成长、促进资本市场可持续健康发展的一个关键性问题。本课题以市场化进程中的中国企业实践所特有的复杂多样性为现实背景，以其对理论创新的需求为导向，基于"增长、盈利和风险三维平衡"视角 ，构建财务质量理论及其评价体系的分析框架。在此基础上，结合中国企业的金融生态环境差异性现实，构建一个镶嵌于金融生态环境下的企业财务质量影响资本配置效率的扩展性分析框架，据此对引发诸多企业成长问题提供理论指导。然后通过系统的理论分析、实证检验、问卷调查和案例研究，描绘"新兴加转轨"的制度背景下企业财务质量影响资本配置效率的机理、渠道及金融生态对这两者间相关性的作用，揭示在考虑金融生态环境作用下企业财务质量影响资本配置效率的方法、约束条件及其支撑性制度安排，进而找出有效改善企业财务质量、提高企业价值创造能力的财务路径和手段。

本课题以公司价值创造为最终目标，以资本配置效率为路径，构建基于盈利、增长和风险三维平衡视角的企业财务质量评价理论分析框架，并进一步从宏观和微观层面考察企业财务质量对资本配置效率的影响渠道和机理。同时，进一步考察公司所处的金融生态环境差异性特征对企业财务质量与资本配置效率之间关系的调节效应。首先，从公司价值创造的驱动因素中寻找财务质量评价的新视角，建立基于“增长、盈利、风险三维平衡视角”的财务质量理论分析框架，将财务质量评价体系从相对静态的、短期的层面延伸至相对动态的、长期的层面。其次，从代理理论和信息不对称理论相融合的视角，建立在金融生态环境下的企业财务质量影响资本配置效率的一般性分析框架，然后再结合不完全契约理论和“新兴加转轨”的制度背景建立在金融生态环境下的企业财务质量影响我国公司资本配置效率的扩展性分析框架，进而为本课题提供新的研究思路。再次，从微观层面，以企业财务质量为路径，考察金融生态演进影响经济增长的内在作用机制与传导渠道。最后，结合当前的供给侧改革和创新需求，进一步探讨分析了如何优化资源配置，合理化解产能过剩。本课题通过构建微观层面的财务质量，分析了财务质量影响资本配置效率的渠道和机理，揭开了企业财务质量影响其资本配置效率背后的黑箱，对于当前推进的供给侧改革具有重要的理论意义和现实指导意义。.基于以上研究设计，课题组在项目研究期间取得了12项成果，其中9篇CSSCI期刊论文（包括《中国软科学》1篇、《吉首大学学报（社会科学版）》1篇、《北京工商大学学报（社会科学版）》1篇、《经济与管理研究》2篇、《吉林大学社会科学学报》1篇、《山西财经大学学报》1篇、《证券市场导报》1篇、《产业经济研究》1篇），这些研究成果进一步丰富了我们对财务质量决策的认识和理解，对供给侧改革具有一定的借鉴意义。