| 62 | 0 | 78 |
| 下载次数 | 被引频次 | 阅读次数 |
在中国特有的文化背景下,企业家拥有公务机将带来怎样的经济后果?本文基于《2017胡润公务机机主报告》(1)收录的上榜企业家及其上市公司数据,实证检验了企业家购买公务机这一行为对公司产生的经济影响。研究发现:(1)相较于未购买公务机的企业家,购买公务机的企业家所在的企业能够获得更多的政府补助和更高的商业信用,这表明购买公务机有助于提升企业的“面子”;(2)与未购买公务机的企业家相比,购买公务机的企业家所在企业的会计信息质量与财务绩效表现更差,这揭示了购买公务机可能损害公司的“里子”;(3)出于提升工作效率目的而购买公务机的企业家更容易为公司带来积极影响,反之则不然;(4)在受儒家文化影响更深的地区,企业家拥有公务机带来的“面子”效应更为显著,但同时对公司“里子”的损害也更严重。本文研究表明,企业家购买公务机对公司而言是一把“双刃剑”,在追求“面子”效应的同时,企业家应更加注重企业自身的经营与管理。
Abstract：In the unique cultural context of China, what are the economic consequences for entrepreneurs who own business jets? Drawing upon data from the “ Hurun Business Jet Owners 2017”, which includes listed entrepreneurs and their affiliated listed companies, this paper empirically examines the economic impact of entrepreneurial business jet ownership. The findings reveal that:(1) Compared to firms whose entrepreneurs do not own business jets,firms with jet-owning entrepreneurs secure more government subsidies and commercial credit,indicating that owning business jets helps to enhance corporate “face”.(2) However, relative to their counterparts, firms with jet-owning entrepreneurs exhibit lower accounting information quality and poorer financial performance, suggesting that owning business jets may harm corporate “lizi”.(3) Further analysis indicates that entrepreneurs who acquire business jets to improve work efficiency are more likely to bring positive impacts for the company, and vice versa;( 4) In areas with stronger Confucian cultural influence, the “ face ” effect of entrepreneurs owning business jets is more prominent, but simultaneously, the negative impact on corporate “ lizi” is also greater. This study demonstrates that entrepreneurs business jets ownership is a “ double-edged sword” for companies. While pursuing the “ face” effect,entrepreneurs should prioritize the core operations and management of the enterprise itself.
黄光国, 1985.人情与面子[J].经济社会体制比较(3):55-62.
鞠晓彤,王棣华, 2022.民营企业家的明星效应对企业融资约束的影响研究[J].会计与控制评论(1):272-296.
李新春,苏琦,董文卓, 2006.公司治理与企业家精神[J].经济研究(2):57-68.
逯东,林高,杨丹, 2012.政府补助、研发支出与市场价值:来自创业板高新技术企业的经验证据[J].投资研究, 31(9):67-81.
罗党论,杨文慧,黄依梅, 2022.企业家科研禀赋与企业金融化[J].南方金融(2):58-71.
彭泗清,李兰,潘建成,等, 2014.中国企业家成长20年:能力、责任与精神——2013·中国企业家队伍成长20年调查综合报告[J].管理世界(6):19-38.
沈江茜, 2014.网络炫富的社会心理学分析[J].怀化学院学报, 33(4):67-69.
石晓军,张顺明, 2010.商业信用、融资约束及效率影响[J].经济研究, 45(1):102-114.
孙春晨, 2008.符号消费与身份伦理[J].道德与文明(1):7-10.
王营,曹廷求, 2014.董事网络增进企业债务融资的作用机理研究[J].金融研究(7):189-206.
燕良轼,姚树桥,谢家树,等, 2007.论中国人的面子心理[J].湖南师范大学教育科学学报(6):119-123, 126.
叶德珠,连玉君,黄有光,等, 2012.消费文化、认知偏差与消费行为偏差[J].经济研究, 47(2):80-92.
叶青,李增泉,李光青, 2012.富豪榜会影响企业会计信息质量吗?——基于政治成本视角的考察[J].管理世界(1):104-120.
余明桂,万龙翔, 2016.富豪榜对企业盈余管理的影响:“声名远扬”还是“引火上身”[J].中国地质大学学报(社会科学版), 16(5):110-120, 156.
翟学伟, 1999.个人地位:一个概念及其分析框架[J].中国社会科学(4):144-157, 207.
翟学伟, 2022.中国人的人情与面子:框架、概念与关联[J].浙江学刊, 1(5):53-64.
张新民,王珏,祝继高, 2012.市场地位、商业信用与企业经营性融资[J].会计研究(8):58-65, 97.
章永奎,严欣瑾, 2023.董事会非正式层级与公司创新:实证证据与作用机制[J].当代会计评论,16(2):142-161.
朱虹, 2014.中国式炫富:身份彰显或地位恐慌[J].江苏行政学院学报(6):65-68.
BAUMOL W J, 1968. Entrepreneurship in economic theory[J]. The American economic review, 58(2):64-71.
BUSEHE B J, GERAKOS J, LEE L F, et al., 2018. Corporate jets and private meetings with investors[J].Journal of accounting and economics, 65(2-3):358-379.
CERTO S T, 2003. Influencing initial public offering investors with prestige:signaling with board structures[J]. Academy of management review, 28(3):432-446.
'CHEN K, YUAN H, 2004. Earnings management and capital resource allocation:evidence from Chinasaccounting-based regulation of rights issues[J]. The accounting review, 79:645-665.
DAVIDSON R H, DEY A, SMITH A J, 2015. Executives’“off-the-job” behavior, corporate culture, andfinancial reporting risk[J]. Journal of financial economics, 117(1):5-28.
EDGERTON J, 2012. Agency problems in public firms:evidence from corporate jets in leveraged buyouts[J]. The journal of finance, 67(6):2187-2213.
FAN J P H, WONG T J, ZHANG T, 2007. Politically connected CEOs, corporate governance and post-IPO'performance of Chinas newly privatized firms[J]. Journal of financial economics, 84:330-357.
HAW I M, QI D, WU D, et al., 2005. Market consequences of earnings management in response to securityregulations in China[J]. Contemporary accounting research, 1:95-140.
JENNIFER F, ALLEN H H, SHIVARAM R, 2008. CEO reputation and earnings quality[J]. Contemporaryaccounting research, 25(1):109-147.
JOHNSON W B, YOUNG S M, WELKER M, 1993. Managerial reputation and the informativeness ofaccounting and market measures of performance[J]. Contemporary accounting research, 10(1):305-332.
LEE L F, LOWRY M, SHU S, 2018. Are all perks solely perks? Evidence from corporate jets[J]. Journalof corporate finance, 48:460-473.
'LIU Q, QIU L D, 2016. Intermediate input imports and innovations:evidence from Chinese firms patentfilings[J]. Journal of international economics, 103:166-183.
MAILATH G J, SAMUELSON L, 2001. Who wants a good reputation?[J]. The review of economic studies,68(2):415-441.
MALMENDIER U, TATE G, 2009. Superstar CEOs[J]. National bureau of economic research, 17(5):1593-1638.
MILGROM P, ROBERTS J, 1986. Relying on the information of interested parties[J]. The RAND journal ofeconomics, 17(1):18-32.
RAJAN R, WULF J, 2006. Are perks purely managerial excess?[J] Journal of financial economics, 79(1):1-33.
SPENCE M, 1973. Job market signaling[J]. Quarterly journal of economics, 87:355-374.
STIGLER G J, 1962. Information in the labor market[J]. Journal of political economy, 70(5):94-105.
TIROLE J, 1996. A theory of collective reputations(with applications to the persistence of corruption and tofirm quality)[J]. The review of economic studies, 63(1):1-22.
YERMACK D, 2006. Flights of fancy:corporate jets, CEO perquisites, and inferior shareholder returns[J]. Journal of financial economics, 80(1):11-242.
ZELLNER A, 1962. An efficient method of estimating seemingly unrelated regression and tests for aggregationbias[J]. Journal of american statistics association, 57:348-368.
ZHOU Y, 2024. Unveiling the influences:self-esteem and peer impact on luxury consumption amongconsumers[J]. Advances in economics, management and political sciences, 114:10-17.
(1)2017胡润公务机机主报告[EB/OL].(2017-04-18)[2025-03-18]. https://www. sohu.com/a/134952652_526642.
(1)2005年1月29日下午,价值6500万元人民币的“首相一号”公务机降落于杭州萧山机场,它的主人是杭州道远集团董事长裘德道。在举行了短暂的交接仪式后,裘德道成为中国大陆第二位、浙江第一位拥有公务机的企业家。(浙江首架公务机杭州试飞购机花费6500万人民币[EB/OL].(2005-01-31)[2025-04-03]. http://www.cnhubei.com/200501/ca674381. htm)
(2)比如,裘德道在购买“首相一号”一年后当选“风云浙商”,道远集团亦跻身福布斯“中国顶尖企业榜百强”。
(3)据报道,宏图三胞的创始人袁亚非在购买公务机后,因为海外并购战略过于激进,导致债务负担过大,最终不得不转让其公务机。
基本信息:
中图分类号:F272.91;F275;F832.51
引用信息:
[1]刘书宏,徐铭阳,罗党论.企业家拥有公务机是在“炫富”吗?——来自中国资本市场的实证研究[J].当代会计评论,2025,2(03):30-50.
基金信息:
国家自然科学基金项目“‘救助’抑或‘接盘’:政府纾困基金运行的动因、机制与效果研究”(72272157); 广东金融学会2024—2025年度基础课题“企业ESG表现与产业链融资”(JCKT202404)的资助
2025-09-30
2025-09-30
