地方政府财政行为在提升上市公司业绩中的作用探析

本文详细分析了地方政府材政行为在提升上市公司业绩中的动机、手段和作用，发现为了在资本市场中 资源，地方政府积极参与了上市公司的盈余管理，对上市企业进行了大面积的税收优惠和财政补贴，不仅导致了税务竞争现象，还极大地扭曲了会计信息，如果没有地方政府的财政支持，近一半的已配股公司会得不到配股资格。

Exploring the Role of Local Government's Fiscal Support in Accounting Performance of the Listed Companies

This study examines the role, motivation, means and consequences of the local government fiscal supports to the listed companies. Our empirical analysis shows that, in order to compete for capital in the capital market, the local govern- ments had actively participated in earnings management of the listed companies located in their jurisdictions by providing them with tax break, refunds and fiscal subsidies. The extensive use of fiscal supports not only results in tax competition phenomenon among local governments, but also severely distorted accounting information. Without government's fiscal supports, about half of the listed companies which have conducted rights offering would have not been able to meet the earnings qualification of rights offering.