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Expansionary fiscal policy is an important means for many countries to cope with economic crisis and promote economic development in recent years. The expansion of fiscal policy may lead to the increase of government debt and the expansion of money supply, which will lead to inflation and economic imbalance, and will also have an impact on enterprise value. By selecting A-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2021 as samples, this paper explores the influence of expansionary fiscal policy on enterprise value and the intermediary role of financing constraints. The research results show that expansionary fiscal policy has a negative impact on enterprise value, and through analyzing the impact of expansionary fiscal policy on enterprise value by alleviating the financing constraints of enterprises, the influence mechanism of fiscal policy on enterprise value is discussed. At the same time, it is found that compared with state-owned enterprises, the expansionary fiscal policies of non-state-owned enterprises will have a more significant impact on enterprise value. This paper is helpful for enterprise decision makers to adjust their financial strategies and business strategies according to this conclusion to avoid potential risks, and also provides reference value for the government to formulate fiscal policies. |
