학술논문
政府补助企业的主要动机研究——基于我国A股上市公司面板数据的实证检验 / The Main Motivation of Government Subsidy for Enterprises-Empirical Test Based on the Panel Data of China A-Share Listed Companies
Document Type
Academic Journal
Author
Source
西部论坛 / Journal of Chongqing Technology and Business University(West Forum). 27(3):106-116
Subject
Language
Chinese
ISSN
1674-8131
Abstract
上市公司获得的政府补助数额巨大且逐年增长,引起了广泛的质疑,而现有研究对政府补助企业的动机尚无一致的结论.基于理性经济人理论,考虑制度更改和环境变化的影响,以2007-2015年我国上市公司为研究样本,实证检验政府补助企业的主要动机,结果表明:政府补助企业的主要动机在于扩大就业和帮助上市公司"保牌",最终目的是促进经济的增长;而增加税收和帮助上市公司达到配股要求不是政府补助企业主要考虑的因素,也没有明显证据证明国有企业比民营企业更容易获得政府补助.应完善资本市场退市制度,加强对政府补助的审批和监管,提高政府补助的资源配置效率,并积极引导政府补助发挥更好的社会效益.
Listed companies received a huge amount of subsidies of Chinese Government and the amount is growing year after year, which cause extensive questions, however, present researches on governmental subsidy for the enterprises do not have consistent conclusion.Based on rational economic man theory, by considering the influence of institutional change and environment change, this paper takes 2007-2015 China listed companies as samples, and empirically tested the motivation of the government subsidy.The results show that there are two main purposes of government subsidy such as expanding employment and further promotion of economic growth by helping the company keep on the list, however, the tax increase and helping the listed companies to reach the rationed share requirement are not the main factor for government to give the subsidy to the enterprises, and that there is no significant evidence to indicate that state-owned enterprises can be easier to get subsidies than that of private enterprises.China should perfect the quitting system for capital market, enhance the investigation and supervision of the governmental subsidies, improve the resource allocation efficiency of the governmental subsidies and actively guide the subsidies to play better role in social benefit.
Listed companies received a huge amount of subsidies of Chinese Government and the amount is growing year after year, which cause extensive questions, however, present researches on governmental subsidy for the enterprises do not have consistent conclusion.Based on rational economic man theory, by considering the influence of institutional change and environment change, this paper takes 2007-2015 China listed companies as samples, and empirically tested the motivation of the government subsidy.The results show that there are two main purposes of government subsidy such as expanding employment and further promotion of economic growth by helping the company keep on the list, however, the tax increase and helping the listed companies to reach the rationed share requirement are not the main factor for government to give the subsidy to the enterprises, and that there is no significant evidence to indicate that state-owned enterprises can be easier to get subsidies than that of private enterprises.China should perfect the quitting system for capital market, enhance the investigation and supervision of the governmental subsidies, improve the resource allocation efficiency of the governmental subsidies and actively guide the subsidies to play better role in social benefit.