我国上市公司的政府补助绩效评价——基于企业生命周期的视角

Evaluation of Government Subsidy Performance in China's Listed Companies: from the Perspective of Enterprise Life Cycle

从企业发展进程的动态角度,选取2007-2011年享受到政府补助的A股上市公司数据为样本,考察了上市公司接受政府补助所产生的经济绩效与社会绩效。研究结果表明:处于不同发展阶段的上市公司,政府补助所产生的经济效益和社会效益均不同;政府补助对处于成长期企业所产生的经济绩效最显著,而对处于各发展阶段的企业仅在环保投入方面产生较为显著的影响,在公益捐赠方面的影响并不显著。因此,在政府补助决策之初,要根据企业生命周期不同发展阶段,有针对性地动态调整补助的范围和补助的金额。

From dynamic perspective of the course of corporate development, this paper selects the data of A-share listed companies that have received any kind of government subsidies from 2007 to 2011 as samples to conduct a research on the economic performance and social performance gener- ated from the government subsidies. The result implicates that the companies have different economic and social benefits generated by government subsidies when they are in different stages of develop- ment. The government subsidies can generate most significaht economic performance among the enter- prises at the growth stage, while for the enterprises at each development stages, ralative significant in- fluence can be found only in the area of environment protection input, with little effect on charitable donation. Therefore, when making government subsidy decisions, targeted dynamical adjustment should be made on the scope and the amount of subsidies according to the different development stages within the corporate life cycle.