寻租、政府补助与公司成长性

Rent-seeking,Government Subsidy and Corporate Growth

本文以中国A股沪深两市的上市公司2010-2014年的数据为研究样本,分析了寻租对政府补助的影响和政府补助对上市公司成长性的影响。研究发现,有寻租行为的上市公司获得政府补助金额更大,总体来看政府补助对公司成长性有一定的积极作用,但是异常的政府补助对公司成长性没有积极的促进作用。进一步研究还表明,政府补助和上市公司扭亏有一定的关系,上市公司会利用政府补助进行盈余管理,实现其扭亏为盈的目的。本文认为,寻租和盈余管理是巨额政府补助难以推动上市公司成长性的原因。

In this paper,the data of Chinese,listed A-share listed companies in Shanghai and Shenzhen in 2010-2014 are taken as the reseach samples to test the impact of rent seeking on government subsidies and the impact of government subsidies on the grnwth of listed companies.The study finds that listed companies with rant-seeking behavior get a larger amount of government subsidies.Generally speaking,government subsidies have positive effects nn corporate growth,but abnormal government subsidies have no positive effect on corporate growth.Further research also shows that the government sahsidies and listed companies have a certain relationship,the listed companies will use the government subsidies for earnings management,to achieve its purple of turning around.This paper argues that rent-seeking and earnings management are the reasons why the huge government subsidy is difficult to promote the growth of listed companies.