一种基于无形资产的上市公司政府补助使用效率的评价方法

A Evaluation Method for the Efficiency of Using Government Subsidy by Publicly Listed Firms Based on Intangible Assets

政府补助在我国上市公司中普遍存在,补助资金来自国家、省、自治区、市、县各级财政拨款,种类多、数额大,因此如何评价政府补助的经济效果、如何判断政府补助与企业创新能力的相关程度,关系到财政资金的使用效率,也是政府部门迫切想要弄清的问题。在这个背景下,本文以无形资产作为研究切入点,突破了传统会计准则下企业无形资产的度量局限,将信息化程度、创新资产和经济竞争力三个指标引入企业无形资产的评估,很大程度地提高了无形资产对企业竞争能力的表征效果,并在此基础上,进行了企业无形资产与政府补助相关性的研究。本文以中国科学技术信息研究所自建的上市公司年报数据库为数据源,在LED行业上对无形资产和政府补助相关性进行了统计分析。计算结果表明,确实存在领取巨额政府补助却拥有极低无形资产的问题上市企业。无形资产评价方法以公开的上市公司年报数据为依据,客观、准确、公正,免去了人为因素带来的误差,为上市企业政府补助使用效率的评价提供了新思路。

Publicly listed firms in China often receive government subsidy. The funds range from financial appropriations by both central government and government at various province,autonomous regions,municipalities and counties. The funds are of many types and large amount. Therefore,how to evaluate the economic effects of government subsidies and how to measure the correlation between government subsidy and firms＇ innovation capabilities are of high relevance to the efficiency of the use fiscal resources and is of much interest to government at various levels. In this context,this study adopts the framework of intangible assets by break away from the traditional accounting measure of intangible assets and incorporating three components into the measure of intangible assets： computerized information,intellectual property and economic competency. This improved measure of intangible assets enhances the accuracy of using intangible assets as a proxy for the competitiveness of firms. The study then conducts an analysis of the correlation between intangible assets and government subsidy. Using the database of publicly listed firms developed by China Science and Technology Information Institute,this study analyzes the correlation between intangible assets and government subsidy in two areas：the LED industry. The empirical results show that,on the one hand,there exist firms that receive huge amounts of government subsidy and yet have very low intangible assets. The method of evaluating the efficiency of use of government subsidy is based on intangible assets calculated from publicly listed firms ＇ published annual reports,which are objective,accurate and fair. Thus this method eliminates the errors caused by human factors and provides new ideas for the evaluating the efficiency of government subsidies.