政府补贴与企业绩效

The Government Subsidies and Corporate Performance

政府为发展地方经济,会介入企业的投资、经营、管理等活动,政府补贴是一种最直接的手段,政府补贴成为影响企业活动的重要因素。在对相关理论进行规范研究的基础上,本文选取2014-2016年A股上市公司为研究样本,分析了政府补贴与企业绩效、社会效益的关系,并进一步分析了所有制差异、企业经验差异对政府补贴效果的影响。本文的研究表明:(1)政府补贴会提高企业绩效,同时也可以提高社会效益;(2)政府补贴对非国有企业的促进作用更强;(3)政府补贴对富有经验的企业,即发展规模更大、存在时间更长的企业的促进作用更强。

In order to develop the local economy, the government will be involved in business investment, management and other activities. Government subsidies are one of the most direct means, becoming an important factor affecting business activities. On the basis of the normative research on related theories, this paper selects the 2014-2016 A-stock listed companies as the research sample, and analysis the relationship among government subsidies and corporate performance and social benefits, and further analysis of the ownership differences, differences in corporate experience on the effect of government subsidies. From this study we can get these conclusions： （1） Government subsidies will improve business performance, and also can improve social benefits; （2） Government subsidies have a stronger role in promoting non-state-owned enterprises; （3） Government subsidies have a stronger impetus to experienced enterprises.