政府补助、投资效率与企业经营风险

The Impact of Government Subsidy on Enterprise Investment Efficiency and Business Risk

基于公司投资视角,以我国2012～2016年资本市场上沪深A股上市公司的数据作为研究样本,分析政府补助对企业投资行为所产生的不同作用,并进一步探讨了其对企业经营风险的影响。实证分析表明:上市公司存在较为严重的非效率投资问题,对于拥有较大投资支出的公司,政府补贴会加重其过度投资,恶化企业经营;对于投资不足的公司,政府补贴能够弥补资金缺口,缓解融资约束,有效降低经营风险。因此,企业管理者要采取合适的投资策略,同时,政府要根据不同的企业实行差异化补贴政策,以促进企业成长。

Based on the perspective of corporate investment, this paper takes the data of Shanghai-Shenzhen A-share listed companies in the capital market in 2012-2016 as a research sample, and proposes the different effects of government subsidies on corporate investment behavior, and further explores its impact on business risks. The empirical analysis show that listed companies have serious problems of non-efficiency investment. For companies with large investment expenditures, government subsidies will increase their excessive investment and worsen business operations.For companies with insufficient investment, government subsidies can make up the funding gap, ease financing constraints, and effectively reduce their operational risks. Therefore, enterprise managers must adopt appropriate investment strategies. At the same time, the government should implement differentiated subsidy policies according to different enterprises to promote business growth.