政府补助对企业成长影响的实证研究——以山东省沿海城市A股上市公司为例

Empirical Study on Influence of Government Subsidies on Growth of Companies:Taking A-share Listed Companies of Coastal City in Shandong Province as an Example

政府补助一方面缓解企业融资约束,另一方面也会对其成长造成负面影响。本文对山东省沿海城市A股上市公司成长和政府补助的现状进行分析,从理论上阐述二者的关系,并构建面板数据回归模型,以山东省7个沿海城市52家A股上市公司为样本,实证检验政府补助对上市公司成长的影响。研究发现政府补助对上市公司成长并未产生促进作用,反而产生了负面影响。本文进一步分析了政府补助产生负面影响的可能原因,并提出了相关对策建议。

Government subsidies can ease the financing constraints and also have negative impact on the firm growth.The paper analyzes the current situation of the growth and government subsidies of A-share listed companies in coastal cities of Shandong province.Then,the paper analyzes the relationship of the growth of listed companies and government subsidies theoretically.Taking 52 A-share listed companies in seven coastal cities of Shandong Province as a sample,the paper makes an empirical study on the influence of government subsidies on the growth of listed companies.It is found that the government subsidies have negative effects on the listed companies'growth rather than the promotion effect.The paper further analyzes the possible reasons for the negative effects of government subsidies and puts forwards relevant countermeasures and suggestions.