企业特征、政府补贴与上市旅游企业绩效——基于旅游产业外部性的理论分析

Enterprises Characteristics,Government Subsidies and Performance of Listed Tourism Enterprises——Theoretical Analysis Based on the Externality of Tourism Industry

文章基于2007—2018年我国34家上市旅游企业构造面板数据,使用固定效应模型首先考察了政府补贴对公司经营绩效的影响;然后分别从公司规模以及企业年龄等方面考察其对政府补贴与公司经营绩效之间的调节效应;最后,基于杜邦分析法揭示政府补贴促进公司经营绩效提升的具体驱动因素。研究发现:政府补贴整体上促进了旅游上市企业的经营绩效;通过异质性检验发现,政府补贴对旅游企业绩效的促进作用对规模小以及初创型的企业更显著;将2013年“八项规定”出台作为外生冲击、倾向性匹配以及Heckman两阶段控制内生性后发现,政府补贴与旅游企业经营绩效之间存在显著因果关系;基于杜邦分析对净资产利润率分解检验发现,政府补贴主要通过促进营业利润率和总资产周转率来促进公司业绩的提升,但对权益乘数不显著。以上研究表明,作为政府支持的重要手段,对初创型的小规模型旅游企业进行补贴有助于提高政府补贴效率。

Whether government subsidies are beneficial for firm performance is an important dimension of evaluating the efficiency of government subsidies.Given the greater externality of the tourism industry,these may exist different mechanisms about how government subsidies affect the performance of tourism enterprises.This study employs a panel data of 34 listed firms from 2007 to 2018 in the tourism industry of China to examine our research question:the relationship between government subsidies and firm performance.First,this paper uses the fixed effect model to investigate the impact of government subsidies on firm performance,and then examines the moderating effect of firm size and firm age.The results of the heterogeneity tests indicate that firm size and firm age both have positive moderation effects.On the one hand,due to the liability of smallness and newness,the new ventures(or small enterprises)in the tourism industry encounter the serious difficulties to obtain external financing.On the other hand,they need to achieve rapid growth and development to survive in the competitive market.Thus,they rely more on the support from the government so that the government subsidies have a more significant role in promoting their performance.Second,considering“Eight-point Regulation of the Centre”in 2013 as exogenous shock,we use the propensity score matching(PSM)and Heckman two-stage approaches to address the endogeneity and re-examine the research questions.The results show that there is a more significant relationship between government subsidies and firm performance of the tourism enterprises.The"Eight-point Regulation of the Centre"restricts the rent-seeking space between firms and government officials and helps improve the effectiveness of government subsidies.Third,in order to demonstrate the mechanisms of government subsidies performance on firm performance,this paper further decomposes the profit margin of net assets based on DuPont analysis.The results find that government subsidies improve firm performance through promoting the operating profit rate and the turnover rate of total assets;but the effect of government subsidies on the equity multiplier is not significant.Finally,in order to enhance the reliability of the research conclusion,this study also uses various methods to check the robustness of the research results,including adopting the ordinary least squares regression(OLS),taking the natural logarithm of the key independent variables(i.e.,government subsidies),and eliminating certain samples.All the results remain highly consistent.The above results provide support to the theory of“government support”.As an important means of government support,we should pay more attention to the small-scale and high growth enterprises and offer more subsidies to improve their performance.Therefore,this study identifies the relationship between government subsidies and the performance of the tourism enterprises and confirms their causal effect using the micro-metric methods,which provides important implications for evaluating the value of government subsidies for the tourism industry.Furthermore,based on the DuPont analysis and business concentration perspective,we uncover the specific paths from government subsidies to firm performance and accordingly extend the theoretical boundaries about the effect of government subsidies.