政府补助对油气企业财务绩效的影响研究

Research on the Impact of Government Subsidies on the Financial Performance of Oil and Gas Enterprises

以2008—2019年A股上市的油气企业作为样本,运用最小二乘法,实证分析我国进入“新常态”前后不同类型的政府补助对油气企业财务绩效的影响。研究表明:“新常态”前,政府补助对油气企业财务绩效有消极影响,其中环保型政府补助对油气企业财务绩效无明显作用,非环保型政府补助对油气企业财务绩效有消极作用;“新常态”后,环保型和非环保型政府补助对油气企业财务绩效均有正向促进作用。基于实证结果,从政府和企业视角提出相应建议,为政府补助政策的制定和油气企业有效利用补助资金提供方向指引。

Taking oil and gas enterprises listed on the A-share market from 2008 to 2019 as samples,this paper uses the Ordinary Least Squares method to empirically analyze the impact of different types of government subsidies on the financial performance of oil and gas enterprises before and after China entered into the new normal.The results show:Before China enters the new normal,the government subsidies have a negative impact on the financial performance of oil and gas companies,among which the environmental protection government subsidies have no significant effect on the financial performance of oil and gas companies,while the non-environmental protection government subsidies have a negative effect on the financial performance of oil and gas companies.After China enters the new normal,both environmental and non-environmental government subsidies have positive effects on financial performance of oil and gas enterprises.Based on the empirical results,this paper puts forward corresponding suggestions,which provide direction for the formulation of government subsidy policies and the effective use of subsidy funds by oil and gas enterprises.