政府补贴对电子设备制造企业价值影响研究——基于融资约束的中介效应

Research on the Impact of Government Subsidies on the Value of Electronic Equipment Manufacturing Enterprises--Based on the Mediating Effect of Financing Constraints

针对政府补贴对企业价值提升有效性的问题,基于2017—2021年我国沪深两市A股电子设备制造业上市公司的面板数据,通过构建融资约束指数的二元逻辑回归模型进行实证研究,以发现政府补贴对企业价值的影响以及融资约束发挥中介效应的作用机制。研究结果表明:政府补贴对提升企业价值有显著负向影响,政府补贴正向影响融资约束,融资约束与企业价值呈正相关关系,政府补贴可以通过缓解融资约束这个中介变量促进企业价值的增长。

To address the issue of the effectiveness of government subsidies on the enhancement of corporate value,and based on the panel data of the A-share electronic equipment manufacturing industry listed companies in Shanghai and Shenzhen from 2017 to 2021,we constructed the financing constraint index by of binary logistic regression model for empirical researches,in order to find out the impact of government subsidies on corporate value and the role mechanism of financing constraints playing an intermediary effect.Research shows that government subsidies have a significant negative impact on increasing corporate value;government subsidies have a positive effect on financing constraints;financing constraints are positively correlated with corporate value;and government subsidies can promote the growth of corporate value by alleviating the intermediary variable of financing constraints.