政府补助对制造业僵尸企业的投资影响研究

发布时间：2018-04-20 07:41

本文选题：政府补助 + 产能过剩　；参考：《河南财经政法大学》2017年硕士论文

【摘要】：改革开放以来,产能过剩问题就一直困扰着中国经济,特别是中国制造业正面临着前所未有的挑战,政策部门对此高度关注,并将产能过剩问题作为工作重点。在我国的分税制财政体制下,地方政府为了增加其财政收入,提升自己的政治地位,往往会通过给予企业一系列的优惠政策以激励企业投资,并且发现企业往往会倾向于投资固定资产,而投资研发支出及外部金融资产比较少,其结果导致低效率和不公平的市场竞争,并加剧企业产能过剩,使公司经营业绩下降,大批“僵尸企业”孕育而生。在供给侧结构性改革的大背景下,僵尸企业问题成为近年来中国政府和媒体关注的热点话题。由于“僵尸企业”长期占用资金等资源却难以产生效益,政府补助以及银行贷款在一定程度上更进一步加大僵尸企业过度投资,导致产能过剩,阻碍资源优化配置。目前,国家已经意识到处理僵尸企业的必要性和紧迫性,国企改革要加快,处置僵尸企业是重中之重。文章旨在研究政府补助对于僵尸企业的投资方向和投资效果的影响。首先对国内外学者对政府补助研究的相关文献进行了梳理。其次,选取我国资本市场2002-2015年全部A股上市公司僵尸企业为样本,对其分年度、分行业、分所有制进行描述性统计,分析我国上市公司僵尸企业的现状。最后,文章通过理论性分析提出相关假设,并以2012-2015年传统制造业僵尸企业为例,通过描述性统计、相关性分析以及Logistic回归分析,对政府补助对僵尸企业投资影响的各项关键指标分别进行了检验,深入探讨政府补助对于企业内部固定资产、研发支出以及外部金融资产投资方向的影响,并研究企业投资的效果如何。本文的研究结论是:政府补助扭曲了公司投资,促使公司投资固定资产、无形资产比例过多,而投资外部金融资产比较少,降低公司的经营绩效,影响公司的价值,导致企业经营效率水平低下,并加剧企业产能过剩,使僵尸企业进一步恶化。研究政府补助对僵尸企业投资的影响,这对于提高企业的核心竞争力,优化资源配置以及推动国企改革的进程有重要意义。
[Abstract]:Since the reform and opening up, the problem of overcapacity has been puzzling the Chinese economy, especially the Chinese manufacturing industry is facing unprecedented challenges, policy departments pay close attention to this, and take the problem of overcapacity as the focus of work. In our country's tax-sharing financial system, in order to increase their financial revenue and enhance their political status, local governments often give enterprises a series of preferential policies to encourage enterprises to invest. It is also found that enterprises tend to invest in fixed assets, while investment in R & D expenditure and external financial assets are relatively small, which results in inefficient and unfair market competition, and exacerbates overcapacity and results in a decline in operating performance. A large number of "zombie enterprises" were born. Against the background of structural reform on the supply side, zombie enterprises have become a hot topic of concern by the Chinese government and the media in recent years. Because "zombie enterprises" occupy funds for a long time but it is difficult to produce benefits, government subsidies and bank loans further increase the excess investment of zombie enterprises to a certain extent, resulting in overcapacity and hindering the optimal allocation of resources. At present, the state has realized the necessity and urgency of dealing with zombie enterprises. The purpose of this paper is to study the influence of government subsidy on the investment direction and investment effect of zombie enterprises. First of all, domestic and foreign scholars on government subsidy research literature is combed. Secondly, we select all the zombie enterprises of A-share listed companies in China's capital market from 2002 to 2015 as samples, and analyze the current situation of zombie enterprises of listed companies in our country by analyzing the status of zombie enterprises in listed companies by year, industry and ownership. Finally, through theoretical analysis, the paper puts forward the relevant assumptions, and takes the traditional manufacturing zombie enterprises as an example, through descriptive statistics, correlation analysis and Logistic regression analysis. The key indicators of the influence of government subsidies on the investment of zombie enterprises are tested, and the effects of government subsidies on the internal fixed assets, R & D expenditure and the investment direction of external financial assets are discussed in depth. And study the effect of enterprise investment. The conclusions of this paper are as follows: government subsidy distorts the company's investment, impels the company to invest the fixed assets, the intangible assets proportion too much, but invests the external financial assets to be relatively small, reduces the company's management performance, affects the company's value, Causes the enterprise management efficiency low level, and exacerbates the enterprise overcapacity, causes the zombie enterprise to worsen further. This paper studies the influence of government subsidy on the investment of zombie enterprises, which is of great significance for improving the core competitiveness of enterprises, optimizing the allocation of resources and promoting the process of state-owned enterprise reform.
【学位授予单位】：河南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F812.45

【参考文献】