股权性质、市场化进程与政府补助——基于ST公司的经验证据

发布时间：2018-03-21 02:47

本文选题：股权性质　切入点：市场化进程　出处：《投资研究》2014年01期 　论文类型：期刊论文

【摘要】：针对我国资本市场频频发生的政府补助现象,本文利用ST公司数据就政府补助的影响因素与经济后果进行了考察。研究发现,相比民营企业,国有企业在经营陷入困境时,更易获得政府补助;对于级别越低的政府,由于干预企业及保牌的动机强烈,更有可能对经营困难的国有企业进行补助;在市场化进程较低的地区,因政府干预经济的程度较高,政府补助困难国企的现象更为明显;最后,政府补助仅短期内提高企业经营业绩,就长期而言,对企业绩效的促进作用并不明显,而且,政府补助对民营企业业绩的改善要优于国有企业。
[Abstract]:In view of the phenomenon of government subsidy occurring frequently in our country's capital market, this paper makes use of St company data to investigate the influencing factors and economic consequences of government subsidy. Government subsidies are easier to obtain; for governments at lower levels, they are more likely to subsidize state-owned enterprises with difficulties due to their strong incentive to intervene in enterprises and to protect their licences; and in areas where the marketization process is lower, Because of the high degree of government intervention in the economy, the phenomenon of state-owned enterprises with difficulties in government subsidies is even more obvious. Finally, government subsidies can only improve the operating performance of enterprises in the short term. In the long run, the effect of government subsidies on enterprise performance is not obvious. Moreover, Government subsidies to improve the performance of private enterprises better than state-owned enterprises.
【作者单位】：上海对外经贸大学会计学院;上海财经大学会计与财务研究院;齐鲁证券有限公司;
【基金】：国家自然科学基金项目(71202044,71102136,71372038) 教育部人文社会科学研究青年项目(11YJC790284,10YJC790094) 教育部人文社会科学重点研究基地重大研究项目(11JJD790008) 上海市哲学社会科学规划课题(2013BGL006,2013BGL008) 上海市教育委员会科研创新项目(14ZS078) 上海对外经贸大学085工程建设项目的资助
【分类号】：F812.45;F832.51;F224

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