产业生命周期视角下政府补贴对企业绩效影响的实证研究

发布时间：2018-01-21 21:41

本文关键词： 产业生命周期政府补贴企业绩效　出处：《集美大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,政府补贴的力度逐年加大。从被补贴企业所处的产业发展阶段来看,政府对传统产业和新兴产业中企业补贴所产生的效果有所不同。有必要从产业发展生命周期的角度考察政府补贴对企业绩效的影响,从而制定具有针对性的产业政策,更好地发挥政府补贴的作用。本文在梳理产业生命周期理论和政府补贴对企业绩效影响的理论基础上,从产业生命周期视角出发,以制造业上市公司为研究对象,进行实证研究设计,考察政府补贴对企业创新绩效和经营绩效的影响。首先分析了我国政府补贴的现状,再利用产业增加值增长率法,将我国制造业部门29个子行业划分出产业生命周期阶段的成长期、成熟期和衰退期。然后对不同产业生命周期阶段中政府补贴对企业绩效的影响提出理论假设:政府补贴对企业创新绩效的影响,从成长期产业到衰退期产业依次减弱;政府补贴对成长期和衰退期产业中的企业经营绩效的影响程度比较大,对产业成熟期企业的经营绩效无显著影响。接着在理论假设的基础上进行实证研究设计,选取2012-2015年887家制造业上市公司构成面板数据,选择专利产出数量作为衡量创新绩效的指标;通过反映上市公司经营绩效的资产收益率、营业利润增长率等12个指标构建经营绩效综合评价体系,计算出产业生命周期各个阶段上市公司经营绩效指数。选择企业规模、企业金融杠杆和上市年龄作为控制变量,以此构建面板数据回归模型。实证检验结果发现,政府补贴显著促进了成长期产业上市公司的创新绩效和经营绩效;政府补贴对成熟期产业上市公司的创新绩效和经营绩效为负向的不显著影响;政府补贴显著抑制了衰退期产业上市公司的创新绩效,但促进了经营绩效。进而根据处于不同产业生命周期中企业的发展特点提出合理的解释。另外横向对比政府补贴对企业创新绩效和经营绩效在各个产业生命周期阶段中的影响程度,基本与理论假设相符。据此从产业生命周期角度提出政策建议:加大成长期产业的政府补贴力度,尽量减少成熟期产业不必要的政府补贴,对于衰退期产业应根据政府补贴导向适度补贴,合理引导衰退期产业发展。
[Abstract]:In recent years, government subsidies increased year by year. From subsidies to enterprises at the stage of industrial development, the government of traditional industries and emerging industries in business subsidies have different effect. It is necessary from the life cycle of industrial development perspective of the impact of government subsidies on the performance of enterprises, to develop targeted industry policy, better play the role of government subsidies. The theoretical basis of influence on enterprise performance in the sort of industry life cycle theory and government subsidies, starting from the industry life cycle perspective, the manufacturing industry listed company as the research object, carries on the empirical research design, the effects of government subsidies to the enterprise innovation performance and operational performance. First analyzes the status quo of China's government subsidies, the industrial added value growth rate, China's manufacturing sector will be divided into 29 sub sectors of the industry life cycle Stage of growth period, mature period and decline period. And then put forward the theoretical hypothesis of the impact of government subsidies in different stages of industry life cycle on the performance of enterprises: the impact of government subsidy on performance of enterprise innovation, weakened from growing industry to industry recession; the influence degree of government subsidies on Growth period and decline period in the industry performance the business is relatively large, no significant effect on the performance of business enterprise industry maturity. Then the empirical research design on the basis of theoretical hypothesis, selects 2012-2015 887 companies listed in panel data, select the number of patent output as a measure of innovation performance index; by reflecting the operating performance of Listed Companies in asset returns rate, operating profit growth rate of 12 indicators to construct a comprehensive performance evaluation system, calculate the operating performance of the various stages of the industry life cycle refers to the listed company The number of enterprises. Enterprise scale, financial leverage and market age as control variables, in order to construct the regression model of panel data. Empirical results indicate that government subsidies significantly promoted the growth of industry of listed companies operating performance and innovation performance; government subsidies for mature industry of listed companies operating performance and innovation performance is not negative significant impact; government subsidies significantly inhibited the recession industry listed company's innovation performance, but to promote the business performance. Then according to the characteristics of the development of enterprises in different industries in the life cycle of the proposed reasonable explanation. In addition comparative government subsidies influence on enterprise innovation performance and management performance in each stage of industry life cycle of the basic with the theoretical assumptions. It puts forward policy recommendations from the perspective of industry life cycle: increase government subsidies during the growth period of the industry, as far as possible In order to reduce the unnecessary government subsidies in the mature period, the industry should be moderately subsidized in accordance with the government subsidies, and rationally guide the development of the recession industry.

【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.5;F812.45;F425

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