政府补贴对新能源企业绩效的影响:公司内部治理的调节作用

发布时间：2018-03-02 18:27

本文选题：新能源上市公司　切入点：政府补贴　出处：《中央财经大学学报》2015年07期 　论文类型：期刊论文

【摘要】：从世界各国经济发展来看,为了鼓励新能源产业的发展,政府补贴是一种十分普遍的现象。政府补贴在短期内固然是一种可以利用的资源,但过度利用这种资源长期下来会造成隐患,那么完善公司治理机制是否会弱化政府补贴对新能源企业绩效的不利影响呢?笔者基于2007—2013年我国新能源上市公司的面板数据,运用固定效应模型进行实证分析,研究了政府补贴、公司内部治理与新能源企业绩效之间的关系。研究结果发现:从整体上来说新能源企业的政府补贴不利于提高企业绩效,但政府补贴对非国有企业绩效具有正向影响;将公司内部治理作为调节变量,进一步检验发现,股权制衡度和高管薪酬较高,能够有效降低政府补贴对企业绩效的负向影响;而股权集中度和董事会规模较高,则会增强政府补贴对企业绩效的负向影响;监事会持股比例没有调节政府补贴与企业绩效间的关系。在此基础上,笔者针对新能源企业的发展提出了相应的政策建议。
[Abstract]:Judging from the economic development of various countries in the world, in order to encourage the development of the new energy industry, government subsidies are a very common phenomenon. Government subsidies are certainly a resource available in the short term. But the overuse of this kind of resources will cause hidden trouble for a long time, so will the improvement of corporate governance mechanism weaken the negative impact of government subsidies on the performance of new energy enterprises? Based on the panel data of new energy listed companies in China from 2007 to 2013, the author uses the fixed effect model to make an empirical analysis, and studies the government subsidies. The relationship between corporate governance and the performance of new energy enterprises. The results show that the government subsidies of new energy enterprises are not conducive to the improvement of enterprise performance, but government subsidies have a positive impact on the performance of non-state-owned enterprises; Taking the internal governance of the company as the regulating variable, it is found that the higher equity checks and balances and executive compensation can effectively reduce the negative impact of government subsidies on corporate performance, while the equity concentration and board size are relatively high. The proportion of board of supervisors does not adjust the relationship between government subsidy and enterprise performance. On this basis, the author puts forward corresponding policy suggestions for the development of new energy enterprises.
【作者单位】：湘潭大学商学院;
【基金】：国家自然科学基金项目“基于学习成本的技术学习战略研究:路径、方式与产业选择”(项目编号:71272224) 湖南省教育厅重点基金项目“基于创新网络的高端装备制造业知识整合与创新绩效研究”(项目编号:12A141)
【分类号】：F271;F426.2;F812.45

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