中小板上市公司政府补助对企业价值的影响研究

发布时间：2018-01-01 07:16

本文关键词：中小板上市公司政府补助对企业价值的影响研究　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：在我国经济发展中,中小企业占据了我国现代企业总量大约百分之九十的份额,成为我国社会主义市场经济中重要的组成部分。目前,中小企业已成为最具活力的企业群,主要表现为中小企业在扩大就业、活跃市场、收入分配、稳定社会和改善国民经济结构的过程中发挥着重要作用。但是,中小企业在成长过程中,存在市场竞争力较弱、融资渠道有限等问题,这将成为其在发展过程中的障碍。针对该问题,我国政府从2003年开始不断地出台各项政策法规,通过各种方式推进中小企业的发展,提高其市场竞争力。从首次出台《中小企业促进法》至今,相关部门已制定十九项左右的配套文件来帮助中小企业的发展。自2008年金融危机后,政府更是重视扩宽中小企业的融资渠道,通过政府补助来促进中小企业的发展。纵观国内外对政府补助以及企业价值的研究发现,多数国外学者的研究切入点是从宏观层面上分析政府补助企业的动机。而多数国内学者的研究切入点是政府补助的效益,研究对象为某一特定行业或上市公司,较少有以中小板企业为研究对象。将中小板企业与政府补助结合起来,研究政府补助对企业价值的影响文献甚少。基于该背景,本文以中小板企业为研究对象,并以政府补助对企业价值的影响为研究切入点,旨在阐释中小板上市公司政府补助对企业价值的影响。本文在地方政府竞争理论、软预算约束理论、财政支出效益理论、有效市场假说理论以及信号传递理论的基础上,以2007-2011年中小板上市的所有上市公司公开披露的财务指标数据为样本,从会计业绩和市场业绩两个角度衡量企业价值,采用多元线性回归模型分析验证本文提出的三个假设。实证分析结果表明：中小板上市公司政府补助与会计业绩、市场业绩显著正相关。在按照实际控制人分组检验后发现,相比国有企业,非国有企业获得政府补助能够更为显著的提升会计业绩。非国有企业管理层的薪酬更多与企业的会计业绩相挂钩,管理层会以企业利润最大化为主要目标。而国有企业因承担过多的政治性目标会弱化其追求业绩的动力。相比非国有企业,国有企业获得政府补助能够更为显著的提升市场业绩。国有企业获取政府补助即获得了较好的政府资源,且这种信号能够有利地被市场识别,从而导致较好的市场业绩。基于以上分析,本文针对中小板块上市公司政府补助对企业价值的影响提出的可行性政策建议主要为通过完善政府补助的相关法律法规、建立透明的政府补助制度,通过加强财政支出监督以及会计监督等来提升中小板企业上市公司的企业价值,为中小板上市公司的发展提供强有力的资金保障,促进中小企业发展的自生力。本文的贡献从理论层面上讲,主要是侧重研究国内学者较少关注的中小板上市公司,以期补充政府补助效益这一研究领域。从现实意义层面分析,有助于为政府干预资本市场的资源配置提供经验数据,及为财政资金的使用效益提供评价依据。本文的不足在于未考虑研究期间内的宏观因素影响,以及未考虑财政扶持的另两种手段,即专项补助和税式支出。
[Abstract]:In China's economic development, small and medium-sized enterprises occupy the modern enterprises in China about ninety percent of the total share, become an important part of our socialist market economy. At present, the small and medium-sized enterprise has become the most dynamic enterprise group, mainly for small and medium-sized enterprises in expanding employment, active market, income distribution, plays an important effect of social stability and improve the structure of national economy. However, small and medium-sized enterprises in the growth process, the existence of market competitiveness is weak, limited financing channels and other issues, it will become the obstacle in the process of development. To solve this problem, our government began to continue to introduce policies to promote the development of small and medium-sized enterprises from 2003. Through a variety of ways, enhance its market competitiveness. For the first time from the introduction of "SME Promotion Law > date, the relevant departments have been formulated with about nineteen sets of documents to help The development of small and medium-sized enterprises. Since 2008 after the financial crisis, the government is to pay attention to broaden the financing channels for small and medium enterprises, to promote the development of small and medium-sized enterprises through government subsidies. Domestic and foreign research on government subsidies and enterprise value of the research found that most foreign scholars point is the analysis of enterprise government subsidies motivation from the macro level. While most domestic scholars point is the government subsidy benefits, the research object for a specific industry or listed companies, less in small and medium enterprise board as the research object. The small and medium-sized enterprise and government subsidies combined with the research literature on the impact of government subsidies of enterprise value is little. Based on this background, this paper takes the small and medium plate enterprise as the research object, and the impact of government subsidies to the enterprise value as the research point to explain the small board listed company of government subsidies to the enterprise value influence.
Based on the theory of local government competition, the theory of soft budget constraint, fiscal expenditure efficiency theory, based on the efficient market hypothesis theory, signaling theory, financial data disclosure of all listed companies in the 2007-2011 years of small plates listed as the sample, measure the value of the enterprise from two aspects of accounting performance and market performance, using multiple linear regression analysis of test three hypotheses proposed in this paper. The empirical results show that the SME board listed companies the government grants and accounting performance, is positively related to market performance. According to the actual control found in the grouping test, compared with state-owned enterprises, non-state-owned enterprises get government subsidies can more enhance accounting performance significantly. Non state owned enterprise management pay more layer and enterprise accounting performance linked management to maximize the profits of state-owned enterprises as the main target. Due to the excessive political goals will weaken their pursuit of performance power. Compared with the non state-owned enterprises, state-owned enterprises to obtain government subsidies to improve market performance is more significant. The state-owned enterprises access to government subsidies to obtain the good government resources, favorable market recognition and to this signal, which leads to better market performance.
Based on the above analysis, the feasibility of policy recommendations according to the SME listed government subsidy to enterprise value influence put forward mainly through the relevant laws and regulations to improve the government subsidies, the establishment of a transparent government subsidy system, by strengthening the supervision of financial expenditure and the accounting supervision of small and medium-sized enterprises to enhance the value of listed companies, to provide a strong the funds guarantee for the development of small and medium sized listed companies, in situ force to promote the development of SMEs. The contribution of this paper in theory, is mainly focused on small and medium-sized board domestic scholars pay less attention to the listed company, this research field to supplement government subsidy benefits. From the analysis of practical significance level, help to intervene in the capital market for the government's allocation of resources to provide empirical data, provide a basis for evaluation and for the use of fiscal funds benefit. The deficiency is not admitted The impact of macro factors during the study and two other means of financial support, namely, special subsidy and tax expenditure, are considered.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F812.45

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