中国上市公司政府补助的政策效应研究

发布时间：2018-01-03 20:15

本文关键词：中国上市公司政府补助的政策效应研究　出处：《合肥工业大学》2014年博士论文　论文类型：学位论文

【摘要】：政府补助作为政府宏观调控的一种重要政策工具,对企业行为产生了重要的影响。2008年受金融危机冲击,市场需求萎缩,企业效益下滑,投资支出下降,经济增长下行压力增大,中国政府出台了四万亿刺激政策促进经济增长,在资本市场上,政府对上市公司补贴随之显著增加,据《上海证券报》报道,2012年逾九成的上市公司收到各种形式的政府补助,更有一百多家上市公司收到政府补助金额过亿,政府补助的免费“盛宴”引起舆论和公众的关注。学者们开展了一系列研究,现有文献研究政府补助问题多是关注政府补助的影响因素和关注政府补助对企业绩效、创新等的影响以及就业、产业调整等社会效应。已有研究多是关注政府补助对企业产出和研发投资的影响,但其对于企业投资方向的影响研究却相对较少。众所周知,企业投资行为不仅受到企业自身能力的影响,而且受到市场条件和政治经济环境的制约,在一定的政治经济和市场环境中,企业行为必然受政府政策约束。改革开放后,我国经济保持了三十年的持续高速增长,政府在经济发展起主导作用,我国的经济增长模式也呈现为典型的政府主导型经济增长模式。当前正处于市场经济经济转型的过渡时期,政府直接参与经济的意愿强烈,因此,企业投资是政府外部控制基础上的企业进行自主决策结果,政府补助这一干预行为对企业投资行为可能产生重大影响。研究中国问题必须结合中国的制度环境,本文研究之问题所隐含的制度逻辑在于财政分权和经济增长增长导向的政绩观决定了地方政府官员的利益导向和行为动机,政府补助可以成为地方政府干预以扩大企业投资的重要政策手段,政府补助可能影响企业投资行为。鉴于四万亿经济刺激政策出台后,政府补助大幅度增长的现象,本文将研究视角聚焦于政府补助的政策意图是否意在推动企业投资以推动经济增长,因此,本文主要通过检验政府补助与上市公司投资之间的内在相关关系,从而研究政府补助的政策效应。同时,本文也研究了政府补助的其他相关问题,诸如企业的政治关联等影响对政府补助的影响,这些问题的研究有助于从宏观政策对微观企业影响的角度审视现行政府补助的政策效应,也为研究宏观政策对微观企业行为影响机理提供了新的证据。本文从我国财政分权的制度以及经济增长导向的政绩考评机制为依据,以政府追求经济增长的利益动机为主线,以投资激励为视角,提出了政府补助的投资激励假说和资本投向激励假说,以我国资本市场A股上市公司为样本,检验政府补助的上述问题,以衡量政府补助的政策效应,研究结论丰富了政府补助与企业投资关系研究的文献,有助于更准确地理解和把握政府补助对于企业投资领域的微观作用机制,可为政府政策优化提供重要参考。本文的主要内容和研究结论如下： (1)经济危机爆发后,中国政府启动四万亿经济刺激政策,上市公司收到政府补助情况大幅增长,本文对近几年上市公司政府补助状况进行统计分析,主要从行业分布、区域分布以及等方面来分析。从获得政府补助的行业看,在政府补助总额最多的前五大行业中,政府更倾向于补贴公共服务类行业和高新技术产业两类上市公司,反映了各级政府一方面偏好对所属地区高新技术上市公司扶持和资助,说明政府对创新的重视,另一方面,又对一些提供公共服务的上市公司可能因为承担的社会目标予以补偿；从政府补助的地区分布看,政府补助明显取决于地方政府的财政状况和经济发展水平,虽然西部地区政府对上市公司的扶持力度在逐步加大,但是增长幅度并不明显,且低于东部地区,原因在于西部地区总体上财政实力有限,地方政府无更多的财政补贴当地企业,这无疑会进一步加剧区域经济发展的不平衡,造成贫者愈贫富者愈富；从产权性质方面看,政府对非国有上市公司的补助力度呈现上升态势,但是和国有公司相比较,补助强度还是偏低；从政府补助总额以及强度来看,和其他公司相比,ST公司获得的政府补助也相对较低,可见,通过补助方式来改变ST公司的境遇帮助其保壳等可能已经不是政府补助的主要目的。 (2)从我国制度环境出发分析了财政分权制度安排下的政府利益动机和行为逻辑,以及由此带来的政企关系变化,进而研究财政分权和企业寻租行为对政府补助的作用机制。研究发现,财政分权对政府补助影响显著,具体说,财政分权度越高,地方政府给予属地国有企业的补助越多,地方政府给予民营企业的补助越少,表明政府补助存在明显的分配不公平现象,地方政府仍然存在明显的所有制歧视；研究还发现,公司与政府建立的政治关系有助于公司获得政府补助,这意味着政府补助决策中要充分考虑公司的寻租行为,避免由此带来的政府补助显失公平。本章研究表明财政分权成为政府追求经济增长的制度逻辑,下文以此为理论依据,研究政府补助激励投资以追求经济增长的政策意图,及由此对公司投资行为的影响。 (3)文章主要检验了政府补助对公司资本投资方向的影响。研究发现,政府补助显著影响了公司的资本投资方向,具体说,政府补助一方面刺激了公司扩大的固定资产投资水平,另一方面,公司削减了对外投资水平,表明公司为扩大对内投资而挤占了对外投资；经济增长增长的相对业绩显著影响了政府补助和固定资产投资的正向关系,经济增长增长速度越高的地区,上述正相关关系显著减弱；政府补助积极作用在于促进了企业的研发投入；相比于中央企业,补贴对地方政府控制企业的投资激励效应更显著。研究表明,经济增长增长的竞争动机促使地方政府采用政府补助的方式来引导公司的投资,鼓励公司扩大规模以实现带动经济增长的意图明显；政府补助对造成固定资产投资过度有一定影响。研究结论显示,政府补助成为地方政府“促投资、谋增长”一种手段,促使企业“优先选择”对经济增长拉动明显的固定资产投资,而相对削减企业的对外投资和无形资产投资,结果可能导致固定资产投资过度和技术开发投入的相对不足,体现了经济粗放式增长的特点,不利于宏观经济结构升级和实现高质量的经济增长。 (4)文章研究了政府补助对公司投资支出及过度投资的影响。研究发现：政府补助激励了上市公司投资的积极性,政府补助越多,公司资本投资越高；政府补助对非国有公司投资激励比国有公司更敏感；各地区市场化程度和经济增长业绩水平显著影响政府补助的投资,市场化程度越低、地区经济增长业绩越缓慢的地区,政府补助对公司投资支出影响程度越大。政府补助加剧了其过度投资；因此,从投资效率角度看,政府补助的政策配置尚需改进。本文的贡献主要体现在：第一,本文提出了政府补助的投资激励假说和资本投向激励偏假说,本文研究发现地方政府利益驱使政府以补助来引导企业投资,并进一步影响企业资本投向,从而为政府决策对企业微观行为的影响提供了新的证据。第二,以往研究多是研究政府补助对企业投资支出的总体影响,本文则从政府补助影响企业具体投资结构和方向这一视角,深入阐释了政府补助影响企业投资结构因素及其后果,丰富了政府补助与企业投资关系研究的文献。以上的研究结论表明,从政府补助的投资激励效用来看,政府补助是低效的。现行的政绩考核机制强化了地方政府通过补贴促进企业优先选择对经济增长拉动明显的固定资产投资的动机,既干扰了微观企业的自主决策行为,又不利于宏观经济实现高质量高效率的增长。因此,政府补助政策尚待改进,文章提出了相应的政策建议：规范政企关系,构建和谐公平公正的市场环境；完善政府补助披露制度,建立补贴后监控机制；建立和完善政府补助使用效率评价制度；真正改变单纯的以经济增长为导向的政绩考核机制。
[Abstract]:The government subsidies as an important policy tool of the government's macro-control, the impact of.2008 important year by the financial crisis of enterprise behavior, market demand, enterprise efficiency decline, investment spending declined, increasing the downward pressure on economic growth, Chinese government introduced four trillion stimulus policies to promote economic growth, in the capital market, the government of listed companies subsidies increased significantly, according to the "Shanghai Securities News reported on 2012, over 90% listed companies receive government subsidies in various forms, more than more than 100 listed companies receive government subsidies amounting to billions of dollars, free" feast "government subsidies caused public and public attention.
Scholars have conducted a series of studies, the existing literature on government subsidy problem is concerned with the influence of government subsidies and government subsidies on factors of enterprise performance influence, innovation and employment, industrial restructuring and other social effects. The research is focus on the impact of government subsidies to the enterprise production and R & D investment, but its effect on for the direction of business investment is relatively small. As everyone knows, the enterprise investment behavior is not only influenced by the enterprise's own ability, but also restricted by the market conditions and the economic and political environment, in certain political economic and market environment, the enterprise behavior is bound by government policy. After the reform and opening up, China's economy maintained a sustained thirty years high speed growth, the government plays a leading role in economic development, the pattern of China's economic growth has driven economic growth model is a typical government currently. In the transitional period of market economy and economic transformation, the government's willingness to directly participate in the economy is strong. Therefore, enterprise investment is based on the external control of the government, and the result of self decision is that the government subsidy has great influence on the investment behavior of enterprises.
Study on the Chinese problems must be combined with the institutional environment Chinese, institutional logic implied this research problem is that fiscal decentralization and economic growth oriented performance concept determines the motivation interest orientation and behavior of local government officials, government subsidies can become an important means of local government policy intervention in the expansion of business investment, government subsidies may affect enterprise the investment behavior. In view of the four trillion economic stimulus policies, government subsidies to increase the phenomenon, this article will focus on government subsidy policy intention is intended to promote the investment to promote economic growth, so enterprises, this paper mainly through the inspection of government subsidies and investment of the listed companies internal relationship, so as to study the government policy effect subsidies. At the same time, other related problems are also studied for government subsidies, such as corporate political association The impact of such impacts on government subsidies will help to examine the policy effect of the current government subsidy from the perspective of macro policy's impact on micro enterprises, and also provide new evidence for studying the mechanism of macro policy's impact on micro enterprise behavior.
This paper from China's fiscal decentralization system and economic growth oriented performance evaluation mechanism as the basis, the government in the pursuit of economic growth motivation as the main line, with investment incentives from the perspective of the government subsidies incentive hypothesis and investment incentive hypothesis to invest capital in China's capital market, A shares of listed companies as a sample, the above problems the inspection of government subsidies, to measure the policy effect of government subsidies, the conclusion of the study enriches the research on the relationship between government subsidies and corporate investment literature helps to more accurately understand and grasp the mechanism of the micro function of government subsidies to the enterprise investment, provide an important reference for government policy optimization.
The main contents and conclusions of this paper are as follows:
(1) after the outbreak of the economic crisis, China government launched four trillion economic stimulus policies, listed companies receive government subsidies increased significantly, the subsidies for listed companies in the government in recent years statistical analysis, mainly from the industry distribution, regional distribution and other aspects of analysis. From the government subsidy in the industry, in the total amount of government subsidies the top five major industries, the government tend to subsidize public service industry and high-tech industry two listed companies, on the one hand reflects the government preference for the area of high-tech listed company support and funding, that government attaches great importance to innovation, on the other hand, it provides the public service to some of the a listed company may undertake compensation because of social goals; from the regional distribution of government subsidies, financial and economic development of water subsidies obviously depend on the local government Flat, although the government in the western region to support listed companies gradually increased, but the increase is not obvious, and lower than the eastern region, the reason lies in the western region the overall financial strength is limited, the local government financial subsidies to local enterprises more unbalanced, which will undoubtedly further intensify the development of regional economy, caused by the poor become rich and getting richer; from the property right perspective, the government showed a rising trend of non state-owned listed companies subsidies, but compared to state-owned companies, subsidies intensity is low; from government subsidies in total and strength, compared with other companies, the company received government subsidies of ST is relatively low, visible. The main purpose of the subsidy way to change the situation of the company ST help Paul shell may have not government subsidies.
(2) from the institutional environment of China's analysis of the government incentive and behavior logic of Fiscal Decentralization under the institutional arrangements, and the resulting change of relationship between government and enterprises, and then study the fiscal decentralization and the rent-seeking mechanism of government subsidies. The study found that the impact of fiscal decentralization on government subsidies significantly, in particular, the degree of fiscal decentralization the higher, more local government subsidies given local state-owned enterprises, local governments give private enterprise subsidies less, that government subsidies have obvious unfair distribution phenomenon, there are still obvious ownership discrimination of local government; the study also found that the company and the government to establish political relations will get government subsidies in this company. Means that the company should fully consider the rent-seeking behavior decision of government subsidies, government subsidies to avoid the resulting unconscionability. This chapter research shows that fiscal decentralization has become political The institutional logic of government's pursuit of economic growth is based on the following theory. The purpose of this study is to study the policy intentions of government grants to encourage investment in pursuit of economic growth and its impact on corporate investment behavior.
(3) this paper examines the impact of government subsidies on capital investment direction. The study found that government subsidies significantly affect the company's capital investment direction, in particular, the government grants the one hand stimulate the company to expand the level of investment in fixed assets, on the other hand, the company reduced foreign investment level, that company occupy foreign the investment for the expansion of investment; the relative performance of economic growth has significant influence of positive relationship between government subsidies and investment in fixed assets, economic growth rate higher areas, the positive correlation significantly reduced government subsidies; positive role in promoting the corporate R & D investment; compared to the central enterprises, the subsidy is more significant the investment incentive effect of local government control of the enterprise. The study shows that the economic growth of the competitive motivation prompted the local government by government grants party to lead The company's investment, encourage the company to expand the scale to achieve the intention of promoting economic growth significantly; excessive government subsidies have a certain influence on the result of fixed assets investment. The conclusion of the study shows that government subsidies become to promote investment in local government, seeking a means to promote growth of enterprises "preference" on economic growth was fixed asset investment, foreign investment and the relative reduction in corporate and investment of intangible assets, the relative lack of results may lead to excessive investment in fixed assets and investment in technology development, embodies the characteristics of extensive economic growth, is not conducive to the realization of high quality economic growth and upgrade macroeconomic structure.
(4) this paper studies the impact of government subsidies for investment spending and excessive investment. The study found: the enthusiasm of government subsidies incentive of the listed companies of investment, more government subsidies, corporate capital investment is high; government investment subsidies for non state-owned companies incentive is more sensitive than state-owned companies; the degree of Marketization and economic growth the level of performance significantly affect government subsidized investment, lower marketization, regional economic growth performance is more slow, the greater the degree of government subsidies on investment spending. Government subsidies increased the excessive investment; therefore, from the perspective of investment efficiency, government subsidy policy configuration needs to be improved.
The contribution of this paper is mainly reflected in: first, this paper puts forward the government subsidies incentive hypothesis and investment capital to invest partial incentive hypothesis, this study found that the local government interests in government subsidies to guide the enterprise investment, and further affect the capital investment, so as to provide new evidence for the influence of government decision-making on Corporation behaviors. Second, previous research is the overall effect of government subsidies on enterprise investment expenditure, this article from the perspective of government subsidies influence enterprise specific investment structure and direction, in-depth interpretation of the government subsidies influence enterprise investment structure factors and their consequences, enrich the relationship between government subsidies and corporate investment in the literature.
The above conclusions show that from government subsidies investment incentive, government subsidies are inefficient. The current performance evaluation mechanism to strengthen the local government to promote enterprise priority on economic growth significantly in fixed asset investment motivation through subsidies, not only interfere with the decision-making behavior of micro enterprise, and is not conducive to high quality and high efficiency the growth of macro economy. Therefore, the policy of government subsidies are yet to be improved, this paper puts forward the corresponding policy recommendations: to build a harmonious relationship between norms, fair and equitable market environment; improve the government subsidies disclosure system, the establishment of subsidies supervision mechanism; establishing and perfecting the government subsidies efficiency evaluation system; real change only to economic growth oriented performance evaluation mechanism.

【学位授予单位】：合肥工业大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F276.6

【参考文献】