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政府补助与公司投资行为——基于中国上市公司的数据
引用本文:许罡.政府补助与公司投资行为——基于中国上市公司的数据[J].南京金融高等专科学校学报,2014(6):11-19.
作者姓名:许罡
作者单位:安徽财经大学会计学院,安徽蚌埠233030
基金项目:国家自然科学基金面上项目(71172190/G0206); 国家社会科学基金项目(13BJY013); 安徽省高校人文社会科学研究项目(SK2012B010)
摘    要:基于公司投资视角,以2007—2012年我国资本市场上A股上市公司为样本,研究政府补助对公司投资行为的影响,结果显示:政府补助越多,公司投资支出水平越高;政府补助对非国有公司的投资激励作用比国有公司更有效;公司产权性质差异会影响政府补助的投资激励效应;市场化程度越低、经济增长越缓慢的地区,政府补助对公司投资支出的影响越敏感;上市公司的非效率投资问题比较突出,政府补助加剧了上市公司的过度投资行为。因此,政府应根据微观企业主体的差异性来制定和实施相应的补助政策,以实现预期效果。

关 键 词:政府补助  投资效率  过度投资  市场化程度  现金持有量  代理成本  融资渠道  公司投资行为

A Research of Incentive Effect of Government Subsidies on Firm Investment:Based on the Data from the Listed Companies in China
XU Gang.A Research of Incentive Effect of Government Subsidies on Firm Investment:Based on the Data from the Listed Companies in China[J].Journal of Nanjing Higher Finance College,2014(6):11-19.
Authors:XU Gang
Abstract:Taking Chinese A-Share listed companies from 2007 to 2012 as a sample, this paper makes a research on the effect of government subsidies on firm investment. The result shows that more government subsidies will lead to high finn investment ex- penditure. Government subsidies have more effective effect on non-state-owned company investment than that of state-owned com- pany. Differences in corporate property rights will affect the incentive effect of government subsidized investment. The govern- ment subsidies are more subject to the influence of firm investment expenditure in low marketization and slow economic growth areas. The study also shows that the non-efficiency investment of listed companies is more prominent and the government subsi- dies exacerbate the overinvestment of listed companies. Therefore, the government should establish and implement the corre- sponding subsidy policy according to the differences of micro enterprises, in order to achieve the desired effect of policy.
Keywords:government subsidies  investment efficiency  overinvestment  degree of marketization  cash holdings  agency cost  financing channel  investment behavior of company
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