不同融资约束情景下政府补助与企业成长——基于政府补助相关性分类视角

政府补助按照相关性分为收益性政府补助与资产性政府补助,在不同融资约束情景下,两类政府补助对企业成长影响存在差异,基于此,选取中小板上市企业2011-2017年样本数据进行实证分析。研究结果表明,收益性政府补助对企业短期成长具有促进作用,对企业的长期成长无显著影响；资产性政府补助对企业长期成长具有促进作用,对企业的短期成长无显著影响。随着融资约束程度逐渐提高,收益性政府补助与资产性政府补助对企业成长的促进作用逐渐减弱,融资约束对企业成长的抑制作用明显增强。

The Planning and Design of the Specialized Garden for Vine Plants in South China Botanical Garden

Government subsidy can be divided into revenue government subsidy and asset government subsidy according to the correlation. Under different financing constraints, the two types of government subsidies have different influences on enterprise growth. Based on this, the sample data of SME listed companies from 2011 to 2017 are selected for empirical analysis. The results show that the revenue government subsidies can promote the short-term growth of enterprises, but have no significant impact on the long-term growth. Asset government subsidies can promote the long-term growth of enterprises, but have no significant impact on the short-term growth. With the increase of financing constraints, the role of revenue and asset government subsidies in promoting the growth of enterprises is gradually weakened, and the influence of financing constraints is significantly enhanced.