摘要
政府补助是面临融资约束企业的重要资金来源,不同相关性的政府补助给企业带来的效用不同,企业特质不同获取的政府补助的类型存在明显差异。基于此,运用2011—2015年中小板块上市公司的面板数据实证分析融资约束下企业特质对政府补助获取的影响。研究结果表明:企业政府补助的获取受融资约束的影响;高融资约束情形下,企业较多地获取了与收益相关的政府补助,且在高技术产业企业中尤为明显;低融资约束情形下,盈利能力、偿债能力和运营能力较好的企业,特别是高技术产业企业,较多地获取了与资产相关的政府补助;成立时间短、偿债能力和运营能力较弱的企业,尤其是中西部地区企业,较多地获取了与收益相关的政府补助。
Government subsidy is an important source of funds for enterprises with financing constraints, the differ- ent government subsidies bring the different utility to enterprises, the enterprises＇ acquisition of government subsi- dies affected by corporate characteristics. Based on this, the paper uses the panel data of small and medium board Listed companies in 2011--2015 to study the influences of enterprise characteristics on the acquisition of govern- ment subsidies under the condition of financing constraints. The results show that the enterprises＇ acquisition of gov- ernment subsidies affected by financing constraints ; Under the circumstances of high financing constraints, enterpri- ses have got more government subsidies related to income, and it is more obvious in the high tech industry; In the situation of low financing constraints, high profitability, solvency and operation capability, especially high-tech in- dustrial, enterprises have got more government subsidies related to assets; Short established, weak solvency and op- eration, especially enterprises in central and western regions, enterprises have got more government subsidies relat- ed to income.
出处
《科技与管理》
2017年第6期93-99,共7页
Science-Technology and Management
基金
教育部人文社会科学研究青年基金项目(16YJC630043)
青岛市社会科学规划研究项目(QDSKL1701034)
关键词
政府补助获取
企业特质
融资约束
中小板上市公司
acquisition of government subsidies
corporate characteristics
financing constraints
small and medium board listed companies
