上市公司政府补贴的动机及政策效应研究

【作者】 王晨；

【导师】 王克敏；

【作者基本信息】 复旦大学 ， 财务管理， 2013， 硕士

【摘要】 上市公司政府补贴(特别是在中国)和政治联系的问题逐渐受到更多关注。在转型经济体,政治因素往往在商业领域扮演积极而重要的角色,其对私人部门的干预也更加直接。本文是基于A股上市公司的政府补贴展开逻辑,考察了政府补贴的动因及政策效应,并且对上市公司披露补贴公告进行了事件研究。对政府补贴动因的考察显示,政府补贴更多的给予承担政策性负担或具有政治联系的公司。同中央政府的联系相比,同地方政府的联系更容易为企业争取较多的补贴。另外,具备政治联系的民营企业更能利用其所承担的政策性负担来和政府讨价还价,争取到更多补贴。其他变量如公司所在地区的制度环境也影响到公司争取政府补贴,但相关性较模糊。另外,公司性质即公司是国有企业或民营企业对政府补贴没有显著影响。对于政府补贴的政策效应,本文不仅考察了政府补贴的短期效应,还考察了政府补贴的长期效应。通过事件研究来认识补贴的短期效应,而对于补贴的长期效应,本文研究了政府补贴对公司财务及运营绩效的影响。本文首次对政府补贴公告进行了事件研究,事件研究的目的并非是单单为了检验价格效应和事件所带来的信息含量,而是考察投资者对于政府补贴所秉持的观点。初看感觉诧异的是,仅在公告当天累积异常收益CAR显著为正,事件日前后20个交易日,CAR显著为负,说明投资者对政府补贴的总体观点是负面。政府补贴的政策的长期效应也得到了检验,控制当年的ROA,民营公司在得到补贴未来ROA会显著提升,国有企业则发生恶化。政府补贴对不具备政治联系的民营企业效果更好,对具备政治联系的民营企业政策效果为中性。随后,考察了补贴对不同样本公司运营指标的影响,似乎政府补贴有助于公司扩张,但同时却降低了公司的内控。考察不同样本公司,发现在获得政府补贴后,不同类型公司投融资行为并不相同,这或许可以说明不同公司在使用政府补贴的效率方面存在差异。当然,对这个问题还需要进一步研究才能得出更加审慎的结论。本文主题值得深入研究,因为1)政府补贴作为政府直接干预上市公司的一种手段变得越发普遍2)投资者和研究人员对政府补贴效应、作用机制认识的还并不清晰。本文仅仅是对这一领域问题进行初探,试图为研究这一问题提供部分线索。政府补贴的政策后果及作用机制还需要进一步研究。更多还原

【Abstract】 A growing paper has contributed to government subsidies (especiallyin China) and political connection. In transitional economy, political factors usually play a more active but important role in shaping business and intervening private sectors.This paper centers on government subsidy to listed company in A-share, examines its motivation, effects on companies’financial performance. To delve into investor’s reaction to subsidies policy, event study for the subsidiesreport from listed company has been carefullyexamined.According to my research, government subsidies are biased to political connected firmsand firms with political burden in SOE as well as in private sector. Relations to local government have more advantage in seeking for subsidies. Moreover, private firms connected to local government enhance their ability to bargaining for more subsidies on the condition that they assume political burden. Some other variables like different institutions and company characteristics also matter, but correlations are more obscure.To examine the effect of government subsidies to listed company, both short term and long term effects have been considered. For short term effect, an event study based method has been conducted. To test long term effect, financial and operation performance have been connected to subsidies.This paper first conducts event study for listed company reporting their government subsidies. Not to detect the information content of price effects, I want to judge what opinions investors hold for government subsidies. Surprisingly at first glance, investors may think this sort of intervention as insensible since CAR before and after announcement date is significantly negative except for a slight bound up in the announcement trading day. This suggests that investors worry about government subsidies.Policy effects have also been examined in the long term, ROA after subsidies increases with subsidies in private firms but decreases in SOE. Subsidies are more positive to private firms without political connections and more neutral to firms with connections. Operation performancevariables witness a more complicated variation. It seems that subsidies contribute to the growth of firms but also side effects occur that undermine internal control of firms may be undermined. Firms in different categoriesmay show differencein terms of investment and financing after granted for subsidies. Thus, we may conclude firms show difference in using government subsidies.This topic deserve to be examined for1)subsidies become more popular for government to intervene listed company which usually seen as the most dynamic and fully marketization part of China economy. Both investors and researchers take these means as confused and uncertain.This paper only probe into this inconclusive area and try to give some clues toapproaching this problem. Both policy effects and policy uncertainty need to be studied further.更多还原