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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2016年04月第22卷第2期
   
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文章编号:1672-3104(2016)02-0076-08
 
产权性质、政府补助与企业盈利能力——基于机械、设备及仪表上市企业的实证检验
 
何红渠,刘家祯
 
(中南大学商学院,湖南长沙,410083)
 
摘  要: 以我国机械、设备及仪表行业的177家上市公司为研究对象,基于2009—2014年的时间序列数据,借助面板数据固定效应模型实证检验了不同产权性质视角下政府补助对上市公司盈利能力的影响。研究结果表明,政府补助对上市公司的盈利能力具有“补弱”效应,政府补助强度和政府补助倾向均与盈利能力负相关;国有企业比非国有企业更有可能获得政府补助,但与非国有企业相比,政府补助对国有企业资产报酬率和盈利可能性的负向影响更强。这一研究结论对拓展企业盈利能力的研究视角,进一步明确政府补助在改善企业经营效率中的作用机制具有重要指导意义。
 
关键词: 盈利能力;政府补助;产权性质
 
 
Nature of property right, government subsidies and corporate profitability: Empirical study on listed companies in machinery, equipment and instrumentation
 
HE Hongqu, LIU Jiazhen
 
(Business school of Central South University, Changsha 410083, China)
 
Abstract: Taking as samples China’s 177 listed companies which belong to machinery, equipment and instrumentation industry, and using panel data fixed effects model based on time-series data from 2009 to 2014, this study empirically tests the influence of the government subsidies on profitability of listed companies under the different nature of property. Research findings indicate that government subsidies have “weakness-filling” effect on the profitability of listed companies, that the intensity of trend of government subsidies are both negatively correlated with profitability, that state-owned enterprises are more likely to obtain government subsidies than other enterprises, and that compared with other enterprises, the negative effect of government subsidies on state-owned enterprises’ ROA and profit possibilities is stronger. This conclusion expands the perspective of profitability and offers important guidance in improving business efficiency.
 
Key words: corporate profitability; government subsidies; nature of property right
 
 
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