本文關(guān)鍵詞：中小板上市公司政府補助對企業(yè)價值的影響研究　出處：《西南財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 政府補助 中小板上市公司 公司價值

【摘要】：在我國經(jīng)濟發(fā)展中,中小企業(yè)占據(jù)了我國現(xiàn)代企業(yè)總量大約百分之九十的份額,成為我國社會主義市場經(jīng)濟中重要的組成部分。目前,中小企業(yè)已成為最具活力的企業(yè)群,主要表現(xiàn)為中小企業(yè)在擴大就業(yè)、活躍市場、收入分配、穩(wěn)定社會和改善國民經(jīng)濟結(jié)構(gòu)的過程中發(fā)揮著重要作用。但是,中小企業(yè)在成長過程中,存在市場競爭力較弱、融資渠道有限等問題,這將成為其在發(fā)展過程中的障礙。針對該問題,我國政府從2003年開始不斷地出臺各項政策法規(guī),通過各種方式推進中小企業(yè)的發(fā)展,提高其市場競爭力。從首次出臺《中小企業(yè)促進法》至今,相關(guān)部門已制定十九項左右的配套文件來幫助中小企業(yè)的發(fā)展。自2008年金融危機后,政府更是重視擴寬中小企業(yè)的融資渠道,通過政府補助來促進中小企業(yè)的發(fā)展。縱觀國內(nèi)外對政府補助以及企業(yè)價值的研究發(fā)現(xiàn),多數(shù)國外學(xué)者的研究切入點是從宏觀層面上分析政府補助企業(yè)的動機。而多數(shù)國內(nèi)學(xué)者的研究切入點是政府補助的效益,研究對象為某一特定行業(yè)或上市公司,較少有以中小板企業(yè)為研究對象。將中小板企業(yè)與政府補助結(jié)合起來,研究政府補助對企業(yè)價值的影響文獻甚少。基于該背景,本文以中小板企業(yè)為研究對象,并以政府補助對企業(yè)價值的影響為研究切入點,旨在闡釋中小板上市公司政府補助對企業(yè)價值的影響。 本文在地方政府競爭理論、軟預(yù)算約束理論、財政支出效益理論、有效市場假說理論以及信號傳遞理論的基礎(chǔ)上,以2007-2011年中小板上市的所有上市公司公開披露的財務(wù)指標(biāo)數(shù)據(jù)為樣本,從會計業(yè)績和市場業(yè)績兩個角度衡量企業(yè)價值,采用多元線性回歸模型分析驗證本文提出的三個假設(shè)。實證分析結(jié)果表明：中小板上市公司政府補助與會計業(yè)績、市場業(yè)績顯著正相關(guān)。在按照實際控制人分組檢驗后發(fā)現(xiàn),相比國有企業(yè),非國有企業(yè)獲得政府補助能夠更為顯著的提升會計業(yè)績。非國有企業(yè)管理層的薪酬更多與企業(yè)的會計業(yè)績相掛鉤,管理層會以企業(yè)利潤最大化為主要目標(biāo)。而國有企業(yè)因承擔(dān)過多的政治性目標(biāo)會弱化其追求業(yè)績的動力。相比非國有企業(yè),國有企業(yè)獲得政府補助能夠更為顯著的提升市場業(yè)績。國有企業(yè)獲取政府補助即獲得了較好的政府資源,且這種信號能夠有利地被市場識別,從而導(dǎo)致較好的市場業(yè)績。 基于以上分析,本文針對中小板塊上市公司政府補助對企業(yè)價值的影響提出的可行性政策建議主要為通過完善政府補助的相關(guān)法律法規(guī)、建立透明的政府補助制度,通過加強財政支出監(jiān)督以及會計監(jiān)督等來提升中小板企業(yè)上市公司的企業(yè)價值,為中小板上市公司的發(fā)展提供強有力的資金保障,促進中小企業(yè)發(fā)展的自生力。本文的貢獻從理論層面上講,主要是側(cè)重研究國內(nèi)學(xué)者較少關(guān)注的中小板上市公司,以期補充政府補助效益這一研究領(lǐng)域。從現(xiàn)實意義層面分析,有助于為政府干預(yù)資本市場的資源配置提供經(jīng)驗數(shù)據(jù),及為財政資金的使用效益提供評價依據(jù)。本文的不足在于未考慮研究期間內(nèi)的宏觀因素影響,以及未考慮財政扶持的另兩種手段,即專項補助和稅式支出。
[Abstract]:In China's economic development, small and medium-sized enterprises occupy the modern enterprises in China about ninety percent of the total share, become an important part of our socialist market economy. At present, the small and medium-sized enterprise has become the most dynamic enterprise group, mainly for small and medium-sized enterprises in expanding employment, active market, income distribution, plays an important effect of social stability and improve the structure of national economy. However, small and medium-sized enterprises in the growth process, the existence of market competitiveness is weak, limited financing channels and other issues, it will become the obstacle in the process of development. To solve this problem, our government began to continue to introduce policies to promote the development of small and medium-sized enterprises from 2003. Through a variety of ways, enhance its market competitiveness. For the first time from the introduction of "SME Promotion Law > date, the relevant departments have been formulated with about nineteen sets of documents to help The development of small and medium-sized enterprises. Since 2008 after the financial crisis, the government is to pay attention to broaden the financing channels for small and medium enterprises, to promote the development of small and medium-sized enterprises through government subsidies. Domestic and foreign research on government subsidies and enterprise value of the research found that most foreign scholars point is the analysis of enterprise government subsidies motivation from the macro level. While most domestic scholars point is the government subsidy benefits, the research object for a specific industry or listed companies, less in small and medium enterprise board as the research object. The small and medium-sized enterprise and government subsidies combined with the research literature on the impact of government subsidies of enterprise value is little. Based on this background, this paper takes the small and medium plate enterprise as the research object, and the impact of government subsidies to the enterprise value as the research point to explain the small board listed company of government subsidies to the enterprise value influence.
Based on the theory of local government competition, the theory of soft budget constraint, fiscal expenditure efficiency theory, based on the efficient market hypothesis theory, signaling theory, financial data disclosure of all listed companies in the 2007-2011 years of small plates listed as the sample, measure the value of the enterprise from two aspects of accounting performance and market performance, using multiple linear regression analysis of test three hypotheses proposed in this paper. The empirical results show that the SME board listed companies the government grants and accounting performance, is positively related to market performance. According to the actual control found in the grouping test, compared with state-owned enterprises, non-state-owned enterprises get government subsidies can more enhance accounting performance significantly. Non state owned enterprise management pay more layer and enterprise accounting performance linked management to maximize the profits of state-owned enterprises as the main target. Due to the excessive political goals will weaken their pursuit of performance power. Compared with the non state-owned enterprises, state-owned enterprises to obtain government subsidies to improve market performance is more significant. The state-owned enterprises access to government subsidies to obtain the good government resources, favorable market recognition and to this signal, which leads to better market performance.
Based on the above analysis, the feasibility of policy recommendations according to the SME listed government subsidy to enterprise value influence put forward mainly through the relevant laws and regulations to improve the government subsidies, the establishment of a transparent government subsidy system, by strengthening the supervision of financial expenditure and the accounting supervision of small and medium-sized enterprises to enhance the value of listed companies, to provide a strong the funds guarantee for the development of small and medium sized listed companies, in situ force to promote the development of SMEs. The contribution of this paper in theory, is mainly focused on small and medium-sized board domestic scholars pay less attention to the listed company, this research field to supplement government subsidy benefits. From the analysis of practical significance level, help to intervene in the capital market for the government's allocation of resources to provide empirical data, provide a basis for evaluation and for the use of fiscal funds benefit. The deficiency is not admitted The impact of macro factors during the study and two other means of financial support, namely, special subsidy and tax expenditure, are considered.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275;F812.45

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