战略性新兴产业政府补贴是否用在了“刀刃”上?——基于254家上市公司的数据  

Are Government Subsidies in Strategic Emerging Industry Used at the Key Point?——Empirical Evidence from 254 Listed Companies

作　　者：肖兴志[1] 王伊攀[1] 

机构地区：[1]东北财经大学产业组织与企业组织研究中心,辽宁大连116025

出　　处：《经济管理》2014年第4期19-31,共13页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重大项目"世界产业发展新趋势及我国培育发展战略性新兴产业跟踪研究"(12&ZD068);国家自然科学基金项目"战略性新兴产业‘技术实验'的驱动;路径与政策研究"(71203023);教育部哲学社会科学发展报告培育项目"中国战略性新兴产业发展报告"(11JBGP037)

摘　　要：政府补贴是战略性新兴产业扶持政策的重要手段，旨在促进创新。然而，政府补贴的动机却一直倍受质疑。本文首先通过构建一个政府与企业共同参与的理论模型，以寻租效应和信息效应为基础，从官员激励视角辨别政府补贴动机是否存在扭曲，探讨政府在促进企业创新和协助企业粉饰业绩之间的权衡。随后利用战略性新兴产业254家上市公司2007～2012年的数据实证检验了政府补贴动机。结果显示，企业的创新能力和盈余管理的需求情况共同影响了企业获得政府补贴的数额；对有盈余管理需求的企业，创新支出与政府补贴有更强的相关性并且粉饰业绩需要的资金越多，政府补贴越高；企业的盈余管理需求会显著改善企业获取补贴的程度。这表明，政府在选择补贴对象和补贴程度时，兼有促进企业创新和协助企业粉饰业绩两种动机，并不是单纯偏取其一。同时，佐证了在战略性新兴产业中，促进企业创新是政府补贴政策考虑的重要因素，但也存在协助上市公司粉饰业绩问题，并未完全用在“刀刃”上。It＇ s the important strategy for China to step up efforts to develop strategic emerging industry. Since the State Council issued the ＂Decision of the State Council on Accelerating Fostering and Developing Emerging In- dustries of Strategic Importance＂ in October 2010, Government has given more subsidies to strategic emerging in- dustries designed to promote innovation. Given the complexity of the technology, uncertainty, the high of spillover effects and the insufficient of market demand in Strategic emerging industries, without government intervention, the enterprises are not willing to carry out R＆D. Government subsidy~ Therefore the subsidy is reasonable in a sense. may encourage enterprises＇ innovation by way of R＆D Government subsidies should be used to promote technological innovation, transformation and upgrading, re- search and development, market development and brand construction and so on. These are used at the key point~ However,in a recent discussion, according to media reports, government subsidies have become an important means to plaster the performance of listed companies known as window dressing. Government subsidies are used to promote enterprise innovation,or to help enterprises plaster the performance？ This paper intends to shed light on whether Government subsidies are used at the key point from the perspec- tive of official encourage~ From the government＇ s perspective to identify the existence of distorting government sub- sidies motive has its benefits ： as long as firms get the subsidies, subsidies are the part of profits, whether intentional- ly or unintentionally, must dress up performance, so it＇ s difficult to distinguish whether the subsidies are used to promote innovation or to whitewash results intentionally from firms＇ perspective~ But, we can get a better identifica- tion from the problem that whether the firms which loss or decline in performance get the government ＂special care＂ ~ Earnings management in China is not simply a management choice, but i

关 键 词：战略性新兴产业 政府补贴 补贴动机 盈余管理 

分 类 号：F062.9[经济管理—政治经济学]