政府补贴对上市公司外部融资的影响研究——基于广义倾向得分法的实证分析  

How Does Government Subsidies Influence the External Financing of Listed Companies

作　　者：史伟[1] 霍丽[2] 

机构地区：[1]西北大学经济管理学院,陕西西安710127 [2]西北大学学报编辑部,陕西西安710069

出　　处：《西北大学学报（哲学社会科学版）》2014年第6期133-138,共6页Journal of Northwest University：Philosophy and Social Sciences Edition

基　　金：陕西省社科基金重点项目(13D037);陕西省社科基金(12D136);陕西省教育厅科学研究项目(人文社科专项)"(12JK0126)

摘　　要：选取2003—2011年获得政府补贴的A股上市公司数据,运用广义倾向得分法分析发现,政府补贴对企业外部融资的影响与补贴强度密切相关。补贴强度与债务融资、权益融资之间均呈现"倒U"型关系。与未获补贴相比,一定强度内的政府补贴会显著增加补贴企业的债务融资额和权益融资额。针对子样本的分析进一步发现,前述"倒U"型关系在各子样本上都稳定,但政府补贴对债务融资和权益融资的促进作用在非国有企业和盈利企业中更加显著。Based on the data of government subsidies for A-share Listed companies of 2003-2011 ,this paper examines the effects of government subsidies on externaL financing of the enterprises by using the generaL pro-pensity score method. The study finds out that the impact of government subsidies on corporate externaL finan-cing and subsidies intensity are cLoseLy reLated. Government subsidies intensity is showing the inverted U-shaped reLationship with both debt financing and equity financing of subsidies to enterprises. Compared with non-subsidized ,government subsidies within a certain intensity wiLL significantLy increase the amount of debt financing and equity financing. Further anaLysis finds that for the sub-sampLes,the aforementioned inverted U-shaped reLationship is stabLe on each sub-sampLe. Both in the non state-owned enterprises and profita-bLe businesses,the net effect of government subsidies on corporate externaL financing is even more pro-nounced.

关 键 词：政府补贴强度 债务融资 权益融资 广义倾向得分 

分 类 号：F27[经济管理—企业管理]