寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据  

Rent-seeking,Fiscal Subsidies and Corporate Growth——Evidence from Chinese Listed Firms with the Concept of New Energy

作　　者：魏志华[1] 吴育辉[2] 曾爱民[3] 

机构地区：[1]厦门大学经济学院,福建厦门361005 [2]厦门大学管理学院,福建厦门361005 [3]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《经济管理》2015年第1期1-11,共11页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"半强制分红政策;公司分红行为与投资者保护"(71102058);国家自然科学基金项目"企业债券市场发展与企业财务政策选择"(71372072);国家自然科学基金项目"媒体治理:转型国家投资者保护的补充机制研究"(71172050)

摘　　要：本文以中国A股市场117家新能源概念类上市公司2010—2012年的数据为研究样本,基于寻租和公司成长性的视角,实证检验了财政补贴的影响因素以及经济后果。研究发现,寻租行为有助于上市公司尤其是民营上市公司获得更多的财政补贴,但财政补贴对于提高民营上市公司和国有上市公司的成长性都没有发挥积极的作用。进一步研究还表明,财政补贴对于上市公司尤其是民营上市公司加大研发投入产生了显著的正向影响,但无论是对于民营上市公司抑或国有上市公司而言,财政补贴都没有推动公司增加资本支出。本文认为,寻租以及财政补贴资金使用缺乏效率,可能是导致财政补贴难以推动上市公司成长与发展的两个主要原因。本文的研究为进一步理解财政补贴效率提供了新的实证证据,也对于完善我国现有的财政补贴政策具有重要的启示意义。Fiscal subsidy is an important part of government expenditure. In many countries especially in countries of economic transition, fiscal subsidy is one of important policy tools for maintaining economic stability, optimizing the allocation of resources and implementing industrial policy. In recent years, Chinese listed firms have received increasing fiscal subsidies. According to statistics, in 2013, nearly 95% of Chinese listed firms （more than 2000 firms） have received fiscal subsidies, which are amounted to more than 100 billion Yuan. On the other hand, there are many irregularities in fiscal subsidies, many of which are related to the problem of corruption. In fact, fiscal subsidies have become an important topic worthy of further exploration. Using a sample of 117 Chinese A-share listed firms with the concept of new energy for the period 2010-2012, this paper empirically tests the impact factors and economic consequences of fiscal subsidies based on the perspective of rent-seeking and firm growth. We find that rent-seeking behaviors help listed firms especially private firms get more fiscal subsidies, while which cannot play an active role in improving the growth of private listed firms and state-owned ones. Moreover, the higher fiscal subsidies are associated with the higher research and development （R＆D） investment of listed firms especially private firms. However, fiscal subsidies do not push private listed firms or state-owned ones to increase their capital expenditure. Our results indicate that rent-seeking and inefficien- cy of using fiscal subsidies are two main reasons that explain why fiscal subsidies have no positive impacts on corporate growth in China. According to the findings of this study, we propose the following suggestions. Firstly, fiscal subsidies should be reasonable and moderate. At present, many scholars have questioned the excessive government subsidies to lis- ted firms. The main reasons are as follows. On one hand, excessive government subsidies not only make the local fina

关 键 词：寻租 财政补贴 公司成长性 产权性质 

分 类 号：F276.6[经济管理—企业管理]