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  

Nature of property right, government subsidies and corporate profitability: Empirical study on listed companies in machinery, equipment and instrumentation

作　　者：何红渠[1] 刘家祯[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《中南大学学报（社会科学版）》2016年第2期76-83,共8页Journal of Central South University：Social Sciences

基　　金：国家自然科学基金项目"上市公司策略性信息披露的实验与实证研究"(71372209)

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。Taking as samples China’s 177 listed companies which belong to machinery, equipment and instrumentationindustry, and using panel data fixed effects model based on time-series data from 2009 to 2014, this study empiricallytests 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 listedcompanies, that the intensity of trend of government subsidies are both negatively correlated with profitability, thatstate-owned enterprises are more likely to obtain government subsidies than other enterprises, and that compared withother enterprises, the negative effect of government subsidies on state-owned enterprises’ ROA and profit possibilities isstronger. This conclusion expands the perspective of profitability and offers important guidance in improving businessefficiency.

关 键 词：盈利能力 政府补助 产权性质 

分 类 号：F812.4[经济管理—财政学]