新三板挂牌补贴的政策效应分析  

The Policy Effect of National Equities Exchange and Quotations (NEEQ) Listing Subsidy

作　　者：潘睿[1] 吕玉霞[2,3] 邵明超[4] PAN Rui;LV Yu-xia;SHAO Ming-chao(Shandong University, Jinan 250100, P. R. China Shandong Management University, Jinan 250100, P. R. China Hongxin Securities Co. , LTD. , J;inan 250100, P. R. China)

机构地区：[1]山东大学经济研究院 [2]山东管理学院 [3]山东大学 [4]宏信证券有限责任公司投行部

出　　处：《山东大学学报（哲学社会科学版）》2017年第6期84-93,共10页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家自然科学基金面上项目"适宜基础设施与中国经济增长:理论与实证研究"(71273012);山东省自然科学基金面上项目"房地产周期与土地资源配置的经济效应"(ZR2016GM24)

摘　　要：随着新三板的兴起,地方政府在2014年后相继出台鼓励企业挂牌新三板的补贴政策。基于新三板挂牌企业数据,本文从实证角度出发,分析了新三板挂牌补贴的企业偏向性,并考察新三板挂牌补贴对企业经营绩效和营运能力,以及对企业税收负担的影响。研究发现,新三板挂牌补贴并没有特别偏向于某一类企业;新三板挂牌补贴提高了企业的经营绩效和营运能力;新三板挂牌补贴对企业的营业税税率没有显著影响,但增加了企业的实际税收负担。地方政府需要进一步完善补贴的执行方式和条件,把对挂牌行为的鼓励变为对融资行为的鼓励。从长期看,地方政府适时退出补贴政策可以减少对市场经济的扭曲。As the emergence and development of National Equities Exchange and Quotations（NEEQ）in China,local governments came out subsidy policy in succession to encourage small and medium-sized enterprises to be quoted in 2014.Based on data of listing firms in NEEQ in 2014 and 2015,this paper empirically explores the following questions,how the subsidy policy favors firms with specific features,how the subsidy policy affects firms＇ business performance,and how the subsidy policy affects firms＇ tax bearing.We find that the listing subsidy policy is not biased toward some specific type of firms;the listing subsidy policy improves subsidized firms＇ business performance;although the listing subsidy policy does not increase firms＇ rate of business tax,it raises firms＇ actual tax bearing.Local governments ought to improve the procedure of and condition for the listing subsidy policy in the short run,and change from encouraging new three board listing to encouraging financing behavior.In the long run,local governments may choose the right time to quit the subsidy policy and lessen the distortion on the market economy.

关 键 词：新三板 政府补贴 经营绩效 税收负担 

分 类 号：F832.51[经济管理—金融学]