摘要
通过对25家粮油上市公司2010—2015年相关财务数据构建面板数据模型,分析粮油上市公司获得政府补助的影响因素,结果表明:存在政治关联、农业类和亏损的粮油上市公司更易获得政府补助。存在政治关联的企业在亏损时,可以比不存在政治联系的企业得到更多的财政拨款和财政贴息,而财政拨款倾向于规模较大、经营较好的粮油上市公司。政府补助的影响结果也不尽相同,即当期的政府补助可能对主营业务利润率没有显著的影响,甚至具有负向影响;但是滞后1~2期的税收返还、滞后2~3期的财政拨款和财政贴息对主营业务利润率有显著的正向影响。因此,政府应继续加大补助力度和提高补助效率。
The paper analyzes the influence factors of government subsidies for listed companies of grain and oil by constructing the panel data model of 25 companies from 2010 to 2015. The results show that the existence of political connections,agriculture and loss can help listed companies receive government subsidies. Enterprises with political connections can gain more financial allocations and financial discount than those without political connections when they lose money. The financial allocation tends to help larger and better listed companies. The effects of government subsidies are not the same,that is the current government subsidies may have no significant impact or even have a negative impact on the main business profit margins,but the lag of 1-2 phase tax returns,the lag of the 2-3 phase of financial allocation and financial discount have a significant positive impact on the main business profit margins. The government should continue to increase subsidies and improve the efficiency of government subsidies.
出处
《南京财经大学学报》
2018年第1期98-108,共11页
Journal of Nanjing University of Finance and Economics
基金
国家自然科学基金青年项目(71503119)
江苏省第五期"333工程"项目(BRA2016419)
江苏高校哲学社会科学研究重点项目(2017ZDIXM064)
粮食公益性科研专项(201513004)
南京财经大学粮食安全与战略研究中心招标课题(CFSSS2016-04)
江苏高校优势学科项目建设工程(PAPD)
青蓝工程(Qing Lan Project)科技创新团队项目(2014S261)
江苏省高校哲社重点研究基地重大项目
关键词
政府补助
粮油上市公司
政治关联
补助效率
government subsidies
listed companies of grain and oil
political connection
subsidy efficiency
