本文關(guān)鍵詞：中小板上市公司政府補(bǔ)助對(duì)企業(yè)價(jià)值的影響研究　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：在我國(guó)經(jīng)濟(jì)發(fā)展中,中小企業(yè)占據(jù)了我國(guó)現(xiàn)代企業(yè)總量大約百分之九十的份額,成為我國(guó)社會(huì)主義市場(chǎng)經(jīng)濟(jì)中重要的組成部分。目前,中小企業(yè)已成為最具活力的企業(yè)群,主要表現(xiàn)為中小企業(yè)在擴(kuò)大就業(yè)、活躍市場(chǎng)、收入分配、穩(wěn)定社會(huì)和改善國(guó)民經(jīng)濟(jì)結(jié)構(gòu)的過(guò)程中發(fā)揮著重要作用。但是,中小企業(yè)在成長(zhǎng)過(guò)程中,存在市場(chǎng)競(jìng)爭(zhēng)力較弱、融資渠道有限等問(wèn)題,這將成為其在發(fā)展過(guò)程中的障礙。針對(duì)該問(wèn)題,我國(guó)政府從2003年開(kāi)始不斷地出臺(tái)各項(xiàng)政策法規(guī),通過(guò)各種方式推進(jìn)中小企業(yè)的發(fā)展,提高其市場(chǎng)競(jìng)爭(zhēng)力。從首次出臺(tái)《中小企業(yè)促進(jìn)法》至今,相關(guān)部門已制定十九項(xiàng)左右的配套文件來(lái)幫助中小企業(yè)的發(fā)展。自2008年金融危機(jī)后,政府更是重視擴(kuò)寬中小企業(yè)的融資渠道,通過(guò)政府補(bǔ)助來(lái)促進(jìn)中小企業(yè)的發(fā)展�？v觀國(guó)內(nèi)外對(duì)政府補(bǔ)助以及企業(yè)價(jià)值的研究發(fā)現(xiàn),多數(shù)國(guó)外學(xué)者的研究切入點(diǎn)是從宏觀層面上分析政府補(bǔ)助企業(yè)的動(dòng)機(jī)。而多數(shù)國(guó)內(nèi)學(xué)者的研究切入點(diǎn)是政府補(bǔ)助的效益,研究對(duì)象為某一特定行業(yè)或上市公司,較少有以中小板企業(yè)為研究對(duì)象。將中小板企業(yè)與政府補(bǔ)助結(jié)合起來(lái),研究政府補(bǔ)助對(duì)企業(yè)價(jià)值的影響文獻(xiàn)甚少。基于該背景,本文以中小板企業(yè)為研究對(duì)象,并以政府補(bǔ)助對(duì)企業(yè)價(jià)值的影響為研究切入點(diǎn),旨在闡釋中小板上市公司政府補(bǔ)助對(duì)企業(yè)價(jià)值的影響。 本文在地方政府競(jìng)爭(zhēng)理論、軟預(yù)算約束理論、財(cái)政支出效益理論、有效市場(chǎng)假說(shuō)理論以及信號(hào)傳遞理論的基礎(chǔ)上,以2007-2011年中小板上市的所有上市公司公開(kāi)披露的財(cái)務(wù)指標(biāo)數(shù)據(jù)為樣本,從會(huì)計(jì)業(yè)績(jī)和市場(chǎng)業(yè)績(jī)兩個(gè)角度衡量企業(yè)價(jià)值,采用多元線性回歸模型分析驗(yàn)證本文提出的三個(gè)假設(shè)。實(shí)證分析結(jié)果表明：中小板上市公司政府補(bǔ)助與會(huì)計(jì)業(yè)績(jī)、市場(chǎng)業(yè)績(jī)顯著正相關(guān)。在按照實(shí)際控制人分組檢驗(yàn)后發(fā)現(xiàn),相比國(guó)有企業(yè),非國(guó)有企業(yè)獲得政府補(bǔ)助能夠更為顯著的提升會(huì)計(jì)業(yè)績(jī)。非國(guó)有企業(yè)管理層的薪酬更多與企業(yè)的會(huì)計(jì)業(yè)績(jī)相掛鉤,管理層會(huì)以企業(yè)利潤(rùn)最大化為主要目標(biāo)。而國(guó)有企業(yè)因承擔(dān)過(guò)多的政治性目標(biāo)會(huì)弱化其追求業(yè)績(jī)的動(dòng)力。相比非國(guó)有企業(yè),國(guó)有企業(yè)獲得政府補(bǔ)助能夠更為顯著的提升市場(chǎng)業(yè)績(jī)。國(guó)有企業(yè)獲取政府補(bǔ)助即獲得了較好的政府資源,且這種信號(hào)能夠有利地被市場(chǎng)識(shí)別,從而導(dǎo)致較好的市場(chǎng)業(yè)績(jī)。 基于以上分析,本文針對(duì)中小板塊上市公司政府補(bǔ)助對(duì)企業(yè)價(jià)值的影響提出的可行性政策建議主要為通過(guò)完善政府補(bǔ)助的相關(guān)法律法規(guī)、建立透明的政府補(bǔ)助制度,通過(guò)加強(qiáng)財(cái)政支出監(jiān)督以及會(huì)計(jì)監(jiān)督等來(lái)提升中小板企業(yè)上市公司的企業(yè)價(jià)值,為中小板上市公司的發(fā)展提供強(qiáng)有力的資金保障,促進(jìn)中小企業(yè)發(fā)展的自生力。本文的貢獻(xiàn)從理論層面上講,主要是側(cè)重研究國(guó)內(nèi)學(xué)者較少關(guān)注的中小板上市公司,以期補(bǔ)充政府補(bǔ)助效益這一研究領(lǐng)域。從現(xiàn)實(shí)意義層面分析,有助于為政府干預(yù)資本市場(chǎng)的資源配置提供經(jīng)驗(yàn)數(shù)據(jù),及為財(cái)政資金的使用效益提供評(píng)價(jià)依據(jù)。本文的不足在于未考慮研究期間內(nèi)的宏觀因素影響,以及未考慮財(cái)政扶持的另兩種手段,即專項(xiàng)補(bǔ)助和稅式支出。
[Abstract]:In China's economic development, small and medium-sized enterprises occupy the modern enterprises in China about ninety percent of the total share, become an important part of our socialist market economy. At present, the small and medium-sized enterprise has become the most dynamic enterprise group, mainly for small and medium-sized enterprises in expanding employment, active market, income distribution, plays an important effect of social stability and improve the structure of national economy. However, small and medium-sized enterprises in the growth process, the existence of market competitiveness is weak, limited financing channels and other issues, it will become the obstacle in the process of development. To solve this problem, our government began to continue to introduce policies to promote the development of small and medium-sized enterprises from 2003. Through a variety of ways, enhance its market competitiveness. For the first time from the introduction of "SME Promotion Law > date, the relevant departments have been formulated with about nineteen sets of documents to help The development of small and medium-sized enterprises. Since 2008 after the financial crisis, the government is to pay attention to broaden the financing channels for small and medium enterprises, to promote the development of small and medium-sized enterprises through government subsidies. Domestic and foreign research on government subsidies and enterprise value of the research found that most foreign scholars point is the analysis of enterprise government subsidies motivation from the macro level. While most domestic scholars point is the government subsidy benefits, the research object for a specific industry or listed companies, less in small and medium enterprise board as the research object. The small and medium-sized enterprise and government subsidies combined with the research literature on the impact of government subsidies of enterprise value is little. Based on this background, this paper takes the small and medium plate enterprise as the research object, and the impact of government subsidies to the enterprise value as the research point to explain the small board listed company of government subsidies to the enterprise value influence.
Based on the theory of local government competition, the theory of soft budget constraint, fiscal expenditure efficiency theory, based on the efficient market hypothesis theory, signaling theory, financial data disclosure of all listed companies in the 2007-2011 years of small plates listed as the sample, measure the value of the enterprise from two aspects of accounting performance and market performance, using multiple linear regression analysis of test three hypotheses proposed in this paper. The empirical results show that the SME board listed companies the government grants and accounting performance, is positively related to market performance. According to the actual control found in the grouping test, compared with state-owned enterprises, non-state-owned enterprises get government subsidies can more enhance accounting performance significantly. Non state owned enterprise management pay more layer and enterprise accounting performance linked management to maximize the profits of state-owned enterprises as the main target. Due to the excessive political goals will weaken their pursuit of performance power. Compared with the non state-owned enterprises, state-owned enterprises to obtain government subsidies to improve market performance is more significant. The state-owned enterprises access to government subsidies to obtain the good government resources, favorable market recognition and to this signal, which leads to better market performance.
Based on the above analysis, the feasibility of policy recommendations according to the SME listed government subsidy to enterprise value influence put forward mainly through the relevant laws and regulations to improve the government subsidies, the establishment of a transparent government subsidy system, by strengthening the supervision of financial expenditure and the accounting supervision of small and medium-sized enterprises to enhance the value of listed companies, to provide a strong the funds guarantee for the development of small and medium sized listed companies, in situ force to promote the development of SMEs. The contribution of this paper in theory, is mainly focused on small and medium-sized board domestic scholars pay less attention to the listed company, this research field to supplement government subsidy benefits. From the analysis of practical significance level, help to intervene in the capital market for the government's allocation of resources to provide empirical data, provide a basis for evaluation and for the use of fiscal funds benefit. The deficiency is not admitted The impact of macro factors during the study and two other means of financial support, namely, special subsidy and tax expenditure, are considered.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275;F812.45

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