政府补贴、生命周期和科技服务企业价值
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摘要
以2009～2014年中国大陆科技服务类上市公司为样本,运用现金流分类法划分企业生命周期并实证检验了政府补贴对企业价值的影响.研究发现,政府补贴规模在企业生命周期演进历程中呈现出了递减态势,在成熟期和衰退期的科技服务企业分别存在着补贴过度和补贴不足.因此提出对这两个阶段中的科技服务企业分别予以降低和提高补贴规模来优化补贴资源配置效率,促进科技服务企业实现更好发展.
Using the samples of listed companies of science and technology service industry from 2009 to 2014, we empirically study the influence of government subsidies in different life-cycle stage decided by cash-flow method to firm value. We have found that: the scale of government subsidy shows a decreasing trend in the evolution of the corporate life-cycle; In the mature stage and decline stage of S&T service enterprises there are subsidies over and the problem of insufficient subsidies. Therefore, we recommend respectively lowering and improving the scale of subsidies to those companies to optimize the efficiency of resource allocation the subsidies, and thus to promote the development of S&T service industry.
Using the samples of listed companies of science and technology service industry from 2009 to 2014, we empirically study the influence of government subsidies in different life-cycle stage decided by cash-flow method to firm value. We have found that: the scale of government subsidy shows a decreasing trend in the evolution of the corporate life-cycle; In the mature stage and decline stage of S&T service enterprises there are subsidies over and the problem of insufficient subsidies. Therefore, we recommend respectively lowering and improving the scale of subsidies to those companies to optimize the efficiency of resource allocation the subsidies, and thus to promote the development of S&T service industry.
引文
[1] 陈晓,李静.地方政府财政行为在提升上市公司绩效中的作用探析[J].会计研究,2001(12):20.CHEN Xiao,LI Jing.Exploring the role of local government fiscal supports in accounting performance of listed companies[J].Accounting Research,2001(12):20.
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[4] 林万龙,张莉琴.农业产业化龙头企业政府财税补贴政策效率:基于农业上市公司的案例研究[J].中国农村经济,2004(10):33.LIN Wanlong,ZHANG Liqin.Efficiency of government fiscal subsidy policy for leading enterprises in agricultural industrialization:a case study based on agricultural listed companies[J].Chinese Rural Economy,2004(10):33.
[5] 汪秋明,韩庆潇,杨晨.战略性新兴产业中的政府补贴与企业行为——基于政府规制下的动态博弈分析视角[J].财经研究,2014(7):43.WANG Qiuming,Han Qingxiao,YANG Chen.Government subsidies and corporate behavior in strategic emerging industries:a perspective of dynamic game based on government regulation[J].Journal of Finance and Economics,2014(7):43.
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[7] 贾宝林,宁凌,刘亮.科技服务业激励政策体系中的政府作用[J].科技管理研究,2011(13):23.JIA Baolin,NING Ling,LIU Liang.Government functions in incentive policy system about science and technology service industry[J].Science and Technology Management Research,2011(13):23.
[8] 潘越,戴亦一,李财喜.政治关联与财务困境公司的政府补助-来自中国ST公司的经验证据[J].南开管理评论,2009,12(5):6.PAN Yue,DAI Yiyi,LI Caixi.Political connections and government subsidies of companies in financial distress-empirical evidence from Chinese ST listed companies[J].Nankai Business Review,2009,12(5):6.
[9] 余明桂,回雅甫,潘红波.政治联系、寻租与地方政府财政补贴有效性[J].经济研究,2010(3):65.YU Minggui,HUI Yafu,PAN Hongbo.Political connections,rent seeking,and the fiscal subsidy efficiency of local governments[J].Economic Research Journal,2010(3):65.
[10] 王俊.R&D补贴对企业R&D投入及创新产出影响的实证研究[J].科学学研究,2010,28(9):1368.WANG Jun.The experiential study on the impact of government R&D subsidies on the business R&D input and innovation output[J].Studies in Science of Science,2010,28(9):1368.
[11] 徐欣,唐清泉.R&D活动、创新专利对企业价值的影响——来自中国上市公司的研究[J].研究与发展管理,2010,22(4):20.XU Xin,TANG Qingquan.The impact of R&D activities and innovation patents on firm value—a study on Chinese listed companies[J].R&D Management,2010,22(4):20.
[12] Guo D,Guo Y,JIANG K.Government-subsidized R&D and firm innovation:evidence from China[J].Research Policy,2016,45(6):1129.
[13] MONTMARTIN B,M HERRERA.Internal and external effects of R&D subsidies and fiscal incentives:empirical evidence using spatial dynamic panel model[J].Research Policy,2015,44(5):1065.
[14] PODOLNY J M.Networks as the pipes and prisms of the market[J].American Journal of Sociology,2001,107(1):33.
[15] KLEER R.Government R&D subsidies as a signal for private investors[J].Research policy,2010,39(10):1361.
[16] SHENG S B,ZHOU K Z,LI J J.The effects of business and political ties on firm Performance:evidence from China[J].Journal of Marketing,2011,75(1):1.
[17] 任曙明,吕镯.融资约束、政府补贴与全要素生产率——来自中国装备制造企业的实证研究[J].管理世界,2014(11):10.REN Shumiug and LU Zhuo.The financial constraints,the government subsidies and the factor productivity:a case study on the equipment—manufacturing enterprises in China[J].Management World,2014(11):10.
[18] 张丽丽.融资约束、财务柔性与企业价值——来自中国上市公司的经验数据[D].大连:东北财经大学,2015.ZHANG Lili.Financing constraint,financial flexibility and firm value:empirical evidence from China’s listed companies[D].Dalian:Dongbei University of Finance and Economics,2015.
[19] 毛其淋,许家云.政府补贴对企业新产品创新的影响——基于补贴强度“适度区间”的视角[J].中国工业经济,2015(6):94.MAO Qilin,Xu Jiayun.The effect of government subsidy on firm’s new product innovation—an analysis based on the moderate interval of subsidy intensity[J].China Industrial Economics,2015(6):94.
[20] 李云鹤,李湛,唐松莲.企业生命周期、公司治理与公司资本配置效率[J].南开管理评论,2011,14(3):110.LI Yunhe,LI Zhan,TANG Songlian.Corporate life-cycle,corporate governance and corporate capital allocation efficiency[J].Nankai Business Review,2011,14(3):110.
[21] DICKINSON V.Future profitability and the role of firm life cycle[EB/OL].[2012-02-16].http://ssrn.com/abstract=755804.
[22] 曹裕,陈晓红,王傅强.我国上市公司生命周期划分方法实证比较研究[J].系统管理学报,2010,19(3):314.CAO Yu,CHEN Xiaohong,WANG Fuqiang.Comparative research of life cycle models of Chinese companies in stock market[J].Journal of Systems & Management,2010,19(3):314.
[23] 高松,庄晖,牛盼强.科技型中小企业政府资助效应提升研究——基于企业生命周期视角的观点[J].中国工业经济,2011(7):150.GAO Song,ZHUANG Hui,NIU Pangqiang.Research on the promotion effect of government funding on science and technology-oriented small and medium sized enterprises—based on enterprise life cycle[J].China Industrial Economics,2011(7):150.
[24] 文芳.企业生命周期对R&D投资影响的实证研究[J].经济经纬,2009(6):86.WEN Fang.An empirical study on the influence of corporate life cycle on R&D investment[J].Economic Survey,2009(6):86.
[25] 周霞.我国上市公司的政府补助绩效评价——基于企业生命周期的视角[J].当代财经,2014(2):40.ZHOU Xia.Evaluation of government subsidy performance in China’s listed companies:from the perspective of enterprise life cycle[J].Contemporary Finance & Economics,2014(2):40.
[26] 李善民,朱滔.多元化并购能给股东创造价值吗?——兼论影响多元化并购长期绩效的因素[J].管理世界,2006(3):129.LI Shanmin,ZHU Tao.Can diversified mergers and acquisitions create value for shareholders?—factors affecting long-term performance of diversified mergers and acquisitions[J].Management World,2006(3):129.
[27] 梁莱歆,金杨,赵娜.基于企业生命周期的R&D投入与企业绩效关系研究——来自上市公司经验数据[J].科学学与科学技术管理,2010(12):11.LIANG Laixin,JIN Yang,ZHAO Na.Study on the relationship between R&D and enterprise performance based on enterpriseLife cycle:empirical research in listed firm [J].Science of Science and Management of S&T,2010(12):11.
[28] 王红建,李青原,刘放.政府补贴:救急还是救穷——来自亏损类公司样本的经验证据[J].南开管理评论,2015(5):42.WANG Hongjian,LI Qingyuan,LIU Fang.Government subsidies:relief for the emergency or the poor?—an empirical evidence from loss-making firms[J].Nankai Business Review,2015(5):42.
[2] 邵敏,包群.政府补贴与企业生产率——基于我国工业企业的经验分析[J].中国工业经济,2012(7):70.SHAO Min,BAO Qun.Government subsidies and firm’s productivity—an empirical study based on Chinese industrial plants[J].China Industrial Economics,2012(7):70.
[3] 唐清泉,罗党论.政府补贴动机及其效果的实证研究——来自中国上市公司的经验证据[J].金融研究,2007(6):149.TANG Qingquan,LUO Danglun.An empirical study on the motivation and effect of government subsidy—empirical evidence from Chinese listed companies[J].Journal of Financial Research,2007(6):149.
[4] 林万龙,张莉琴.农业产业化龙头企业政府财税补贴政策效率:基于农业上市公司的案例研究[J].中国农村经济,2004(10):33.LIN Wanlong,ZHANG Liqin.Efficiency of government fiscal subsidy policy for leading enterprises in agricultural industrialization:a case study based on agricultural listed companies[J].Chinese Rural Economy,2004(10):33.
[5] 汪秋明,韩庆潇,杨晨.战略性新兴产业中的政府补贴与企业行为——基于政府规制下的动态博弈分析视角[J].财经研究,2014(7):43.WANG Qiuming,Han Qingxiao,YANG Chen.Government subsidies and corporate behavior in strategic emerging industries:a perspective of dynamic game based on government regulation[J].Journal of Finance and Economics,2014(7):43.
[6] 孙东民,刘莎莎,王亚男.市场竞争、产权与政府补贴[J].经济研究,2013(2):55.SUN Dongmin,LIU Shasha,WANG Yanan.Market competition,ownership and government subsidy[J].Economic Research Journal,2013(2):55.
[7] 贾宝林,宁凌,刘亮.科技服务业激励政策体系中的政府作用[J].科技管理研究,2011(13):23.JIA Baolin,NING Ling,LIU Liang.Government functions in incentive policy system about science and technology service industry[J].Science and Technology Management Research,2011(13):23.
[8] 潘越,戴亦一,李财喜.政治关联与财务困境公司的政府补助-来自中国ST公司的经验证据[J].南开管理评论,2009,12(5):6.PAN Yue,DAI Yiyi,LI Caixi.Political connections and government subsidies of companies in financial distress-empirical evidence from Chinese ST listed companies[J].Nankai Business Review,2009,12(5):6.
[9] 余明桂,回雅甫,潘红波.政治联系、寻租与地方政府财政补贴有效性[J].经济研究,2010(3):65.YU Minggui,HUI Yafu,PAN Hongbo.Political connections,rent seeking,and the fiscal subsidy efficiency of local governments[J].Economic Research Journal,2010(3):65.
[10] 王俊.R&D补贴对企业R&D投入及创新产出影响的实证研究[J].科学学研究,2010,28(9):1368.WANG Jun.The experiential study on the impact of government R&D subsidies on the business R&D input and innovation output[J].Studies in Science of Science,2010,28(9):1368.
[11] 徐欣,唐清泉.R&D活动、创新专利对企业价值的影响——来自中国上市公司的研究[J].研究与发展管理,2010,22(4):20.XU Xin,TANG Qingquan.The impact of R&D activities and innovation patents on firm value—a study on Chinese listed companies[J].R&D Management,2010,22(4):20.
[12] Guo D,Guo Y,JIANG K.Government-subsidized R&D and firm innovation:evidence from China[J].Research Policy,2016,45(6):1129.
[13] MONTMARTIN B,M HERRERA.Internal and external effects of R&D subsidies and fiscal incentives:empirical evidence using spatial dynamic panel model[J].Research Policy,2015,44(5):1065.
[14] PODOLNY J M.Networks as the pipes and prisms of the market[J].American Journal of Sociology,2001,107(1):33.
[15] KLEER R.Government R&D subsidies as a signal for private investors[J].Research policy,2010,39(10):1361.
[16] SHENG S B,ZHOU K Z,LI J J.The effects of business and political ties on firm Performance:evidence from China[J].Journal of Marketing,2011,75(1):1.
[17] 任曙明,吕镯.融资约束、政府补贴与全要素生产率——来自中国装备制造企业的实证研究[J].管理世界,2014(11):10.REN Shumiug and LU Zhuo.The financial constraints,the government subsidies and the factor productivity:a case study on the equipment—manufacturing enterprises in China[J].Management World,2014(11):10.
[18] 张丽丽.融资约束、财务柔性与企业价值——来自中国上市公司的经验数据[D].大连:东北财经大学,2015.ZHANG Lili.Financing constraint,financial flexibility and firm value:empirical evidence from China’s listed companies[D].Dalian:Dongbei University of Finance and Economics,2015.
[19] 毛其淋,许家云.政府补贴对企业新产品创新的影响——基于补贴强度“适度区间”的视角[J].中国工业经济,2015(6):94.MAO Qilin,Xu Jiayun.The effect of government subsidy on firm’s new product innovation—an analysis based on the moderate interval of subsidy intensity[J].China Industrial Economics,2015(6):94.
[20] 李云鹤,李湛,唐松莲.企业生命周期、公司治理与公司资本配置效率[J].南开管理评论,2011,14(3):110.LI Yunhe,LI Zhan,TANG Songlian.Corporate life-cycle,corporate governance and corporate capital allocation efficiency[J].Nankai Business Review,2011,14(3):110.
[21] DICKINSON V.Future profitability and the role of firm life cycle[EB/OL].[2012-02-16].http://ssrn.com/abstract=755804.
[22] 曹裕,陈晓红,王傅强.我国上市公司生命周期划分方法实证比较研究[J].系统管理学报,2010,19(3):314.CAO Yu,CHEN Xiaohong,WANG Fuqiang.Comparative research of life cycle models of Chinese companies in stock market[J].Journal of Systems & Management,2010,19(3):314.
[23] 高松,庄晖,牛盼强.科技型中小企业政府资助效应提升研究——基于企业生命周期视角的观点[J].中国工业经济,2011(7):150.GAO Song,ZHUANG Hui,NIU Pangqiang.Research on the promotion effect of government funding on science and technology-oriented small and medium sized enterprises—based on enterprise life cycle[J].China Industrial Economics,2011(7):150.
[24] 文芳.企业生命周期对R&D投资影响的实证研究[J].经济经纬,2009(6):86.WEN Fang.An empirical study on the influence of corporate life cycle on R&D investment[J].Economic Survey,2009(6):86.
[25] 周霞.我国上市公司的政府补助绩效评价——基于企业生命周期的视角[J].当代财经,2014(2):40.ZHOU Xia.Evaluation of government subsidy performance in China’s listed companies:from the perspective of enterprise life cycle[J].Contemporary Finance & Economics,2014(2):40.
[26] 李善民,朱滔.多元化并购能给股东创造价值吗?——兼论影响多元化并购长期绩效的因素[J].管理世界,2006(3):129.LI Shanmin,ZHU Tao.Can diversified mergers and acquisitions create value for shareholders?—factors affecting long-term performance of diversified mergers and acquisitions[J].Management World,2006(3):129.
[27] 梁莱歆,金杨,赵娜.基于企业生命周期的R&D投入与企业绩效关系研究——来自上市公司经验数据[J].科学学与科学技术管理,2010(12):11.LIANG Laixin,JIN Yang,ZHAO Na.Study on the relationship between R&D and enterprise performance based on enterpriseLife cycle:empirical research in listed firm [J].Science of Science and Management of S&T,2010(12):11.
[28] 王红建,李青原,刘放.政府补贴:救急还是救穷——来自亏损类公司样本的经验证据[J].南开管理评论,2015(5):42.WANG Hongjian,LI Qingyuan,LIU Fang.Government subsidies:relief for the emergency or the poor?—an empirical evidence from loss-making firms[J].Nankai Business Review,2015(5):42.