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	寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据; Rent-seeking,Fiscal Subsidies and Corporate Growth——Evidence from Chinese Listed Firms with the Concept of New Energy
	魏志华 ; 吴育辉 ; 曾爱民
	2015-01-15
关键词	寻租 财政补贴 公司成长性 产权性质 rent-seeking fiscal subsidies corporate growth the nature of property right
英文摘要	本文以中国A股市场117家新能源概念类上市公司2010—2012年的数据为研究样本,基于寻租和公司成长性的视角,实证检验了财政补贴的影响因素以及经济后果。研究发现,寻租行为有助于上市公司尤其是民营上市公司获得更多的财政补贴,但财政补贴对于提高民营上市公司和国有上市公司的成长性都没有发挥积极的作用。进一步研究还表明,财政补贴对于上市公司尤其是民营上市公司加大研发投入产生了显著的正向影响,但无论是对于民营上市公司抑或国有上市公司而言,财政补贴都没有推动公司增加资本支出。本文认为,寻租以及财政补贴资金使用缺乏效率,可能是导致财政补贴难以推动上市公司成长与发展的两个主要原因。本文的研究为进一步理解财政补贴效率提供了新的实证证据,也对于完善我国现有的财政补贴政策具有重要的启示意义。; Fiscal subsidy is an important part of government expenditure.In many countries especially in countries of economic transition,fiscal subsidy is one of important policy tools for maintaining economic stability,optimizing the allocation of resources and implementing industrial policy.In recent years,Chinese listed firms have received increasing fiscal subsidies.According to statistics,in 2013,nearly 95%of Chinese listed firms(more than2000 firms) have received fiscal subsidies,which are amounted to more than 100 billion Yuan.On the other hand,there are many irregularities in fiscal subsidies,many of which are related to the problem of corruption.In fact,fiscal subsidies have become an important topic worthy of further exploration.Using a sample of 117 Chinese A-share listed firms with the concept of new energy for the period 2010-2012,this paper empirically tests the impact factors and economic consequences of fiscal subsidies based on the perspective of rent-seeking and firm growth.We find that rent-seeking behaviors help listed firms especially private firms get more fiscal subsidies,while which cannot play an active role in improving the growth of private listed firms and state-owned ones.Moreover,the higher fiscal subsidies are associated with the higher research and development(R&D) investment of listed firms especially private firms.However,fiscal subsidies do not push private listed firms or state-owned ones to increase their capital expenditure.Our results indicate that rent-seeking and inefficiency of using fiscal subsidies are two main reasons that explain why fiscal subsidies have no positive impacts on corporate growth in China.According to the findings of this study,we propose the following suggestions.Firstly,fiscal subsidies should be reasonable and moderate.At present,many scholars have questioned the excessive government subsidies to listed firms.The main reasons are as follows.On one hand,excessive government subsidies not only make the local finance more difficult,but also lead to failures of subsidies management.On the other hand,government subsidies to listed firms especially the loss ones destroy the market environment of fair competition.In view of this,the government should makes cautious and moderate policy of fiscal subsidies,which will not only help reduce the burden of local finance,but also be beneficial to increase the fairness of the market competition.Secondly,government should further improve the laws and regulations of fiscal subsidies policy.For a long time,the laws and regulations of government subsidies to firms are not clearly and perfect,which creates opportunities for government officials setting up a "rent" and rent-seeking of firms.Therefore,government need to improve corresponding laws and regulations,detail application eligibility of fiscal subsidies,the amount of subsidies,application process and the use of subsidies funds,etc.At the same time,we should strengthen the supervision of fiscal subsidies system,to ensure that all aspects of fiscal subsidies operation more transparent.Thirdly,firms should use the government fiscal subsidies more properly to promote their development.First of all,firms need to learn fiscal subsidies policy and reasonably obtain fiscal subsidies so as to energize the development of firms.Moreover,firms should focus on business development,rather than trying to do things by irregular ways even by rent-seeking to get access to fiscal subsidies.After all,the rent-seeking is neither legal nor a long-term solution.Finally,the use of fiscal subsidies should be in accordance with the relevant provisions,such as for R&D investment or capital expenditure purposes,so as to enhance the use efficiency of funds.; 国家自然科学基金项目“半强制分红政策、公司分红行为与投资者保护”(71102058);国家自然科学基金项目“企业债券市场发展与企业财务政策选择”(71372072);国家自然科学基金项目“媒体治理:转型国家投资者保护的补充机制研究”(71172050)
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/103407]
专题	管理学院－已发表论文
推荐引用方式 GB/T 7714	魏志华,吴育辉,曾爱民. 寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据, Rent-seeking,Fiscal Subsidies and Corporate Growth——Evidence from Chinese Listed Firms with the Concept of New Energy[J],2015.
APA	魏志华,吴育辉,&曾爱民.(2015).寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据..
MLA	魏志华,et al."寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据".(2015).

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