摘要
采用面板固定效应模型估计政府补助对广告上市公司经营绩效的影响,并检验股权结构、股权激励和股权性质等股权特征因素对上述关系的调节作用。研究发现:政府补助对广告上市公司经营起到“援助之手”作用,能有效提高广告上市公司经营绩效。股权特征因素中仅有股权结构对上述关系起调节作用,其中股权集中度起强化作用、股东制衡度起弱化作用。此外,资产负债率和资产规模与广告上市公司绩效正相关,但高管持股比例与之负相关,广告上市公司股权激励存在“壕沟防御效应”。
The panel fixed effect model is used to estimate the impact of government subsidies on the business performance of listed advertising companies and test the adjustment function of equity characteristics like equity structure,equity incentives and nature of equity on the above relationship.The study finds that government subsidies act as the“helping hand”in the operation of listed advertising companies,which can effectively enhance their business performance.Equity structure is the sole factor that regulates the above relationship,among which ownership concentration plays a role of reinforcement while the counterbalance degree of blockholders brings in attenuation.Furthermore,the assetliability ratio and asset scale have a positive correlation with the performance of listed advertising companies,but a negative correlation appears between the shareholding proportions of senior executives and the performance of listed advertising companies.There is an entrenchment effect in the equity incentive of listed advertising companies.
出处
《文化产业研究》
2022年第1期290-302,共13页
Cultural Industry Research
关键词
政府补助
广告公司股权
结构股权
激励调节作用
government subsidy
advertising companies
equity structure
equity incentive
adjustment function
