摘要
以我国沪深A股的上市企业为研究对象,实证分析了政府补贴对企业投资的影响,并考察了寻租活动在其中所发挥的作用。结果表明:寻租有利于企业获得政府补贴;政府补贴对研发投入与新增投资的激励作用在民营企业中更加明显,且寻租对这一关系的调节作用存在明显差异;政府补贴能缓解企业所面临的融资约束问题,但会诱导民营企业进行过度投资;进一步研究发现,市场化程度对企业寻租、政府补贴与企业投资之间的关系存在显著作用。
This paper selected A-share listed companies in Shanghai and Shenzhen as the sample,and empirically analyzed the impact of government subsidies on enterprise investment,as well as the role of rent-seeking activities in this relation.We conclude as follows.Firstly,rent-seeking activities are helpful for enterprises to obtain more government subsidized resources.Secondly,the incentive effect of government subsidies on R&D investment and new investment is more obvious in private enterprises,and there is a significant difference in the moderating effect of rent-seeking activities.Thirdly,although government subsidies can effectively alleviate enterprises’dilemma of financing constraints,it also may trigger over-investment.Finally,marketization degree has a significant effect on the relationship among enterprise rent-seeking,government subsidies and enterprise investment.
作者
陈东
邢霂
CHEN Dong;XING Mu(School of Business,Anhui University of Technology,Maanshan 243032;Yangtze IDEI,Nanjing University,Nanjing 210093,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2019年第8期84-99,共16页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社会科学研究青年基金项目(18YJC790009)
安徽高校人文社会科学研究重大项目(SK2018ZD003)
安徽省自然科学基金面上项目(1808085MG211)
中国博士后科学基金特别资助项目(2018T110469)
关键词
政府补贴
研发投入
新增投资
融资约束
过度投资
government subsidies
R&D investment
new investment
financing constraints
over-investment
