CAJ | 학술논문

中国现行财政制度下，地方政府每年都会对文化传媒上市企业进行大量财政补贴。通过2008～2013年中国文化传媒上市企业的财务和外部制度环境的相关数据，分析政府财政补贴对文化传媒上市企业经营绩效的影响，实证结果显示地方财政补贴能够促进上市企业的经营绩效的提升，但贡献度不大。然后，从企业规模、利润、财政分权、非市场化等变量进一步考察了影响地方政府财政补贴的因素，研究发现企业自身情况、制度环境对地方政府财政补贴规模影响显著。
중국현행재정제도하，지방정부매년도회대문화전매상시기업진행대량재정보첩。통과2008～2013년중국문화전매상시기업적재무화외부제도배경적상관수거，분석정부재정보첩대문화전매상시기업경영적효적영향，실증결과현시지방재정보첩능구촉진상시기업적경영적효적제승，단공헌도불대。연후，종기업규모、리윤、재정분권、비시장화등변량진일보고찰료영향지방정부재정보첩적인소，연구발현기업자신정황、제도배경대지방정부재정보첩규모영향현저。
Under China's existing fiscal system ,local governments grant a large financial subsidy to the cultural listed enterprises every year .Based on the relevant data of business accounting and system envi‐ronment during the year 2008~2013 ,w e analyzed the effect of the local government financial subsidies on the listed enterprise performance ,and found that the subsidies can promote their performance but with lit‐tle contribution .We also analyzed the factors influencing financial subsidies such as enterprise scale ,prof‐its ,fiscal decentralization ,and non‐marketization ,and found that enterprise efficiency and system environ‐ment have significant impacts on the size of local government financial subsidy .