CAJ | 학술논문

基于政企纽带的视角，文章以2008-2012年中国旅游上市公司的统计数据为样本，对政企关系、财政补贴和企业绩效三者间的关系进行了实证分析。研究表明：一方面政企关系对旅游企业财政补贴具有显著的正作用，即随着政企关系的增强。旅游企业获得的财政补贴就越多；另一方面，尽管旅游上市公司平均每年获得500多万财政补砧，但是旅游企业的财政补贴与旅游企业经营绩效无显著相关性，这意味着政府的财政补贴对旅游企业的经营绩效起不到激励作用．因此，应规范政府对旅游企业的补贴制度，建立有效的激励和监督机制，提高财政补贴效果。
기우정기뉴대적시각，문장이2008-2012년중국여유상시공사적통계수거위양본，대정기관계、재정보첩화기업적효삼자간적관계진행료실증분석。연구표명：일방면정기관계대여유기업재정보첩구유현저적정작용，즉수착정기관계적증강。여유기업획득적재정보첩취월다；령일방면，진관여유상시공사평균매년획득500다만재정보침，단시여유기업적재정보첩여여유기업경영적효무현저상관성，저의미착정부적재정보첩대여유기업적경영적효기불도격려작용．인차，응규범정부대여유기업적보첩제도，건립유효적격려화감독궤제，제고재정보첩효과。
Based on the perspective of government and enterprise bonds and using the statistical data collected from China’s listed tourism enterprises during the year of 2008 to 2012 as the sample, the paper empirically analyzes the relations among government-enterprise relationship,fiscal subsidies and corporate performance. The study shows that：on the one hand,gov-ernment-enterprise relationship has a significant positive correlation with fiscal subsidies to tourism enterprises,and the closer the government-enterprise relationship,the more fiscal subsidies to tourism enterprises;on the other hand,in spite of an av-erage of more than 5 million yuan fiscal subsidies granted to the listed tourism enterprises every year, there is no remarkable correlation between tourism enterprises’ fiscal subsidies and their performances. It means that the government’s fiscal subsi-dies have no incentive effect on tourism enterprises’performances. Therefore,the government’s subsidy system to tourism en-terprises should be regulated and the effective incentives and supervision mechanism should be established in order to improve the effect of fiscal subsidies.