CAJ | 학술논문

基于公司投资视角,以2007—2012年我国资本市场上A股上市公司为样本,研究政府补助对公司投资行为的影响,结果显示：政府补助越多,公司投资支出水平越高;政府补助对非国有公司的投资激励作用比国有公司更有效;公司产权性质差异会影响政府补助的投资激励效应;市场化程度越低、经济增长越缓慢的地区,政府补助对公司投资支出的影响越敏感;上市公司的非效率投资问题比较突出,政府补助加剧了上市公司的过度投资行为。因此,政府应根据微观企业主体的差异性来制定和实施相应的补助政策,以实现预期效果。
기우공사투자시각,이2007—2012년아국자본시장상A고상시공사위양본,연구정부보조대공사투자행위적영향,결과현시：정부보조월다,공사투자지출수평월고;정부보조대비국유공사적투자격려작용비국유공사경유효;공사산권성질차이회영향정부보조적투자격려효응;시장화정도월저、경제증장월완만적지구,정부보조대공사투자지출적영향월민감;상시공사적비효솔투자문제비교돌출,정부보조가극료상시공사적과도투자행위。인차,정부응근거미관기업주체적차이성래제정화실시상응적보조정책,이실현예기효과。
Taking Chinese A-Share listed companies from 2007 to 2012 as a sample, this paper makes a research on the effect of government subsidies on firm investment. The result shows that more government subsidies will lead to high finn investment ex- penditure. Government subsidies have more effective effect on non-state-owned company investment than that of state-owned com- pany. Differences in corporate property rights will affect the incentive effect of government subsidized investment. The govern- ment subsidies are more subject to the influence of firm investment expenditure in low marketization and slow economic growth areas. The study also shows that the non-efficiency investment of listed companies is more prominent and the government subsi- dies exacerbate the overinvestment of listed companies. Therefore, the government should establish and implement the corre- sponding subsidy policy according to the differences of micro enterprises, in order to achieve the desired effect of policy.