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论文编号：	695
作者编号：	2120061969
上传时间：	2008/6/20 12:16:33
中文题目：	政府补助与企业绩效的相关性研究
英文题目：	The Research of the Correlatio
指导老师：	周晓苏
中文关键字：	政府补助;盈余管理;可控性应计项
英文关键字：	Government subsidy;Earnings ma
中文摘要：	政府与企业的关系一直是国内外研究的热点。由于我国特殊的证券市场体制背景，政府与上市公司之间存在着种种联系，在“契约观”下，地方政府是企业重要的利益相关者之一。对于地方政府来讲，上市公司作为当地经济的支柱，从经济角度和政治角度都有着非常重要的意义，无论是从发展上市公司本身进而发展当地经济的角度，还是从地方政府政绩的角度，或者是从地方政府将上市公司作为当地发展资金获取的一个渠道的角度。因此地方政府为了自身利益不可避免的要对上市公司进行各种干预以提升其在资本市场的竞争力，例如直接介入企业的投资、生产经营与管理行为等等。其中地方政府的财政补助作为一种最直接的手段经常应用于企业中，成为我国资本市场一个特有的且普遍的现象。政府补助不仅能反映政府的行为动机，也能反映政府与企业存在的关系。众所周知，上市公司在资本市场上交易的一个很重要的目的就是筹集资金，而地方政府以财政补助的形式对上市公司的业绩施加影响从而能够使其达到在资本市场上融资、再融资的目的。而上市公司运用自身内部的力量进行盈余管理的动机也在于此。因此本文以农业类和制造业类有保牌、配股倾向的A股上市公司作为研究对象，试图揭示我国政府补助的动机和行为后果，并试图描述和解释我国不同区域、不同行业内地方政府对上市公司所进行的财政补助行为的差异，考察2001年非经常性损益标准出台后，地方政府对企业盈余管理的影响是否受到抑制，而且从两个维度，即补贴收入和可控性应计，研究地方政府财政补助与上市公司内部进行盈余管理的程度之间的关系。 本文首先对改革开放以来政府补助会计制度的变革进行了树理，归纳了政府补助的会计处理规定；接着通过分析政府补助行为的动机以及政府补助对企业绩效的影响，引出政府补助与企业盈余管理的内在联系，提出本文的研究问题。其次，本文通过描述性统计、卡方检验等研究方法考察了政府补助对上市公司绩效的影响。最后本文提出假设，建立二元Logit回归以及多元线性回归模型来检验财政补贴对上市公司运用可控性应计利润进行盈余管理程度的影响，得出最终的结论。 本文通过研究发现，我国地方政府财政补助对于上市公司扭亏、保牌、配股行为具有较强的针对性，而且政府的财政补助与上市公司运用可控性应计利润进行盈余管理的程度具有显著的负相关关系。
英文摘要：	The relationship between the government and enterprise is always the focus of research abroad and in. Because of the special mechanism background in Chinese security market, there are variety of connections between the government and listed company. Under the views of “contract”, the local government is one of the enterprise’s important stakeholders, for which, the listed companies are regarded as the pillar of local economy, which have very important significance to the local government in terms of economy and politics. No matter for the sake of political achievements or for the interest of local economy as the listed company can drive the development of economy, or the government consider the listed company a channel of obtaining capital. So local government unavoidably set out carrying various interventions on listed company to strengthen their competition among the whole capital market, for instance, intervene the enterprise’s investment, production, operation and management directly, and so on. Especially, the fiscal support is used as one of the most directly means by the local government, which is also a very common phenomenon in the capital market. The government subsidy reflects the relation between the government and enterprise as well as the motivation of government’s conduct. As is well known, financing on the capital market is a main purpose for the listed company. The financial subsidy by local government can influence the performance of listed company in order to achieve the goal of financing and refinancing on the capital market. Meanwhile, the motivation which the listed company carries on the earnings management relying on its inside power is the same. Therefore, the sample of this paper contains the Chinese A share listed companies that belong to agricultural and manufacture public firms, which are also suspected to have the motivations for capital market qualification holding and right offering. The study attempts to pursue the motivation of government delivering the fiscal subsidy and its consequence, and attempts to describe and explain the differences in financial subsidy behavior of the local government in different areas and industries of our country. Besides, in 2001 China securities regulatory commission regulates the signification of non-recurring profit and loss, according to which, non-recurring profit and loss should be except from net-profit while applying right share. Under this background, the study attempts to find out whether the role is weakened which the local government plays on listed company’s earnings management. The paper defines two dimensions, that are government subsidy and discretional accruals, and investigates the relationship between the fiscal subsidy from local government and the degree of listed company carrying on earnings management by itself. The paper first reviews the changes of China’s accounting system regarding to the government subsidy since the reform and opening up and systematically summarizes the accounting treatment. Subsequently according to the fruits of past researchers involved about the motivations of government subsidy and the influence of that on firms’performance, the paper leads to the connection between the government subsidy and earnings management, as well as the research problem of this paper. Secondly, the paper examines the impact of the government subsidy upon the listed companies’performance by using methods including descriptive statistics, Chi-square test, etc. In the end, the paper brings out the hypothesis, and then examines government fiscal subsidy to discretional accruals of the listed company by building Logistic Regression and Linear Regression models and comes to a conclusion. The study finds that the local government fiscal subsidy behavior in China has very strong pertinence to the listed companies’behaviors of making up the deficits, keeping the quoting qualification and distributing shares. Further more the correlation between the local government fiscal subsidy and the degree of listed company using discretional accruals is negative, and the effect is notable.
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