政府补助企业负债与企业绩效
摘要：近年来，随着GDP增速一再成为各省两会的焦点，各地方政府背负着经济发展建设的重担，地方政府负债融资成为政府筹措资金发展经济的主要措施之一；而当地企业作为地方经济发展的重要支柱，其创造的经济利益也是地方经济发展的重要因素。为此，大多企业都开始采取负债经营来发展企业，而政府则通过对企业发放补助来帮助企业负债融资，满足企业发展的需要，便于企业创造更多的利润。鉴于此，本文选取沪深A股上市公司2012-2013年的经济数据为初始样本，实证检验了政府补助、企业负债与企业绩效的关系。研究结果表明，企业负债规模对政府补助的牵引作用显著，企业负债越大，政府补助越多；政府补助促进企业绩效，但其促进作用会因为企业负债的增加而减少。为提高企业绩效，避免债务风险，本文就控制企业负债规模和充分发挥政府补助的积极作用提出相关建议。51781
毕业论文关键词：政府补助；企业负债；企业绩效
Government grants, corporate debt and corporate performance
ABSTRACT： In recent years, with GDP growth again become the focus of two of the provinces, the provincial local government burdened the construction of economic development, local government debt financing become one of the main measures of the government to raise funds for economic development; and local businesses as local economic development an important pillar of its economic interests and create also an important factor for local economic development. To this end, most companies are beginning to adopt debt management to the development of enterprises, and government through corporate grants to help corporate debt financing to meet the needs of enterprise development, to facilitate enterprises to create more profits. In view of this, the paper choose the Shanghai and Shenzhen A-share listed companies 2012--2013 years of economic data for the initial sample, the empirical test of the government subsidy, the relationship between corporate debt and corporate performance. The results show that the size of liabilities business traction significant government subsidies, the greater corporate debt, more government grants; government subsidies to promote enterprise performance, but because of its role in promoting increased corporate debt is reduced. In order to improve business performance and avoid the risk of debt, debt control paper size enterprises and give full play to the positive role of government grants make relevant recommendations.
Key Words: Local government debt; Corporate debt; Corporate Performance
目 录
摘要： I
ABSTRACT： II
一、引言 1
二、 文献回顾及研究假设 2
(一)地方政府负债的研究现状 2
(二)企业负债与企业绩效的关系 2
(三)政府补助与企业绩效的关系 3
（四）研究假设 3
三、 实证研究 4
（一）样本选择与数据来源 4
（二）企业负债规模、政府补助、企业绩效等变量的设计 4
（三）模型建立 6
四、 实证结果 8
（一） 描述性统计 9
（二）回归结果 10
五、结论与建议 14