政府補貼收入對市場評價之影響 - 以大陸A股為例

Abstract

金融海嘯的發生造成全球性的金融危機，各國政府為挽救經濟，陸續提出各項挽救計畫與經濟政策，而在中國，其政府更是實施四萬億人民幣的經濟振興計畫，可以看到政府對於企業發展已成為一個關鍵性的助力。而隨著中國政治型態轉變，逐漸對地方政府的權力下放，使得各區域政府更能自由的運用各自能力達成區域目標，依照上述大環境的改變及政治型態的演進，大陸政府對於企業的財政政策逐漸趨於重要，而做為財政政策中重要手段的補貼政策影響也越顯增加，其補貼的金額及補貼的企業也越發增長。 本研究透過Panel Regression，考量了截面與時間因素，對政府補貼及企業市場評價的關係做探討，發現補貼與公司的市場評價兩者間會有顯著的正相關，並且透過市場及規模分組，進一步探討補貼收入對企業市場評價的影響，發現在不同的市場下，補貼收入對企業市場評價會有不同的影響；而在規模分組下，規模大與小兩組別的補貼收入對市場評價影響無顯著的影響差異。

The Financial crisis affects the global economy so governments actively startup many related policies to protect and solve their economy. In China, their government even implemented “four trillion RMB plan” to t revitalize the economy. Collectively, we can see the government gradually play an important role in enterprise developing. With the change of Chinese political patterns, the regional governments have more authority to push their policy and reach their target. According to fast changes of the industry environment as well as political patterns, the fiscal policy become more and more crucial so the business and government subsidy are growing increasingly. Through the Panel Regression, we focus on the relationship between government subsidies and marketing evaluation. Finally, we found that if the companies earned more subsidies, the P/E Ratio and P/B Ratio will be significant higher. Further, we also found the subsidies have significantly positive influence on Shanghai market, but not in Shenzhen market. Moreover, the influence of subsidies on marketing evaluation doesn’t have difference in big size companies and small size companies when we analyzed.