The Empirical Research About The Influential Variables And The Economic Consequence Of The Government Subsidy To The Listed Company

Because of the special institutions of economic transition in our country, gonernment is very intimate with the enterprises.Government can intervence and partake the enterprises.The fiscal support to the enterprises is an important way.The government fical support to the listed company can be devided by three perspectives of government capital injection to the listed company,government subsidy and Tax Expenditure.Because of limit on the word number of the dissertation, this dissertation research only the question of gonernment subsidy. The implementation of new Chinese Accounting Standards for Business can be an important impact to the listed company,so,the dissertation takes the 2005~2008 part China non-financial listed companies as the study sample to investigate two questions:To analyse the main variables that have effect on government subsidy;To research whether the implementation of new Chinese Accounting Standards for Business changes the influence of government subsidy to the listed companies'operation income.First of all,the empirical research part of this dissertation uses Excel for period,region and all industries'descriptive statistics.Statistic result shows:government subsidy favors the high-tech state-supported enterprises and the basic industries than concern national economy and the people's livehood ;government subsidy focuses on the listed companies in the coastal development area.Second,the dissertation proposes four assumptions about the main variables that have effect on government subsidy, including: the listed companies whose stock share are controlled mainly by the state can obtain more government subsidies than the listed companies whose stock share are not controlled mainly by the state; the regions whose economy is developmented tend to offer more government subsidies to the listed companies;the firm's ability of paying out the debt has negative influences on government subsidy;after the implementation of the new accounting standards the listed companies can obstain more subsidies than before the implementation of the new accounting standards.The empirical research show:whether the firms'stock share are controlled mainly by the state,local government's finances have no correlation with the number of government subsidy and whether the firm can obstain government subsidy. The firm's employees, the size of firm,the paid tax and fees have correlation with the amount of government subsidy and whether the firm can obstain government subsidy.The number of the firms that obtain government subsidy and the amount of money that the firm can obstain are more after the implementation of the new accounting standards than before the implementation of the new accounting standards.At last , the dissertation gives the statistical analysis of the economic consequence of government subsidy after the implementation of new Accounting Standards.Insiding:whether the government subsidies are an imporant component of the listed company's profit; the implementation of new Accounting Standards probably reduces the proportion of government subsidies to the listed company's profit ; the implementation of new Accounting Standards can probably cuts down the listed companies'earnings management with the help of government subsidy.The result of the analysis shows:the government subsidies are an imporant component of the listed company's profit,the average proportion of government subsidies to the listed company's profit is between 15 per cent to 50 per cen in foure years. The proportion of government subsidies to the listed company's profit after the implementation of new Accounting Standards is not drop but rise,and the implementation of new Accounting Standards cann't cut down the listed companies'earnings management with the help of government subsidy,the government subsidy is still an important method.