The Effects Of Subsidies On The Productivity Of Different Scale Of The Listed Company

National financial subsidies, as an important means to promote resourcesoptimization allocation, play an important role in intervening in the economy andguiding the adjustment of industrial structure. In2009, in response to the internationalfinancial crisis’s effects on the real economy, China puts forward ten big industrystimulus plan, in which it is said that giving the financial subsidies to the relatedenterprises, can effectively promote the efficiency of the companies, and speed up thetechnology progress. But the real effects of National financial subsidies for the ten bigcompanies in ten different industries are unknown. Whether the allocation amongcompanies with different scale is reasonable or not became the key point of this paper.This paper established the Bayesian hierarchy model, using a Gibbs samplermethod to estimate model. To investigate the ways which financial subsidies use toget in the production function, this paper established two models. One is thetraditional way, the other is facilitating way. We choose the model using DIC standard:Model2which is using the facilitating input can reflect more the incidence offinancial subsidies to the output. After we establish the model2, we can get the resultby the estimate results of model2and the BF inspection: financial subsidies affect theoutput through the output elasticity of input factors and technical efficiency. Financialsubsidies have strikingly different effects on companies of different scales and have aclear positive effect on technical efficiency.