A Comparative Study Of The Nature Of Property Rights And The Effectiveness Of Government Subsidies

China is in a special period of economic restructuring,political factors often play an active and important role in the commercial field,and government subsidies are often the most direct regulation tool adopted by the government to accomplish its political and economic goals in the transitional economy.In recent years,with the slowdown of economic growth,the upgrading of industrial structure,the degree of government regulation and control are further deepened,our government subsidies to public companies,the total amount of subsidies and the average subsidy are increasing year by year.Which makes the government subsidies on the impact of listed companies has become increasingly large,it not only affects the allocation of government resources,efficiency,but also related to the company's future development.This makes the government subsidy gradually become the focus of public and media public opinion,some reports criticized the government subsidies for enterprises is the consumption of social wealth,the taxpayers money fed to a small number of enterprises,especially state-owned enterprises.In view of this,this paper will analyze the benefit of government subsidy to state-owned enterprises,foreign-funded enterprises and private enterprises based on the difference of property rights from the perspective of micro-enterprises.Based on the theory of Stakeholder Theory,Principal-Agent Theory and Soft Budget Constraint Theory,this paper selects all the A-share listed companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange as the sample,with the data from 2010 to 2015,using statistical analysis and multiple regression analysis to study the difference between the nature of property rights and the effectiveness of government subsidies.The results show that:(1)From the view of the availability of government subsidies:the nature of the property does not affect the probability of enterprises to obtain subsidies,state-owned enterprises,private enterprises and foreign-funded enterprises have the same opportunity to obtain government subsidies,It shows that government subsidy has certain chance fairness for different enterprises.From the listed companies to obtain the absolute amount of subsidies to see,state-owned enterprises should be significantly higher than private enterprises and foreign-funded enterprises,but relative to the relative size of the scale of enterprises to see,private enterprises and foreign-funded enterprises to be higher than the state-owned enterprises.It shows that the nature of the enterprise is not the main reference index of the government subsidy when the amount of the government is selected and given the subsidy.The size of the enterprise,the type of the industry and the market environment all affect the government subsidy.(2)From the effectiveness of government subsidies:the state-owned enterprises,private enterprises,foreign-funded enterprises have not been very good improvement in the profitability,which state-owned enterprises compared to private enterprises and foreign-funded enterprises is more significant in weak effect;In terms of sustainable development,the subsidy is very good for the sustainable development of the whole enterprise.Specifically,the subsidy effect of the foreign-funded enterprises is the best,and the subsidy effect of the private enterprise and the state-owned enterprise is neutral,neither of which has promoted the development of the enterprise;In the anti-risk,the subsidy is a good way to improve the overall anti-risk ability of enterprises and alleviate the financing constraints of enterprises.Among them,the anti-risk of state-owned enterprises is significantly improved,followed by private enterprises,foreign investment Enterprises in the subsidy,the financing capacity becomes stronger,financial leverage becomes larger.Most scholars have studied the government subsidy from the macro point of view,in recent years began to turn to the micro level,but the study is focused on the motives of government subsidies,from the perspective of property ownership empirical study of the effectiveness of government subsidies is not yet more common.This article from the perspective of property rights cut into the use of statistical description and multiple regression method to analyze the different types of property under the government subsidy effect.In this paper,in addition to the commonly used rate of return on assets(ROA)to measure the profitability of the enterprise,it also studies the anti-risk ability and the sustainable development of the government subsidy to the enterprises,from the perspective of three-dimensional analysis,to avoid the limitations of a single indicator.