Research On The Impact Of Government Subsidies On Private Enterprises Performance

In the process of China's economic development and transformation,the lack of institutions and financing constraints are all constraints that affect the further development of private enterprises.Government subsidies are an important way for the state to support the development of enterprises,and the imperfection of relevant systems makes it one of the scarce resources that induces the motives for rent-seeking of private enterprises.Therefore,the allocation efficiency of government subsidies deserves attention.Based on the literature and theoretical research,this paper collected the public data of A-share private listed companies from 2010 to 2015,and used the calculated excess management costs as the agent variable of rent-seeking costs.First,a multiple regression model was constructed to analyze rent-seeking and government subsidies.The relationship between the three and the business performance of the enterprise;further,this article took a series of anti-corruption measures introduced at the end of 2012 as a quasi-natural experiment,and constructed a double differential model to test the impact of anti-corruption on the performance of private enterprises.The main research conclusions of this paper are:(1)rent-seeking costs are positively related to government subsidies,and private enterprises in key industries are more significant;(2)government subsidies obtained by private enterprises have no significant effect on business performance;(3)The results of further research indicate that anti-corruption has increased the Tobin Q value of corrupt companies by 0.18%;(4)After adding the variable of government subsidies,it is found that,compared with non-corrupt companies,government subsidies obtained by corrupt companies have an effect on the improvement of business performance enhancement.This shows that after anti-corruption,the efficiency of government subsidies has been corrected.Therefore,this article believes that adhering to the anti-corruption policy is one of the effective means to improve the efficiency of government resource allocation.Further improving the transparency of financial subsidy information and optimizing the business environment will benefit the development of private enterprises.