The Impact Of Government Subsidies On The Performance Of Listed Companies

On the basis of reviewing,collating,and summarizing the literature and theories related to the subject of this research,this article starts with the real problems in the field of government subsidies,the relationship between government subsidies and corporate performance,and the qualitative role of board governance in them.,Then to quantitative description,and finally came to the conclusion,layer by layer,and built a complete and systematic logical relationship.From a research perspective,this paper systematically summarizes and summarizes the regulatory effects of board governance in "government subsidies-corporate performance",from macro to micro,from industry-wide sample analysis to specific industries,and to case analysis.The orientation analyzes the regulatory effect and the conditions,causes,and exceptions for which the effect is established.This article draws the following conclusions: Using the panel data of listed companies in China from 2002 to 2017 as a sample,the fixed-effects model is used to study the relationship between government subsidies,board governance,and corporate performance.The study found that:(1)government subsidies will have a positive impact on corporate performance;(2)directors 'salaries and board holdings will hinder the government subsidies' positive impact on corporate performance;(3)the strength of board directors will inhibit government subsidies Positive impact on corporate performance;In addition,it was found that in the aspect of the proportion of independent directors,the electrical industry showed significant significance not found in the industry's empirical evidence,revealing the role of the independent director system in the electrical manufacturing industry.Come's unique promotion.After conducting a case analysis with TBEA(600183),it was found that the case was also consistent with the empirical results(1)(2)(3).In summary,the governance of the board of directors,as an important part of corporate governance,has indeed produced its key influences in preventing the abuse of government subsidies,regulating executive adherence,and curbing the opportunistic tendencies of directors.This influence has been adjusted intangibly or tangibly.The company's research and development process,incentive distribution system,etc.,ultimately play a role in increasing or decreasing corporate performance.At the end of the article,I also put forward some personal opinions and suggestions for corporate performance and board governance.