政府补贴如何影响企业价值——基于内部控制视角的研究-国际金融进展-CSCIED科技核心评价数据库-手机版

政府补贴如何影响企业价值——基于内部控制视角的研究

How government subsidies affect enterprise value: A study from the perspective of internal control

ES评分 0 浏览量：110 下载量：0

DOI	10.12208/j.aif.20250002
刊名	国际金融进展 Advances in International Finance
年，卷(期)	2025, 7(1)
作者	葛超*,
作者单位	深圳职业技术大学经济学院广东深圳
摘要	政府补贴作为一种重要的政策工具，被广泛应用于促进企业创新、推动产业升级以及增强企业竞争力等诸多领域。本文基于中国A股上市公司数据，实证检验政府补贴对企业价值的影响及内部控制的调节效应。研究发现，政府补贴显著提升企业价值，且高质量的内部控制能够强化这一促进作用。这也表明优化内部控制是提高补贴资源利用效率、放大政策红利的重要途径。本文的研究有助于减少政府补贴所引发的争议，同时为优化内部控制、增加政府补贴等政策性资源以及政府补贴如何增加企业价值提供了理论依据，具有一定的理论价值和现实意义。
Abstract	Government subsidies, as an important policy instrument, are widely used to promote corporate innovation, drive industrial upgrading, and enhance corporate competitiveness. Based on data from A-share listed companies in China, this paper empirically examines the impact of government subsidies on corporate value and the moderating effect of internal control. The study finds that government subsidies significantly enhance corporate value, and high-quality internal control further strengthens this positive effect. This suggests that optimizing internal control is an important way to improve the efficiency of subsidy resource utilization and amplify policy benefits. Our research helps mitigate controversies surrounding government subsidies and provides theoretical support for optimizing internal control, increasing policy-based resources such as government subsidies, and understanding how subsidies can increase corporate value. It holds both theoretical and practical significance.
关键词	政府补贴；内部控制；企业价值
KeyWord	Government subsidies; Internal control; Corporate value
基金项目
页码	9-21

参考文献
相关文献

[1] 陈艳利, 梁田, 徐同伟. (2018). 国有资本经营预算制度、管理层激励与企业价值创造. 山西财经大学学报, 40(6), 89–100. https://doi.org/10.13781/j.cnki.1007-9556.2018.06.007
[2] Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48, 261-297.
[3] 李雪婷, 宋常, 郭雪萌. (2017). 碳信息披露与企业价值相关性研究. 管理评论, 29(12), 175–184.https://doi.org/10.14120/j.cnki.cn11-5057/f.2017.12.016
[4] Chasiotis, I., Gounopoulos, D., Konstantios, D., & Patsika, V. (2024). ESG Reputational Risk, Corporate Payouts and Firm Value. British Journal of Management, 35(2).
[5] Bhuiyan, Md. B. U., Cheema, M. A., & Man, Y. (2020). Risk Committee, Corporate Risk-Taking, and Firm Value. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3681601
[6] 陶锋, 朱盼, 邱楚芝, 王欣然. (2023). 数字技术创新对企业市场价值的影响研究. 数量经济技术经济研究, 40(5), 68–91. https://doi.org/10.13653/j.cnki.jqte.20230310.010
[7] 曹春方, 蔡贵龙. (2023). 知识经济时代员工持股与企业价值——员工持股试点政策的准自然实验证据. 管理科学学报, 26(9), 41–62. https://doi.org/10.19920/j.cnki.jmsc.2023.09.003
[8] 雷新途, 姜君如. (2024). 经济政策不确定性、实体投资资产专用性与企业价值——来自中国上市公司的经验证据. 会计研究, (1), 122–138.
[9] 高佳, 荣鹰. (2022). 自然灾害对企业价值的实质影响——基于中国上市公司地震公告的事件研究. 管理科学学报, 25(4), 67–87. https://doi.org/10.19920/j.cnki.jmsc.2022.04.004
[10] 王晖, 谢申祥. (2024). 资本偏向型税收优惠政策与企业价值——来自固定资产加速折旧政策的经验研究. 南开经济研究, (1), 165–183. https://doi.org/10.14116/j.nkes.2024.01.010
[11] 杨洋, 魏江, 罗来军. (2015). 谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应. 管理世界, (1), 75–86, 98, 188.
[12] Brown, J. R., Martinsson, G., & Petersen, B. C. (2012). Do financing constraints matter for R&D? European Economic Review, 56(8), 1512–1529. https://doi.org/10.1016/j.euroecorev.2012.07.007
[13] 余明桂, 回雅甫, 潘红波. (2010). 政治联系、寻租与地方政府财政补贴有效性. 经济研究, 45(3), 65–77.
[14] Jain, P. K., & Rezaee, Z. (2006). The Sarbanes‐Oxley Act of 2002 and Capital‐Market Behavior: Early Evidence. Contemporary Accounting Research, 23(3), 629–654. https://doi.org/10.1506/2GWA-MBPJ-L35D-C4K6
[15] Doyle, J. T., Ge, W., & Mcvay, S. (2007). Accruals Quality and Internal Control over Financial Reporting. Accounting Review, 82(5), 1141–1170.
[16] Ashbaugh-Skaife, H., Collins, D. W., Kinney, W. R., & Lafond, A. R. (2010). The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity. Journal of Accounting Research, 47(1), 1–43.
[17] Engel, E., Hayes, R. M., & Wang, X. (2007). The Sarbanes-Oxley Act and firms’ going-private decisions. Journal of Accounting & Economics, 44(1–2), 116–145.
[18] Zhang, I. X. (2007). Economic consequences of the Sarbanes–Oxley Act of 2002. Journal of Accounting and Economics, 44(1–2), 74–115. https://doi.org/10.1016/j.jacceco.2007.02.002
[19] Messod, Daniel, Beneish, Mary, Brooke, Billings, … Hodder. (2008). Internal Control Weaknesses and Information Uncertainty. Accounting Review.
[20] 张新民, 葛超, 杨道广, 刘念. (2019). 税收规避、内部控制与企业风险. 中国软科学, (9), 108–118.
[21] 杨志安. (2015). 《中国现阶段财政政策调控研究》. 沈阳: 辽宁大学出版社.
[22] 鄢姿俏, 李婉丽. (2023). 公平竞争审查与政府补贴竞争中性. 财经研究, 49(10), 124–138. https://doi.org/10.16538/j.cnki.jfe.20230517.302
[23] Czarnitzki, D., & Hottenrott, H. (2011). R&D investment and financing constraints of small and medium-sized firms. Small Business Economics, 36(1), 65–83. https://doi.org/10.1007/s11187-009-9189-3
[24] 杨震宁, 赵红. (2020). 中国企业的开放式创新:制度环境、“竞合”关系与创新绩效. 管理世界, 36(2), 139–160, 224. https://doi.org/10.19744/j.cnki.11-1235/f.2020.0027
[25] 陈红, 纳超洪, 雨田木子, 韩翔飞. (2018). 内部控制与研发补贴绩效研究. 管理世界, 34(12), 149–164. https://doi.org/10.19744/j.cnki.11-1235/f.2018.0040
[26] 陈钰芬, 陈锦颖, 范嵩盈. (2024). 政府研发补贴对创新资本错配的影响研究. 科研管理, 1–15.
[27] Amezcua, A. S., Grimes, M. G., Bradley, S. W., & Wiklund, J. (2013). Organizational Sponsorship and Founding Environments: A Contingency View on the Survival of Business-Incubated Firms, 1994–2007. Academy of Management Journal, 56(6), 1628–1654. https://doi.org/10.5465/amj.2011.0652
[28] Duhautois, R., Redor, D., & Desiage, L. (2015). Long Term Effect of Public Subsidies on Start-up Survival and Economic Performance: An Empirical Study with French Data. Revue d’économie industrielle, 11–41. https://doi.org/10.4000/rei.6063
[29] 王曙光, 梁爽. (2025). 政府创新补贴对企业创新的影响——兼论从财务补贴到制度补贴的转型. 改革, (1), 107–124.
[30] 韩乾, 洪永淼. (2014). 国家产业政策、资产价格与投资者行为. 经济研究, 49(12), 143–158.
[31] 池仁勇, 阮鸿鹏, 於珺. (2021). 新能源汽车产业政府补助与市场融资的创新激励效应. 科研管理, 42(5), 170–181. https://doi.org/10.19571/j.cnki.1000-2995.2021.05.019
[32] Jiang, F., & Kim, K. A. (2020). Corporate Governance in China: A Survey*. Review of Finance, 24(4), 733–772. https://doi.org/10.1093/rof/rfaa012
[33] Ashraf, M. (2024). Does automation improve financial reporting? Evidence from internal controls. Review of Accounting Studies. https://doi.org/10.1007/s11142-024-09822-y
[34] Yan, J., Hu, H., & Hu, Y. (2024). Does internal control improve enterprise environmental, social, and governance information disclosure? Evidence from China. Corporate Social Responsibility & Environmental Management, 31(5). https://doi.org/Does internal control improve enterprise environmental, social, and governance information disclosure? Evidence from China
[35] Cull, R., Li, W., Sun, B., & Xu, L. C. (2015). Government connections and financial constraints: Evidence from a large representative sample of Chinese firms. Journal of Corporate Finance, 32, 271–294. https://doi.org/10.1016/j.jcorpfin.2014.10.012
[36] Hellman, J. S., Jones, G., & Kaufmann, D. (2003). Seize the state, seize the day: State capture and influence in transition economies. Journal of Comparative Economics, 31(4), 751–773. https://doi.org/10.1016/j.jce.2003.09.006
[37] 陈骏, 徐捍军, 林婧华. (2021). 企业寻租如何影响审计意见购买? 会计研究, (7), 180–192.
[38] 杨道广, 王佳妮, 陈丽蓉. (2019). “矫枉过正”抑或“合理管控”?——内部控制在企业创新中的作用. 经济管理, 41(8), 113–129. https://doi.org/10.19616/j.cnki.bmj.2019.08.007
[39] 詹新宇, 王蓉蓉, 梁蓝心. (2024). 大道至简：“减证便民”提升企业价值了吗. 经济管理, 46(4), 175–191. https://doi.org/10.19616/j.cnki.bmj.2024.04.010
[40] 黎文靖, 郑曼妮. (2016). 实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响. 经济研究, 51(4), 60–73.
[41] 张新民, 葛超, 杨道广, 刘念. (2021). 税收规避、内部控制与会计欺诈. 中国会计评论, 19(1), 107–130.
[42] 郝凤霞, 郑婷婷. (2019). 产权性质、财政补贴与企业价值研究. 工业工程与管理, 24(4), 160–166. https://doi.org/10.19495/j.cnki.1007-5429.2019.04.021
[43] 宋加山, 赵锐锃, 郭婷婷. (2020). 基于中介效应模型的政府补贴、政治关联与民营上市企业价值研究. 软科学, 34(7), 82–87. https://doi.org/10.13956/j.ss.1001-8409.2020.07.14
[44] Lee, E., Walker, M., & Zeng, C. (2014). Do Chinese government subsidies affect firm value? ACCOUNTING ORGANIZATIONS AND SOCIETY, 39(3), 149–169. https://doi.org/10.1016/j.aos.2014.02.002
[45] 武咸云, 陈艳, 李秀兰, 李作奎. (2017). 战略性新兴产业研发投入、政府补助与企业价值. 科研管理, 38(9), 30–34. https://doi.org/10.19571/j.cnki.1000-2995.2017.09.004
[46] Chen, Y.-C., Fu, Y.-X., Qiao, Y., & Kuo, S.-M. (2023). Do Subsidy Policy and Transparency Impact Firm Value in the New Energy Industry? Evidence from Data Envelopment Analysis-Based Measurement of Corporate Subsidy Performance. SUSTAINABILITY, 15(13), 10319. https://doi.org/10.3390/su151310319
[47] Wu, Y., Zhang, Y., & Tian, L. (2023). Do Government R&D Subsidies Stimulate Corporate R&D Investment? Evidence from a Quasi-natural Experiment. Applied Economics Letters, 30(3), 280–284. https://doi.org/10.1080/13504851.2021.1983915
[48] 杨道广, 王金妹, 陈丽蓉. (2019). 内部控制能提升企业多元化价值吗?——来自我国非国有上市公司的经验证据. 审计与经济研究, 34(4), 33–43.
[49] Chen, H., Yang, D., Zhang, J. H., & Zhou, H. (2020). Internal controls, risk management, and cash holdings. Journal of Corporate Finance, 64, 101695. https://doi.org/10.1016/j.jcorpfin.2020.101695

引用本文

葛超*. 政府补贴如何影响企业价值——基于内部控制视角的研究 [J]. 国际金融进展. 2025; 7; (1). 9 - 21.

文献评论

相关学者

相关机构