政府补贴、生命周期和科技服务企业价值

Government Subsidies, Life Cycle and Firm Value of Science and Technology Service Industry

摘要:

以2009~2014年中国大陆科技服务类上市公司为样本，运用现金流分类法划分企业生命周期并实证检验了政府补贴对企业价值的影响.研究发现，政府补贴规模在企业生命周期演进历程中呈现出了递减态势，在成熟期和衰退期的科技服务企业分别存在着补贴过度和补贴不足.因此提出对这两个阶段中的科技服务企业分别予以降低和提高补贴规模来优化补贴资源配置效率，促进科技服务企业实现更好发展.

Abstract:

Using the samples of listed companies of science and technology service industry from 2009 to 2014, we empirically study the influence of government subsidies in different life-cycle stage decided by cash-flow method to firm value. We have found that: the scale of government subsidy shows a decreasing trend in the evolution of the corporate life-cycle; In the mature stage and decline stage of S&T service enterprises there are subsidies over and the problem of insufficient subsidies. Therefore, we recommend respectively lowering and improving the scale of subsidies to those companies to optimize the efficiency of resource allocation the subsidies, and thus to promote the development of S&T service industry.