企业生命周期视角下的政府补助与中小企业价值创造关系研究

doi:10.16381/j.cnki.issn1003-207x.2020.1397

Abstract

Abstract:

The government supports the sustainable development of enterprises through various types of subsidies， and different types of subsidies help enterprises to solve specific development problems. How to give full play to the value-enhancement effect of subsidized resources is an important issue in government subsidy research. In this paper， government subsidies are divided into three types： innovation subsidy， enterprise development subsidy and social responsibility subsidy according to the purpose of funding in order to study the relationship between different types of government subsidies and the value creation efficiency of small-sized enterprises （SMEs） at different life cycle stages. The law mining model based on agglomerative hierarchical clustering （AHC） and rough sets is adopted. On the basis of analyzing the influencing factors of enterprise value creation， the influence mechanism of government subsidies on enterprise value creation is constructed. The discretization in the rough sets model is solved by using AHC algorithm. The law mining model of government subsidies， value creation influencing factors and value creation of SMEs at different development stages is constructed. The listed companies in the SMEs board from 2009 to 2018 are selected as the research sample. The data from China Stock Market & Accounting Research （CSMAR） Database and the government subsidy data mined and classified based on CSMAR are used. The empirical results show that there is a non-linear configuration structure relationship among high-efficiency enterprise value creation and different types of government subsidies and influencing factors. The efficient value creation of enterprises is jointly determined by the type of government subsidies， the life cycle of the enterprise， and the factors that affect value creation. The research on the relationship between government subsidies and enterprise value creation is pioneered using data mining method， and theoretical foundation and application experience is provided for exploring the nonlinear configuration structure relationship between them. The conclusion is useful for improving the efficiency of government subsidies.

Key words: government subsidy, value creation, enterprise life cycle, rough sets, agglomerative hierarchical clustering

CLC Number:

D601

Wei-dong ZHU,Yu-fei TIAN,Fu-wei ZHANG,Xue HU,Xiao-ya DAI. Research on the Relationship between Government Subsidy and SMEs Value Creation from Enterprise Life Cycle Perspective: Based on Rules Mining Using Agglomerative Hierarchical Clustering and Rough Sets[J]. Chinese Journal of Management Science, 2023, 31(8): 80-89.

Figures/Tables 8

References 24

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属性	分类	变量名	变量符号	说明
条件属性	政府补助	创新补助	X1	创新补助总额/资产总额
		企业发展补助	X2	企业发展补助总额/资产总额
		社会责任补助	X3	社会责任补助总额/资产总额
	研发能力	研发投入强度	X4	企业当期研发投入/营业收入（%）
	研发能力	高技术企业	X5	是高技术企业取1，否则取0
	股权结构	产权性质	X6	国有企业取1，否则取0
		第一大股东持股比例	X7	第一大股东持股比例（%）
		前三大股东持股比例之和	X8	前三大股东持股比例之和（%）
		股权制衡	X9	第二大股东至第十大股东持股比例之和/第一大股东持股比例
	董事会特征	董事长是否兼任总经理	X10	董事长兼任总经理时取1，否则取0
		董事会规模	X11	董事人数的自然对数
		独立董事比例	X12	独立董事人数/董事人数
	高管薪酬	高管现金薪酬	X13	董事、监事及高管前三名平均薪酬的自然对数
		高管持股比例	X14	董事、监事及高级管理人员持股数/股本总数
		政治关联	X15	若公司董事长或总经理是前任政府官员，现在或曾经是人大代表、政协委员，则为1，否则为0
	资本结构	资产	X16	负债总额/资产总额
	资本结构	负债率	X16	负债总额/资产总额
	企业规模	总资产	X17	总资产的自然对数
	企业规模	员工规模	X18	员工总人数的自然对数
	成长性	总资产	X19	（资产总计本期期末值-资产总计本期期初值）/资产总计本期期初值
		增长率	X19	（资产总计本期期末值-资产总计本期期初值）/资产总计本期期初值
		营业收入	X20	（营业收入本期期末值-营业收入本期期初值）/营业收入本期期初值
		增长率	X20	（营业收入本期期末值-营业收入本期期初值）/营业收入本期期初值
	经营情况	速动比率	X21	（流动资产-存货）/流动负债
		资本密集度	X22	总资产/营业收入
		ROE	X23	净利润/股东权益余额
		地区	X24	东部地区取1，中部地区取2，西部地区取3，东北地区取4
决策属性	价值创造效率	增加价值资产增值率	D	若企业下一期增加价值资产增值率高于所在样本组的均值取1，否则取0

变量名称	变量说明
企业年龄	首次注册时间到研究期的时间间隔（年）
营业收入增长率	（营业收入本期期末值-营业收入本期期初值）/营业收入本期期初值
留存收益率	（盈余公积+未分配利润）/资产总额
资本支出率	资本支出/（股东权益+长期负债）

识别变量	生命周期阶段	早期成长期	快速成长期	稳定成长期	成熟期
企业年龄	样本数	791	1767	1554	883
	均值	5.1669	10.0792	14.7651	21.5017
	标准差	1.5831	1.3762	1.3729	4.1243
营业收入增长率	均值	0.2115	0.1885	0.1772	0.1712
营业收入增长率	标准差	0.2941	0.6457	0.4684	0.3202
留存收益率	均值	0.1839	0.1773	0.1816	0.2
留存收益率	标准差	0.1034	0.1663	0.2187	0.1209
资本支出率	均值	0.1298	0.1128	0.0941	0.0892
资本支出率	标准差	0.1088	0.1406	0.0853	0.0863

补助类别	生命周期阶段	均值	标准差	最大值
创新补助	早期成长期	0.12689	0.002245	2.96263
	快速成长期	0.14676	0.00263	2.71565
	稳定成长期	0.17083	0.004547	9.26492
	成熟期	0.13088	0.001905	1.6355
企业发展补助	早期成长期	0.38468	0.006461	10.68307
	快速成长期	0.38344	0.006672	8.1726
	稳定成长期	0.36844	0.007594	15.66916
	成熟期	0.32695	0.004677	5.37987
社会责任补助	早期成长期	0.03091	0.001084	1.82736
	快速成长期	0.03021	0.001425	4.47728
	稳定成长期	0.05196	0.003935	12.21491
	成熟期	0.03898	0.001305	1.96657

发展阶段		0(%)	1(%)
早期成长期	0	68.67	31.33
早期成长期	1	12	88
快速成长期	0	81.12	18.88
快速成长期	1	38.22	61.78
稳定成长期	0	78.95	21.05
稳定成长期	1	30	70
成熟期	0	71.11	28.89
成熟期	1	17.24	82.76

Research on the Relationship between Government Subsidy and SMEs Value Creation from Enterprise Life Cycle Perspective: Based on Rules Mining Using Agglomerative Hierarchical Clustering and Rough Sets

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