›› 2019, Vol. 31 ›› Issue (8): 194-209.

• 会计与财务管理 • 上一篇    下一篇

政府补助、持续性与未来盈余

李馨子   

  1. 中央财经大学会计学院, 北京 100081
  • 收稿日期:2018-07-16 出版日期:2019-08-28 发布日期:2019-09-11
  • 作者简介:李馨子,中央财经大学会计学院讲师,硕士生导师,博士。
  • 基金资助:

    国家自然科学基金面上项目(71372050);国家自然科学基金青年项目(71802208)。

Government Subsidies, Persistence and Future Earnings

Li Xinzi   

  1. School of Accountancy, Central University of Finance and Economics, Beijing 100081
  • Received:2018-07-16 Online:2019-08-28 Published:2019-09-11

摘要:

政府与市场的关系以及由此引发的经济后果一直是国内外研究的热点。本文系统性地从持续性的角度对上市公司获得政府补助进行了分类,考察持续性不同的政府补助对企业未来盈余的影响。本文的研究发现,政府补助与未来盈余显著负相关,这样的关系在国有企业以及产能过剩行业的企业更显著。持续性不同的政府补助对未来盈余的影响不同,偶发性政府补助显著降低了未来盈余,政策性和项目性政府补助与未来盈余的关系不显著。此外,政府补助显著降低了盈余持续性、增大了盈余波动性。本文的研究成果不仅对评价政府补助行为的效果、提高政府参与经济活动的有效性有着积极的意义,还为最新修订的政府补助会计准则提供了支持性的实证证据。

关键词: 政府补助, 持续性, 未来盈余, 盈余质量

Abstract:

The relationship between government and market and the corresponding economic consequences are always a hot spot of academic researches. This paper systematically classifies the government subsidies to listed companies from the perspective of persistence, and examines the impact of government subsidies with different persistence on the future earnings respectively. This study finds that government subsidies have a significant negative correlation with future earnings, which is more pronounced in state-owned enterprises and the enterprises with overcapacity. Government subsidies with different persistence have different effects on future earnings. Occasional government subsidies have significantly negative relationship with future earnings, and the relationship between policy or project government subsidies and future earnings are not significant. In addition, government subsidies significantly reduce earnings persistence and increase earnings volatility. The findings of this paper not only contribute to evaluating the effect of government subsidies and improving the effectiveness of government participation in economic activities, but also provide supporting empirical evidence for the newly revised government subsidy accounting standards.

Key words: government subsidies, persistence, future earnings, earnings quality