Research On The Characteristic And Effect Of Government Subsidies Of The Real Estate Listed Companies

The real estate industry makes a great contribution to both the market and society, it is not only economic goods which can be changed, but also has the responsibility for safeguarding people’s livelihood and promoting social harmony. On the other hand, the government is not only a direct controller of the real estate market, but also a beneficiary of the real estate market, and that is why the government control the real estate market through the "visible hand". After The Third Plenary Session of the 18th Central Committee of the Communist strengthening the decisive role of market in resource allocation, the efficiency of government subsidy determines the status of the government and market in the allocation of resources.This paper applies the method of combining normative analysis and empirical analysis, after explaining the purpose and the significance of the research, we introduce the innovation of this article, elaborating the concept and the system background of government subsidies, and elaborating the subsidy effect by the economic and social benefits. Secondly, we use the related theory to analysis the mechanism, by the public goods theory, the fiscal decentralization theory,we know the reason of government subsidy; from the angle of financing, management decision and the capital market, the government subsidy does not have a positive impact on the economic and social benefits; from the theory of "Paternalism", we know that enterprise property is one of the factors to influence the government subsidy, and the state-owned enterprises tend to receive government subsidy. Defects of the state-owned enterprise system determine the state-owned enterprises do not have positive effects on economic and social benefits. According to those above, we put forward the research hypothesis, and then determining the indexes to measure economic benefits and social benefits of the government subsidy, selecting the financial data from 2008 to 2013 as a sample, sample of the after when the new standards of government subsidies and income tax reform of the real estate listed company established, making a descriptive statistical analysis of the sample. Using the statistical software of Eviews5.0, the regression analysis was carried out on the economic and social benefits; finally we draw the following conclusion:enterprise property has no significant impact on whether enjoying the government subsidies, but has a huge influence on the amount of the government subsidies which can be received. The empirical test shows that:the government subsidies have a significant negative correlation relationship with economic benefits and social benefits; the state-owned enterprise has a more significant negative correlation relationship with economic benefits and the social benefits than non-state-owned enterprise. We point out that the cause of low efficiency of the government subsidies is that the real estate listed companies bear policy burdens, the "rent-seeking" cost is large, and the institutional defects of the state-owned enterprises, they also cause the operational efficiency of state-owned enterprises is lower than non-state-owned enterprises.Finally, according to the result of empirical analysis, we put forward improvement measures:reducing the government intervention, promoting the marketization to make the market plays a decisive role; improving the management ability of listed companies itself and improving the comprehensive competitiveness; improving the operational efficiency of state-owned enterprises; improving the disclosure system of government subsidies.