| Since the reform and opening up,overcapacity problem has plagued the Chinese economy,especially China’s manufacturing industry is facing unprecedented challenges,policy departments are highly concerned about this,and regard overcapacity as the focus of the work.In the tax system of our country’s financial system,in order to increase the revenue of local governments,to enhance their political status,the local government tend to encourage enterprises to business investment by a series of preferential policies,companies often tend to invest in fixed assets,and investment in R & D expenditures and external financial assets is relatively small,which results in low efficiency and unfair market competition,intensifies enterprises’ overcapacity,makes the company operating performance decline,and a large number of “zombie” companies breed.In the context of structural reform in the supply side,the zombie enterprise problems become a hot topic in recent years,the Chinese government and media pay special attention.Due to long-term occupation of capital and other resources,the zombie companies are difficult to produce benefits,government subsidies and bank loans to a certain extent,enhance the zombie companies excessive investment,which leads to overcapacity and hinders the optimization of resource allocation.At present,the country has realized the necessity and urgency to deal with zombie enterprises,to speed up the reform of state-owned enterprises,the disposal of zombie enterprises is the top priority.In this paper,we study the impact of government subsidies on the direction of investment and the effect of investment.First of all,the domestic and foreign scholars on the study of government subsidies were reviewed.Secondly,from the capital market of our country in the years 2002-2015 listed A shares zombie companies as samples,descriptive statistics analyze the present situation of the zombie companies listed companies in China from the year and industry and ownership.Finally,the paper put forward relevant assumptions through theoretical analysis,with 2012-2015 years of traditional manufacturing zombie enterprises as an example,through descriptive statistics,correlative analysis and Logistic regression analysis,the key indicators of the government investment subsidy effect on zombie companies were tested,and discussed influence of government subsidies for the fixed assets of enterprises,R & D spending and the financial asset investment direction,and how to study the investment effect of the enterprise.The conclusion of this paper is: government subsidies distort corporate investment,and prompt the company proportion of excessive investment in fixed assets and R & D expenditures,and less investment in external financial assets,reduce the company’s operating performance and affect the company’s value,which results in low efficiency and increases enterprises overcapacity,to make a zombie further deterioration of enterprises.To study the impact of government subsidies on investment of “zombie” companies,Which is of great significance to enhance the core competitiveness of enterprises,optimize the allocation of resources and to promote the reform of state-owned enterprises. |
