Propertyrights,Government Subsidies And The Performance Of Listed Companies In China's Manufacturing Industry

As the manufacturing industry is the pillar industry of our country,it plays an important role in the economic development of our country.In addition to the concept of "manufacturing 2025" introduced by the State Council for the first time at present,it puts forward the strategy of developing a strong manufacturing country step by step by three steps.Therefore,the government departments in our country attach great importance to the development of manufacturing industry,and the scope of government subsidies and the amount of capital are gradually increasing.However,in recent years,there are still many problems in the development of our manufacturing industry,such as the lack of independent innovation ability,the lack of market competitiveness of products,the shortage of highly qualified personnel,the low operating performance of enterprises,and even the greater the government subsidy.The more serious the loss of the enterprise The phenomenon ofBased on the current development of the manufacturing industry and the important position of the manufacturing industry in China's economy,government departments issue a large number of government subsidies to manufacturing enterprises every year.Stakeholders,especially governments,need to understand the actual use of government subsidies in manufacturing companies.In order to provide data and theoretical support for the reform of government subsidy policy,it is clear that the real effect of government subsidy policy on enterprise performance and the problems in the use of government subsidy policy.First of all,this paper makes a descriptive statistical analysis on the overall situation of government subsidies for listed manufacturing companies in China,and then analyzes the government subsidies to state-owned enterprises and non-state-owned enterprises respectively according to the nature of property rights of enterprises.The conclusions are as follows: first,our government attaches great importance to manufacturing enterprises,whether in the scale of subsidies or in the scope of popularization,is increasing every year.Second,both the total amount of government subsidies and the average amount of state-owned enterprises are obviously higher than those of non-state-owned enterprises.This is mainly due to the fact that state-owned enterprises have close ties with the government,which makes it easier for state-owned enterprises to gain favor and tolerance from government departments.It is easy to get more government subsidies.Secondly,in order to meet the requirements of stakeholders and verify the implementation effect of government subsidy policy in enterprises,this paper selects the financial statement data of A-share manufacturing listed companies listed in Shanghai and Shenzhen from 2008 to 2015 as the research sample.In this paper,we use multiple regression analysis to analyze the relationship between property rights,government subsidies and the operating performance of listed manufacturing companies.The results show that: first,government subsidies are negatively correlated with enterprise performance.For manufacturing companies,the higher the government subsidy,the worse the business performance.Second,the nature of ownership is significantly negatively correlated with the performance of the enterprise,compared with the state-owned enterprises.That non state owned enterprises operating performance better.Third,the nature of ownership affects the effect of government subsidies on the performance of the enterprise.Finally,according to the above conclusions,this paper put forward the following suggestions: first,government departments should establish a scientific evaluation object of government subsidy standards,to follow the law of development of the market mechanism to determine the object the government subsidies,to give full play to the market mechanism in the government grants a decisive role in the allocation of funds.Second,we should formulate and perfect evaluation mechanism of government subsidy effect on business performance,selection of compliance assessment standards,government subsidies for enterprises using good effect as subsidies for the next year Elephant.Third,enterprises should get rid of the dependence on government subsidies,increase R & D investment,constantly enhance independent innovation ability,improve the market competitiveness of products,and fundamentally improve their profitability.Fourth,we should improve the corporate governance level of enterprises,strengthen the supervision of the process of the use of government subsidy funds,make the use of government subsidy funds in line with relevant regulations,and improve the efficiency of the use of government subsidy funds.