Zhou Xiaomin, Mei Ran, Song Leilei
School of Economics & Management, Gannan Normal University, Ganzhou, China.
Urban Development Research Center, Shanghai Urban Construction Vocational College, Shanghai, China.
Heliyon. 2023 May;9(5):e15707. doi: 10.1016/j.heliyon.2023.e15707. Epub 2023 Apr 26.
With the outbreak of COVID-19, governments worldwide have provided direct subsidies to enterprises. This paper aims to identify the motivation behind these subsidies and evaluate their impact. Previous studies have overlooked the discussion of subsidy motivation, and there is still a wide divergence of views among scholars on whether subsidies have a positive effect on firm performance. To test the hypothesis, a fixed effect model is adopted. The study examines 228 Chinese A-share listed companies and confirms that subsidies are primarily attributable to the severity of the pandemic. Moreover, subsidies have a significant positive effect on social performance, particularly for small-scale enterprises. Contrary to the belief that subsidies have a positive effect on firm performance, this study disproves this viewpoint. The research findings provide a theoretical basis for subsidy policy-making during pandemics and outline the boundaries of government intervention in society and the economy.
随着新冠疫情的爆发，世界各国政府都向企业提供了直接补贴。本文旨在确定这些补贴背后的动机，并评估其影响。以往的研究忽略了对补贴动机的讨论，而且学者们对于补贴是否对企业绩效有积极影响仍存在广泛分歧。为了验证这一假设，采用了固定效应模型。该研究考察了228家中国A股上市公司，并证实补贴主要归因于疫情的严重程度。此外，补贴对社会绩效有显著的积极影响，尤其是对小规模企业。与补贴对企业绩效有积极影响的观点相反，本研究反驳了这一观点。研究结果为疫情期间补贴政策的制定提供了理论依据，并勾勒出政府对社会和经济干预的边界。
