论文部分内容阅读
基于全业态视角,以2015年度影视类上市企业为样本,采取杜邦分析法,将权益乘数、总资产周转率和销售净利率作为考量标准,检验政府补贴对于不同业态影视上市企业的经营绩效的影响。研究发现,政府补贴能够对影视类上市企业的部分财务指标在当期产生定向性作用;政府补贴对影视类上市企业经营绩效影响效度在企业业态和财务指标两个层面产生双重交互式差异;政府财政补贴在某种程度上虚增了影视类上市企业的盈利能力,导致“寻租”行为的发生。故此,政府对于影视类上市企业的财政补贴应当由定向补贴向定点补贴转变,由直接补贴向间接补贴转变,由以补为主向以奖代补转变。
Based on the omni-stereoscopic perspective, taking the 2015 listed film and television companies as a sample, DuPont analysis method is adopted to take the equity multiplier, the total asset turnover rate and the net sales rate as the standard to test the government subsidies for the operating performance of listed film and television enterprises in different formats influences. The study found that government subsidies can play a directive role in the financial indicators of listed companies in the movie and TV industry in the current period. The effect of government subsidies on the operating performance of film and television listed companies has double interactive differences between the business formats and financial indicators. Financial subsidies to a certain extent inflated the profitability of listed film and television companies, resulting in “rent-seeking ” behavior. Therefore, the government’s financial subsidies for listed film and television companies should shift from targeted subsidies to fixed-point subsidies, from direct subsidies to indirect subsidies, from subsidies to substitutes.