Research the Government Subsidies Performance of Listed Companies in China Based on the Perspective of the Corporate Life Cycle

摘要

The paper conducted a research on government subsidies performance from dynamic perspective. It selects A-share listed companies that have obtained any kinds of subsidies from 2007 to 2011 as samples and carries out an empirical analysis to the economic and social performance caused by the application of government subsidies based on the view of the corporate life cycle. The result implicates the companies have various economic and social benefits generated by government subsidies in different stages of development. The economic performance is apparent in the growth stage enterprise. The government subsidies had apparently impacted on investment in environmental protection, while there is little effect on donation. Therefore, government subsidies need to be targeted to dynamically adjust the scope of and the amount of subsidies, according to the corporate life cycle.