补贴
政府(语言学)
中国
政治
业务
财务
经济
公共经济学
市场经济
货币经济学
政治学
语言学
哲学
法学
作者
Yan Yang,Yuqian Wang,Shou Chen
标识
DOI:10.1016/j.ribaf.2021.101569
摘要
This study examines how investors react to the announcements of corporate government subsidy in China. We find that investors are not generally optimistic about firms’ acquisition of government subsidies, even R&D subsidies. However, government subsidies announced by firms in the coverage of the national strategic emerging industries (SEIs1) policy get better reactions from investors, which are pronounced only for non-relief and R&D subsidies. Corporate political connections counteract the improving effect of the SEIs policy coverage on investors’ perception of government subsidy announcements. We conclude that the market reaction to government subsidy announcement is conditional on whether the firm is in the industry supported by the national industrial policy and whether the subsidy is obtained in a normal way instead of by rent-seeking.
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