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基于中国日益频繁出现的政府补助企业的现实背景,结合亏损上市公司在产权性质、公司规模等方面的特征、运用理论分析与实证分析相结合的方法,以2003年-2012年1 383家亏损上市公司为研究样本对机构投资者增持、政府补助与亏损逆转程度三者的关系展开较为深入的研究。结果发现,上市公司在亏损当年获得政府补助尽管会减轻当年的亏损额,但会抑制其在亏损后第一年的亏损逆转程度,而且获得的政府补助越多,这种抑制效应也越明显;机构投资者增持会增强政府补助对上市公司在亏损后第一年发生亏损逆转程度的抑制效应。本文的研究对于规范政府补助行为、加强机构投资者监督、提高证券监管部门对于亏损上市公司信息披露的监管力度等具有一定的指导意义。
Based on the actual background of the government subsidy enterprises that emerges more and more frequently in China, combined with the characteristics of the loss listed companies in the nature of property rights and the size of the company, the paper uses the combination of theoretical analysis and empirical analysis, with 1 383 losses from 2003 to 2012 The Company conducted a more in-depth study on the relationship between the sample of institutional investors and the degree of reversal of losses. As a result, it is found that the government subsidies obtained by listed companies in the loss year will reduce their deficits in the current year, but they will restrain their losses reversed in the first year after losses, and the more government subsidies they obtain, the more obvious the inhibitory effect will be. The increase of institutional investors will enhance the restraining effect of government subsidies on the degree of reversal of loss of listed companies in the first year after losses. The research in this paper is of guiding significance for regulating government subsidies, strengthening the supervision of institutional investors and enhancing the supervision of securities regulators for the loss disclosure of information disclosure by listed companies.