Research on the Threshold Effect of Financial Subsidies and Corporate Heterogeneity on Business Performance Based on the Empirical Data of A-share Listed Companies
Based on the analysis of the impact mechanism of financial subsidies on business performance under different property rights,regions,industries and scales,this paper uses the panel data of A-share listed companies from 2010 to 2021,and uses the threshold regression method to explore the threshold characteristics of financial subsidies and business performance under the heterogeneity characteristics and the quantitative relationship between variables.The results show that financial subsidies have a single threshold effect,and exceeding the threshold value can promote the improvement of business performance.From the analy-sis of heterogeneity characteristics,listed companies in economically developed regions and industries in line with the national in-dustrial layout policy have a single threshold effect.The marginal efficiency of non-state-owned property enterprises is significant-ly higher than that of state-owned property enterprises,and the marginal effect of financial subsidies for larger enterprises decrea-ses before and after the threshold value.On this basis,it is proposed to give full play to the scale effect of financial subsidies,narrow the difference of subsidy subjects,improve the financial subsidy policy,and strengthen the supervision of financial subsi-dy funds.
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