A Study on the Impact of Heterogeneous Government Grants on Firm Resilience
In the face of a complex and volatile internal and external economic environment,enhancing firm resilience is a necessary foundation for the sustainable development of Chinese firms and an essential guarantee for the high-quality development of China's economy.Based on the actual performance of Shanghai and Shenzhen A-share listed companies during the COVID-19 pandemic,this paper explores the impact of government grants on firm resilience and focuses on the differences between government subsidies granted before and during the crisis.It is found that government grants can enhance firm resilience,and the enhancement of government grants granted during the crisis is more pronounced.The mechanism testingsuggests that government grants enhance firm resilience by alleviating resource constraints and boosting firm confidence.Further research shows that the aggravation of firm resource constraints during the crisis can increase the efficiency of enterprises'utilization of government grants,thereby enhancing the effect of government sub-sidies on enterprise resilience.The study helps to deepen the understanding of the heterogeneity of government subsi-dies and the role of government subsidies in crisis.It provides empirical references for improving government subsidy policies and promoting firm resilience.
government grantsfirm resilienceresource constraintsfirm confidence
NETL
NSTL
万方数据
维普
