Impacts of Government Subsidies on the Operating Performance Based on Multiple Regression Model

Abstract

Based on the empirical data of 18 tourism listed companies that have received Chinese government subsidies continuously from 2010 to 2019, the study constructs an OLS analysis model for a detailed analysis on the impacts of government subsidies on their operating performance. Results demonstrate that: (1) the government subsidies have significant positive correlation with the operating performance of tourism listed companies according to the full sample analysis; (2) in accordance with samples divided by the nature of property right, they have a significant impact on the operating performance of non-state-owned tourism listed companies, while for state-owned ones, the impact is not significant. The research reveals issues in the influence of government subsidies on the operating performance of tourism listed companies, attempting to offer reference for improving corresponding policies.