Abstract: 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 Ashare 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 analysis of heterogeneity characteristics， listed companies in economically developed regions and industries in line with the national industrial layout policy have a single threshold effect. The marginal efficiency of nonstateowned property enterprises is significantly higher than that of stateowned property enterprises， and the marginal effect of financial subsidies for larger enterprises decreases 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 subsidy funds.

Key words: financial subsidies； heterogeneity； business performance； threshold effect

摘要： 分析不同产权、规模、地域、行业等特征下财政补贴对企业绩效的影响机制，采用A股上市公司2010—2021年面板数据，运用门槛回归方法，探讨异质性特征下财政补贴与企业绩效的门槛特征以及变量间的数量关系。结果表明，财政补贴与企业绩效具有单一门槛效应，超过门槛估计值能够促进企业绩效提升。从异质性特征分析，财政补贴在非国有企业的边际效应显著高于国有企业，规模较大企业在门槛估计值两侧边际效应递减，经济发达地区和符合国家产业布局行业内的上市公司具有单一门槛效应。提出发挥财政补贴规模效应、缩小补贴主体差异、完善财政补贴政策、加强财政补贴资金监管等研究启示。