中文摘要：

关于财政补贴的研究，从宏观角度来考虑财政补贴作用的较多，如引进外资、税收政策等。从微观角度研究财政补贴的，主要考虑研发投资等因素。笔者不同于这些研究，考虑的是财政补贴的行业差异以及财政补贴对公司绩效的作用。利用上市公司数据，研究发现从整体上看，财政补贴在某些行业存在着明显的差异性，如文化传播业、医药业、信息技术业、食品饮料业、采掘业、房地产业、建筑业、水电气生产和供应业均存在着显著性差异。从财政补贴对绩效的影响看，财政补贴提高了纺织业、木材家具业、金属非金属制品业绩效，降低了农业、造纸印刷业、交通运输业绩效。

英文摘要：

There are lots of literatures about financial subsidy in the perspectives of macroeconomics, such as attracting foreign capital, taxation policy. Other literatures study financial subsidy in micro-perspective, which think about R＆D investing affected by subsidy. Unlike these studies, this paper considers the industrial difference about financial subsidy and its effect on corporate performance. By using listed companies＇ data, we find there is a difference in industrial subsidy totally. The difference exists in media, pharmacy, IT, food, mining, real estate, construction, public industries. Subsidy is helpful to corporate real performance, such as textile, wood furniture, metal and non-metallic products. On the contrary, culture, paper printing and transportation. subsidy does lower some industries real performance, like agri-