Abstract: From dynamic perspective of the course of corporate development, this paper selects the data of A-share listed companies that have received any kind of government subsidies from 2007 to 2011 as samples to conduct a research on the economic performance and social performance generated from the government subsidies. The result implicates that the companies have different economic and social benefits generated by government subsidies when they are in different stages of development. The government subsidies can generate most significant economic performance among the enterprises at the growth stage, while for the enterprises at each development stages, ralative significant influence can be found only in the area of environment protection input, with little effect on charitable donation. Therefore, when making government subsidy decisions, targeted dynamical adjustment should be made on the scope and the amount of subsidies according to the different development stages within the corporate life cycle.

Key words: listed company; government subsidies; performance evaluation; corporate life cycle