论文部分内容阅读
政府补贴是实施产业政策的重要手段之一,但对资源配置的扭曲效应也日益凸显。相对于选择性补贴,竞争性补贴对市场秩序的负面作用较小,更有助于促进企业创新、提升全要素生产率。利用673家装备制造业上市公司非平衡面板数据,实证检验了竞争性补贴与企业全要素生产率的关系。结果显示:政府补贴在行业内的集中度越低,越有利于全要素生产率的提升,即竞争性补贴对全要素生产率有显著促进作用。其中,技术进步效率(TC)和规模改善效率(SEC)更容易得到竞争性补贴的正向贡献,而其对技术改善效率(TEC)为抑制作用。为推动供给侧改革和产业转型升级,我国应进一步深化产业政策实施手段的创新,注重竞争性普惠式的财税支持,减少政府对资源配置机制的过度干预。
Government subsidies are one of the important means to implement industrial policies, but the distorting effect on the allocation of resources is also increasingly prominent. Compared with selective subsidies, competitive subsidies have less negative impact on the market order, and more conducive to promoting enterprise innovation and enhancing total factor productivity. Using 673 non-equilibrium panel data of listed companies in manufacturing equipment, the paper empirically tests the relationship between competitive subsidies and total factor productivity of enterprises. The results show that the lower the concentration of government subsidies in the industry, the more conducive to the promotion of total factor productivity, that competitive subsidies significantly promote the total factor productivity. Among them, TCs and SECs are more likely to gain a positive contribution from competitive subsidies, while they inhibit TECs. In order to promote supply-side reform and industrial restructuring and upgrading, China should further deepen the innovation of industrial policy implementation measures, pay attention to competitive Pratt & Whitney fiscal and taxation support, and reduce government excessive intervention in resource allocation mechanism.