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本文综合采用倾向得分匹配与生存分析方法深入考察了政府补贴对企业生存的微观效应。研究表明,只有适度的政府补贴可显著延长企业的经营持续时间,高额度补贴反而提高了企业退出市场的风险率。进一步研究发现,“寻补贴”投资和创新激励的弱化是高额度政府补贴抑制企业市场存活的重要渠道。最后,本文还引入地区治理环境指数,研究发现良好的地区治理环境不仅对企业生存具有直接促进作用,而且还能强化政府补贴对企业生存的改善作用。
In this paper, the micro-effect of government subsidies on the survival of enterprises is investigated in depth by propensity score matching and survival analysis methods. Research shows that only modest government subsidies can significantly extend the operating duration of enterprises, but high subsidies increase the risk of enterprises withdrawing from the market. Further study found that the weakening of investment and innovation incentives of “seeking subsidies” is an important channel for high-level government subsidies to curb the survival of the enterprise market. Finally, this article also introduces the regional governance environment index, and finds that a good regional governance environment not only has a direct role in promoting the survival of enterprises, but also strengthens the government subsidies to improve the survival of enterprises.