摘要
政府是保障我国制造业高质量发展的重要力量,应当在推动制造业全要素生产率提升过程中有所作为。作为支持和引导制造业转型发展最直接的方式,政府补贴对于我国制造业企业转变发展方式、提高经营效率具有重要的导向性和保障性作用。本文基于我国制造业上市公司数据,在理论分析的基础上,实证检验了政府补贴对企业全要素生产率的影响。研究发现,政府补贴有效促进了企业全要素生产率提升,分位数回归结果表明,随着企业全要素生产率水平提升,政府补贴对企业全要素生产率的边际作用逐渐减弱。进一步研究发现,企业研发投入会负向调节政府补贴的作用效果,即企业研发投入越高,政府补贴对企业全要素生产率的提升作用越低。对企业所有权异质性考察发现,政府补贴对非国有企业全要素生产率的提升作用高于国有企业,在国有企业中,补贴对中央国有企业全要素生产率的提升作用高于地方国有企业。因此,应当重视政府补贴对企业发展的重要作用,依据企业特征采取多样化的补贴方案和措施,推动制造业企业效率提升。
With the disappearance of labor cost advantage and the tightening of resource and environment constraints,the extensive manufacturing development model in the past in China is facing serious sustainable problems.Manufacturing industry is big but not strong,rough but not refined,which has become an important bottleneck restricting the high-quality development of China s macro-economy.At the same time,in the international market,the price squeeze of low-end manufacturing industry from developing countries and the technology squeeze of high-end manufacturing industry from developed countries also make Chinese manufacturing products face enormous international competition pressure.Therefore,we must change the development mode of manufacturing industry,take technological progress as the main driving force,promote the transformation of the development mode of manufacturing industry from emphasizing scale and quantity to emphasizing efficiency and innovation,and improve the quality and efficiency of the development of manufacturing industry. The government is the key force to ensure the high-quality development of manufacturing industry in China.The government should play an important role in promoting the total factor productivity of manufacturing industry.As the most direct way to support and guide the transformation and development of manufacturing industry,government subsidies play an important guiding and guaranteeing role in transforming the development mode and improving the operational efficiency of manufacturing enterprises in China.Based on the data of listed manufacturing companies in China,this paper empirically analyses the impact of government subsidies on total factor productivity of manufacturing enterprises on the basis of theoretical mechanism.In addition,considering the close relationship between R&D investment and total factor productivity,this paper further examines the regulatory role of R&D investment on the effect of government subsidies.It is found that government subsidy effectively promotes enterprise total factor productivity.Quantile regression results show that with the increase of enterprise total factor productivity,the marginal effect of government subsidy on enterprise total factor productivity gradually decreases.In addition,R&D investment of enterprises will negatively regulate the effect of government subsidies,that is,the higher R&D investment of enterprises,the lower the role of government subsidies in promoting total factor productivity of enterprises.The study of heterogeneity of enterprise ownership shows that government subsidy plays a higher role in promoting the total factor productivity of non-state-owned enterprises than that of state-owned enterprises.Within state-owned enterprises,subsidy plays a higher role in promoting the total factor productivity of central state-owned enterprises than that of local state-owned enterprises. Based on the above conclusions,we should attach importance to the important role of government subsidies in the development of enterprises,it mainly includes several aspects.Firstly,the government should play an active role in promoting the total factor productivity of enterprises.Government subsidy should be used as an important policy tool to support enterprises with financing difficulties and great development potential.Secondly,when formulating subsidy policies,we should adhere to the diversification of government subsidy schemes and types,and make targeted subsidy measures according to the current situation of enterprises,so as to improve the effect of government subsidy.In order to maximize the effect of government subsidy,we should adjust the subsidy schemes and types according to the characteristics of enterprise operation efficiency,R&D investment and ownership.Thirdly,we should establish an after-the-fact evaluation mechanism of government subsidies,do a good job in tracking,monitoring and performance evaluation of subsidies,and ensure that government subsidies play an ideal role.On the one hand,we should improve the transparency of the subsidy process and allocate government resources to enterprises that really need subsidies.On the other hand,we should formulate a series of evaluation schemes for the effect of government subsidy,take the efficiency of subsidy funds as a hard indicator of whether to subsidize enterprises,and strengthen the monitoring and evaluation of the use of subsidy funds,especially those of state-owned enterprises,so as to ensure the efficient use of government subsidies.
作者
李政
杨思莹
路京京
LI Zheng;YANG Si-ying;LU Jing-jing(China Research Center for State-owned Economy,Jilin University,Changchun,Jilin,130012,China;School of Economics,Jilin University,Changchun,Jilin,130012,China)
出处
《经济管理》
CSSCI
北大核心
2019年第3期5-20,共16页
Business and Management Journal ( BMJ )
基金
研究阐释党的十九大精神国家社科基金专项立项课题"新时代激发和保护企业家精神的关键机制与践行对策研究"(18VSJ085)
关键词
政府补贴
企业全要素生产率
制造业
研发投入
government subsidies
manufacturing industry
enterprise R&D investment
total factor productivity
