摘要
政府对部分企业进行补贴,会影响企业的市场进入、退出和规模,导致资源在企业之间的误置,不利于制造业生产率。本文用1998—2007年我国工业企业面板数据,研究政府补贴的资源误置效应对制造业生产率的影响及微观机制。从生产率的分解上看,我国制造业中存在企业之间的资源误置效应,对制造业生产率具有负面作用。实证研究发现,政府补贴是导致这种资源误置的重要因素,补贴会改变市场的广延边际和集约边际,导致资源在受补贴企业和未补贴企业之间的误置,降低制造业的生产率,并且这种资源误置效应在国有资本比重高的行业中更严重。具体来看,广延边际方面,补贴阻碍了市场进入和市场退出,受补贴企业相对于未补贴企业的市场进入和市场退出概率均较低;集约边际方面,补贴有利于受补贴企业扩大生产规模,并挤出未补贴企业的市场份额。本文的启示在于,政府补贴需要在一般均衡框架下考虑其对企业动态和资源配置的影响。
Government subsidy on firms changes extensive and intensive margins of market,results in misallocation of resources between firms and reduces manufacturing productivityUsing panel data of Chinese manufacturing firms from 1998 to 2007,this paper studies the effect and mechanism of misallocation caused by subsidy on manufacturing productivityDecomposition of manufacturing productivity demonstrates the resource misallocation between firms and decreases manufacturing productivityEmpirical study shows that government subsidy is an important factor inducing this resource misallocationSubsidy changes extensive and intensive margins of market,distorts resource allocation between firms and reduces manufacturing productivity,and the resource misallocation is more serious in industries with higher proportions of stateowned assetsSpecifically,subsidy hinders firmsentry and exit in extensive margins,but helps the subsidized firms to expand the scale and crowd out the market share of unsubsidized firms in intensive marginsThis paper implies that the government should take all firms into consideration in a frame of general equilibrium when developing subsidy policies
作者
金晓雨
JIN Xiaoyu(Chongqing University of Technology,400050)
出处
《财贸经济》
CSSCI
北大核心
2018年第6期43-57,共15页
Finance & Trade Economics
基金
重庆市社会科学规划项目"价值链视角下重庆市生产性服务业与制造业融合对产业升级的影响机制研究"(2017QNJJ13)
重庆市教委科技项目"供给侧结构性改革背景下重庆市企业动态与制造业转型升级研究"(KJ1709234)
关键词
政府补贴
资源误置
制造业生产率
Government Subsidy
Resources Misallocation
Manufacturing Productivity
