摘要
在对中国产业政策进行评估时,必须考虑到政策的机会成本,从效率的角度进行。以我国A股上市公司为样本,实证检验政府财政补贴对企业营收的影响,发现:(1)政府财政补贴与企业自身研发投入都显著增加了企业的总营业收入;(2)财政补贴给企业带来的营收增长,远低于企业自身研发投入带来的增长,前者只有后者的1/3左右。这意味着,相对于资金的市场化配置,政府财政补贴的效率较低。考虑到产业政策配置资金对社会资金的挤占,我国产业政策的效果有待进一步提高。
When assessing China's industrial policy,it must take into account the opportunity cost of the policy,from the perspective of efficiency.Taking China's A-share listed companies as a sample,empirically testing the impact of government financial subsidies on corporate revenues,it is found that(1)government financial subsidies and enterprises'own R&D investment have significantly increased the total operating income of enterprises;(2)financial subsidies The revenue growth brought to the enterprise is far lower than the growth brought by the company's own R&D investment.The former is only about 1/3 of the latter.This means that the government's financial subsidies are less efficient than the marketbased allocation of funds.Considering the fact that industrial policy allocation funds are crowded out by social funds,the effect of China's industrial policies needs to be improved.
作者
刘小鸽
LIU Xiaoge(Department of Development Strategy and Regional Economic Research,Development Research Center of the State Council,Beijing 100010,China)
出处
《科学与管理》
2020年第1期76-82,共7页
Science and Management
关键词
产业政策
效率
财政补贴
industrial policy
efficiency
financial subsidy
