摘要
本文通过中国省级党报报道数据重新构建了中国经济政策不确定性指数,并利用2007-2018年中国制造业上市公司数据,综合测度企业金融化和制造业全要素生产率。其次,借助系统广义矩估计方法,实证检验了经济政策不确定性对制造业全要素生产率的影响及其作用机制。研究发现:经济政策不确定性显著抑制了制造业全要素生产率的提升;进一步的作用机制分析,揭示了产品创新和企业金融化是经济政策不确定性阻碍制造业全要素生产率提升的重要传导路径。更换指标测算后,上述结论依然成立。最后,本文认为保持经济政策的连续性和稳定性,引导和规范企业投资行为是提升中国制造业全要素生产率的关键所在。
First,this paper used Chinese Provincial Party Newspaper data to reconstruct the Chinese Economic Policy Uncertainty Index,and used the 2007-2018 Chinese manufacturing listed company data to comprehensively measure corporate financialization and manufacturing total factor productivity.Secondly,with the help of measurement methods such as System Generalized Method of Moments,the empirical test is conducted.The study found that:uncertainty in economic policies has significantly inhibited the improvement of total factor productivity of manufacturing enterprises;further analysis of the mechanism reveals that product innovation and corporate financialization are the important transmission paths.After considering the replacement index measurement method,the above conclusion is still true.Finally,the suggestion is that maintaining the continuity and stability of economic policies,guiding and regulating corporate investment behavior are the keys to improve the total factor productivity of China’s manufacturing industry.
作者
王丽纳
李敬
李玉山
Wang Lina;Li Jing;Li Yushan
出处
《财政研究》
CSSCI
北大核心
2020年第9期65-79,共15页
Public Finance Research
基金
国家社科基金重点项目“动态公平视角下政府调整城乡收入分配格局的理论与政策路径研究”(13AJY006)
国家自然科学基金“新时代中国沿边区域开放空间格局优化与战略支撑研究”(71861034)。
关键词
经济政策不确定性
制造业全要素生产率
产品创新
企业金融化
Economic Policy Uncertainty
Total Factor Productivity in Manufacturing Industry
Product Innovation
Corporate Financialization
