摘要
提升全要素生产率对于实现经济高质量发展具有重要意义。文章以2009—2019年沪深A股制造业民营上市公司为研究对象,将资本结构和研发强度作为门槛变量,建立面板门槛模型,探讨政府补贴对民营企业全要素生产率的影响。研究发现:政府补贴促进了民营企业全要素生产率的提升;政府补贴对民营企业全要素生产率的提升作用存在显著的资本结构双重门槛效应,随着资本结构风险的上升,政府补贴对民营企业全要素生产率的激励效应减弱,当资产负债率高于20.943时,这种激励效应最弱;政府补贴对民营企业全要素生产率的提升作用存在显著的研发强度双重门槛效应,政府补贴对民营企业全要素生产率的激励效应会随着企业研发强度的提升而增强,当研发强度高于8.731时,政府补贴的提升效果达到最大。因此,一方面应该重视补贴资金对民营企业全要素生产率的促进作用,另一方面对不同类型的民营企业,应该实施差异化补贴政策,从而提升政府补贴政策的实施效果。
Improving total factor productivity(TFP)is of great significance to achieve high-quality economic development.This paper takes Shanghai and Shenzhen A-share manufacturing private listed companies from 2009 to 2019 as the research object,takes the capital structure and R&D intensity as the threshold variables,establishes a panel threshold model,and discusses the impact of government subsidies on the TFP of private enterprises.The results show that government subsidies promote the TFP of private enterprises;the government subsidy has a significant double threshold effect on the TFP of private enterprises.With the increase of capital structure risk,the incentive effect of government subsidies on TFP of private enterprises weakens.When the asset liability ratio is higher than 20.943,the incentive effect is the weakest;there is a significant double threshold effect of R&D intensity on the promotion of TFP by government subsidies.The incentive effect of government subsidies on TFP of private enterprises will be enhanced with the increase of R&D intensity.When R&D intensity is higher than 8.731,the improvement effect of government subsidies reaches the maximum.Therefore,on the one hand,the government should pay attention to the promotion effect of subsidy funds on the TFP of private enterprises;on the other hand,it should implement differentiated subsidy policies for different types of private enterprises,so as to improve the implementation effect of government subsidy policies.
作者
孙阳阳
丁玉莲
SUN Yangyang;DING Yulian(School of Business Administration,Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《华东经济管理》
CSSCI
北大核心
2021年第4期100-108,共9页
East China Economic Management
