财政补贴如何影响企业全要素生产率——兼论制造业财政补贴“适度区间”

当代财经 ›› 2020, Vol. 0 ›› Issue (6): 28-41.

财政补贴如何影响企业全要素生产率——兼论制造业财政补贴“适度区间”

胡春阳^1,2a, 王展祥^2b

1.南京大学经济学院,江苏南京 210093;
2.江西财经大学 a.江西经济发展与改革研究院 b.经济学院,江西南昌 330013

收稿日期:2020-02-01 修回日期:2020-05-06 出版日期:2020-06-15 发布日期:2020-12-10
通讯作者: 胡春阳,南京大学应用经济学博士后流动站在站博士后,江西财经大学副教授,主要从事财税政策、企业全要素生产率研究,联系方式hcy5511@163.com。
作者简介:王展祥,江西财经大学研究员,博士,主要从事发展经济学研究。
基金资助:
教育部人文社会科学研究青年基金项目“减税激励、财政补贴与企业全要素生产率：作用机理及空间溢出效应研究”（20YJC790045）; 国家自然科学基金项目“广义Armington替代弹性模型的拓展构造与中国贸易发展的预期应用研究”（71773042）; 江西省社会科学规划一般项目“‘互联网+'背景下江西制造业质量提升机制与路径研究”（19JL01）; 江苏省博士后科研资助计划“财税激励对企业全要素生产率的作用机制及实证研究”（2020Z367）

How Fiscal Subsidies Affect Corporate TFP? Also on the“Moderate Range”of Fiscal Subsidies for the Manufacturing Industry

HU Chun-yang^1,2, WANG Zhan-xiang²

1. Nanjing University, Nanjing 210093;
2. Jiangxi University of Finance and Economics, Nanchang 330013, China

Received:2020-02-01 Revised:2020-05-06 Online:2020-06-15 Published:2020-12-10

摘要/Abstract

摘要： 将财政补贴作为“触媒”引入生产函数,构建产出-财政补贴模型,并从技术效率和技术进步两个维度,分析了财政补贴对企业全要素生产率影响的内在机理及路径。利用2010—2018年中国制造业上市公司数据,实证分析了财政补贴对企业全要素生产率影响的来源。结果表明：财政补贴可通过企业技术效率（而非技术进步）提升企业全要素生产率,且其影响在不同样本中存在异质性。进一步研究发现,财政补贴对非国有企业技术效率影响更大且具有显著性,对中部企业技术效率影响大于西部和东北部。同时,采用门槛模型考察不同财政补贴力度影响的异质性,提出财政补贴“适度区间”,当财政补贴率位于（0.018,0.023）时,财政补贴对技术效率和技术进步均具有促进作用,此时后者也具有显著性。因此,建议强化财政补贴对技术效率的促进作用,着力提高财政补贴的配置效率,推动财政补贴由大水漫灌向精准滴灌转型。

关键词: 财政补贴, 企业全要素生产率, 技术效率, 制造业, 适度区间

Abstract: Taking fiscal subsides as a kind of catalyst introduced into production function to construct an output-fiscal subsidy model, this paper analyzes the internal mechanism and path of the effect of fiscal subsidies on TFP from the two dimensions of technical efficiency and technological progress. It also makes use of the data of the listed companies in China's manufacturing industry from 2010 to 2018 to conduct an empirical analysis of the source of the impact of fiscal subsides on corporate TFP. The findings show that fiscal subsidies can improve the TFP of enterprises through corporate technological efficiency (not technological progress), and this effect has heterogeneity in different samples. The results of further research show that fiscal subsidies have a greater and more significant effect on the technical efficiency of non-state-owned enterprises, and the effect on the enterprise in the central region is greater than that on the enterprises in the western and northeastern regions. Meanwhile, if the threshold model is adopted to investigate the heterogeneity of the effects under different strengths of fiscal subsidies and the notion of the“moderate range”of fiscal subsides is proposed, fiscal subsidies can play a promoting role both in technical efficiency and in technological advances when the rate of fiscal subsides is at the point of [0.018,0.023], at that time the latter is also significant. Therefore, it is suggested that the promoting effect of fiscal subsides on technical efficiency should be strengthened, the allocative efficiency of fiscal subsides should be improved, and the fiscal subsides should be transformed from general to specific.

Key words: fiscal subsidies, TFP, technical efficiency, manufacturing industry, moderate range

中图分类号:

F812.4

胡春阳, 王展祥. 财政补贴如何影响企业全要素生产率——兼论制造业财政补贴“适度区间”[J]. 当代财经, 2020, 0(6): 28-41.

HU Chun-yang, WANG Zhan-xiang. How Fiscal Subsidies Affect Corporate TFP? Also on the“Moderate Range”of Fiscal Subsidies for the Manufacturing Industry[J]. Contemporary Finance & Economics, 2020, 0(6): 28-41.

参考文献

[1] Criscuolo C.,Martin R.,Overman H.,Van Reenen J.The Causal Effects of an Industrial Policy[J].American Economic Review,2019,109(1):48-85.
[2] 邵敏,包群.政府补贴与企业生产率——基于我国工业企业的经验分析[J].中国工业经济,2012,(7):70-82.
[3] 胡春阳,余泳泽.政府补助与企业全要素生产率——对U型效应的理论解释及实证分析[J].财政研究,2019,(6):72-85.
[4] 李香菊,杨欢.财税激励政策、外部环境与企业研发投入——基于中国战略性新兴产业A股上市公司的实证研究[J].当代财经,2019,(3):25-36.
[5] Farrell M.J. The Measurement of Productive Efficiency[J].Journal of the Royal Statistical Society,1957,120(3):253-290.
[6] 唐勇军,王文婷,刁诚诚.供给侧改革下地方政府对企业财政性支出的绩效评价——以江苏省常熟市设备投资贴息项目为例[J].财政研究,2018,(5):46-59.
[7] 李成,李熙.战略性新兴产业财政支持效率分析——以广东省为例[J].科技管理研究,2016,(9):41-45.
[8] 王胜. 分税制以来中国地方财政支农绩效评价:基于分级支出视角[J].中国管理科学,2010,(1):26-32.
[9] McCloud N.,Kumbhakar S. C. Do Subsidies Drive Productivity? A Cross-country Analysis of Nordic Dairy Farms[J]. Advances in Econometrics,2008,23(1):245-274.
[10] 姬中洋,王一婕.服务业技术效率与财政补贴[J].宏观经济研究,2019,(4):53-62.
[11] Hall B.H.,Mairesse J. Exploring the Relationship between R&D and Productivity in French Manufacturing firms[J]. Journal of Econometrics,1995,65(1):263-293.
[12] 王乔,黄瑶妮,张东升.支持科技成果转化的财税政策研究[J].当代财经,2019,(7):28-36.
[13] Guan Z.,Lansink A.O. The Source of Productivity Growth in Dutch Agriculture:A Perspective from Finance[J].American Journal of Agricultural Economics,2006,88(3):644-656.
[14] Obeng K., Sakano R.Total Factor Productivity Decomposition,Input Price Inefficiencies and Public Transit Systems[J]. Transportation Research Part E:Logistics and Transportation Review,2002,38(1):19-36.
[15] 张学功. 财政补贴、财务政策与农业上市公司的科技创新——基于贝叶斯层次方程的分析[J].中国农村经济,2013,(6):74-85.
[16] Giannakas K.,Schoney R.,Tzouvelekas V. Technical Efficiency,Technological Change and Output Growth of Wheat Farms in Saskatchewan[J]. Canadian Journal of Agricultural Economics,2001,49(2):135-152.
[17] 胡春阳. 财税政策、空间溢出效应与企业全要素生产率[D].天津:南开大学,2018.
[18] 王强,王健,车维汉.适宜制度对要素配置效率的影响——基于跨国数据的实证分析[J].财经研究,2015,(12):107-117.
[19] Aigner D.J.,Lovell C. A. K.,Schmidt P. Formulation and Estimation of Stochastic Production Function Models[J].Journal of Econometrics,1977,6(1):21-37.
[20] Meeusen W.,Broeck J.Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error[J]. International Economic Review,1977,18(2):435-444.
[21] Färe R.,Grosskopf S.,Pasurka C.Environmental Production Functions and Environmental Directional Distance Functions[J].Energy,2007,32(7):1055-1066.
[22] Kumbhakar S.C.,Lovell C. A. K. Stochastic Frontier Analysis[M].Cambridge UK:Cambridge University Press,2000.
[23] Caves D.L.,Christensen L.,Diewert W. E. The Economic Theory of Index Numbers and the Measurement of Input,Output,and Productivity[J].Econometrics,1982,50(6):1393-1414.
[24] Charnes A.,Cooper W.W.,Rhodes E. Measuring the Efficiency of Decision Making Units[J].European Journal of Operational Research,1978,2(6):429-444.
[25] 柳光强. 税收优惠、财政补贴政策的激励效应分析——基于信息不对称理论视角的实证研究[J]. 管理世界,2016,(10):62-71.
[26] 储德银,杨姗,宋根苗.财政补贴、税收优惠与战略性新兴产业创新投入[J].财贸研究,2016,(5):83-89.
[27] 周燕,潘遥.财政补贴与税收减免——交易费用视角下的新能源汽车产业政策分析[J].管理世界,2019,(10):133-149.
[28] 童锦治,刘诗源,林志帆.财政补贴、生命周期和企业研发创新[J].财政研究,2018,(4):33-47.
[29] 毛其淋,许家云.政府补贴对企业新产品创新的影响——基于补贴强度“适度区间”的视角[J].中国工业经济,2015,(6):94-107.
[30] Hansen B.E. Threshold Effects in Non-dynamic Panels:Estimation,Testing,and Inference[J].Journal of Econometrics,1999,93(2):345-368.
[31] Hansen B.E. Sample Splitting and Threshold Estimation[J].Econometrica,2000,68(3):575-603.
[32] 杨向阳,潘妍,童馨乐. 因地制宜:产业结构变迁与全要素生产率——基于230个城市的经验证据[J]. 北京工商大学学报(社会科学版),2019,(2):104-115.