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

Abstract

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

CLC Number:

F812.4

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.

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