目标导向的微观机制:国有企业的关键作用

Micro-Mechanism of Target-Oriented Growth: The Special Role of State-Owned Enterprises

中国政府宏观经济管理实践的一个关键特征是目标导向,增长目标引领实际经济增长。目标引领实际经济增长,最终需要依靠企业这一微观主体来实现。本文基于现有文献及典型事实,提出了经济增长目标导向的微观企业实现异质性逻辑框架,在需要稳增长情形下,国有企业响应政府号召增加投资,非国有企业投资相应缩减。本文利用1998—2013年省级经济增长目标匹配中国工业企业数据,以经济下行时期政府需要稳增长情形,发现在经济下行时期,目标导向作用显现,经济增长目标每提高1个百分点,国有企业投资平均增加约2个百分点,非国有企业投资平均减少约1.7个百分点。这个发现非常稳健,揭示了增长目标导向的微观机制,也深化了人们对国有企业在国民经济发展中重要作用的理论认识。

A prominent feature of the Chinese government’s macroeconomic management is being target-oriented:the set targets lead the actual economic growth,the realization of which ultimately depends on enterprises as micro entities.Based on the existing literature and typical facts,this paper proposes a logical framework for achieving heterogeneity in enterprises oriented towards economic growth.When stable growth is needed,state-owned enterprises respond to the government’s call to increase investment,while non-state-owned enterprises reduce investment accordingly.Empirically,this paper uses the 1998-2013 provincial economic growth targets to match the data of Chinese Industrial Enterprises,and uses the economic downturn to represent the need to stabilize the growth situation.It is found that during the economic downturn,the target-oriented role appears,and for every one percentage point increase in the economic growth target,the investment of state-owned enterprises increased by about 2 percentage points,and that of non-state-owned enterprises decreased by about 1.7 percentage points.This finding is very robust,revealing the micro-mechanism of target-oriented economic growth,and deepening people’s theoretical understanding of the important role of state-owned enterprises in the development of national economy.