宏观经济冲击、产业政策与地方政府补助

Macroeconomic Shock,Industrial Policy and Government Subsidy

本文以2008年国家为应对金融危机而出台的四万亿元刺激计划及十大产业振兴规划为背景,考察了这一经济刺激计划对政府补助资源分配行为的影响。研究发现,经济刺激计划的出台对政府补助资源的分配具有显著的影响,与未被支持的行业公司相比,被支持的行业公司获得了更多的政府补助;在国有企业及市场化进程低的地区,被支持的行业公司获得的政府补助更多。进一步研究发现,政府补助促进了微观企业投资和宏观经济增长。本文从政府补助的视角为经济刺激计划下地方政府行为如何变化提供了解释,同时也揭示了经济刺激计划下地方政府影响企业投资行为的内在机理。本文结论对后期经济政策的制定及资源配置具有较强的政策意义。

More studies have paid significant attention to the macroeconomic policies influence on the government and enterprise behavior. As one method of economic intervention by redistributing fiscal resources among entities,government subsidy can play an important role on stimulus economic development,implementing industrial policy and remedy the market defects. Based on the economic stimulus plan and industries promotion policy,this paper studies the effect of macroeconomic shock on government subsidy. We find that the promoted industries firms obtain more subsidies after the policy. Moreover,if the SOE and the higher marketization index firms was promoted by the industrial policy,the government subsidies are more,while the non-SOE and the lower marketization index firms are not significant increased. Furthermore,we test the subsidy efficiency from the firm investment of Micro-level and GDP growth of Macro-level. And then the government subsidies improve the firm investment and GDP growth. The paper checks the behavior of the government resource allocation after the industries promotion policy. And then reveals the internal mechanism of local government affect firm's investment behavior under the economic stimulus plan. Meanwhile,the paper's conclusion has a strong effect on policy formulation and resource allocation.