融资约束、政府补贴与全要素生产率——来自中国装备制造企业的实证研究

The Financial Constraints, the Government Subsidies and the Factor Productivity:A Case Study on the Equipment- Manufacturing Enterprises in China

由于装备制造业具有技术含量高、研制难度大、资本密集度高的特点,从融资视角看,中国装备制造企业面临着严重的融资约束,生产率易受到外部冲击。然而,近年来,这类企业的全要素生产率却保持着持续平稳增长。本文提出融资约束背景下政府补贴对生产率的平滑机制,利用ACF法测算生产率,在双边随机边界模型统一框架下率先定量估算融资约束、政府补贴对生产率的效应,进而解释上述现象。研究发现:平均而言,政府补贴完全抵消了融资约束对生产率的负面效应,政府补贴的平滑机制促进了装备制造企业生产率平稳持续增长。然而,也存在1/4的企业,政府补贴对生产率的正面效应小于融资约束的负面效应。因而,政府应该谨慎、有针对性地制定补贴政策。

As the equipment- manufacturing(EM) industry has the feature of high technological content, of difficulties in development, and of the high level of the capital intensity, China's EM firms, from the point of financing, have been facing severe financing constraints, and the productivity is easy to suffer from the external shocks. However, in recent years, the all-factor productivity of this kind of firms has kept continuing to increase stably and constantly. In this paper, we have put forward the view that, under the background of the financial constraints, the government subsidies(GS) has played an important role in smoothing productivity, and used the method of ACF to measure the total-factor productivity, and put forward the view that, under the unified framework of two- tier Stochastic Frontier Model, we have, firstly, before other scholars, quantitively estimated the negative effect of the financial constraints and the GS on the productivity, and then explained the above-mentioned phenomena. By our study, we have found that,, the GS offset completely, on the average, the negative effect of the financing constraints on the productivity, and that the smooth mechanism of the GS has promoted the stable and constant increase of the productivity of the EM firms. However,there exist a quarter of firms in which the positive effect of the GS on the productivity is smaller than the negative effect of the financing constraints. Therefore, the government should formulate the GS cautiously and purposefully.