政府补贴与资源循环利用企业生产率——基于中国上市公司面板门槛效应实证研究

Government subsidies and productivity of resource recycling enterprises——an empirical study on panel threshold effect of listed enterprises in China

当前,中国面临着严峻的资源环境问题,为解决日益严峻的资源环境双重约束,政府投入大量补贴资金促进资源循环利用产业发展,补贴效果备受关注。为了探究政府补贴对资源循环利用企业生产效率的影响,本文利用2012—2016年51家上市公司面板数据,使用固定效应模型和门槛面板模型从微观层面分析补贴对企业全要素生产率(TFP)的影响。结果表明:政府补贴对企业TFP呈现非线性影响;而且,补贴对企业TFP影响存在门槛效应,政府补贴对企业生产率的影响效果与企业获补贴强度密切相关:在(1.5%,1.6%]区间内补贴显著促进TFP增长,在(1.6%,2.7%]区间时补贴无效率,大于2.7%时补贴显示出抑制作用;进一步对门槛效应的内在机理进行分析,发现补贴在促进阶段刺激了企业研发投入,而在抑制阶段增加了企业的寻租成本。最后,本文提出相应政策建议,以期完善中国资源循环利用企业的补贴政策、促进产业可持续发展。

At present, China is facing a severe resource and environment problem. In order to solve the increasingly dual constraints of resource and environment, the Chinese government had invested a large amount of subsidies to promote the development of resource recycling industry.According to previous studies, subsidy was a ＂double-edged sword, ＂ on which the impact was associated with uncertainty. In order to explore the impact of government subsidies on the production efficiency of resource recycling enterprises, this investigation used the panel data of 51 listed enterprises in China from 2012 to 2016 to characterize the impact of subsidies on total factor productivity（TFP） at a micro level by using fixed effect model and threshold panel model. It concluded that government subsidies have a nonlinear effect on TFP. Furthermore, there is a threshold effect of subsidies on TFP, which is closely related to the subsidy intensity. Subsidies did show a promoting effect in the（1.5%, 1.6%] interval, with an ineffective impact within the range（1.6%, 2.7%], and an inhibitory effect when the subsidies are greater than 2.7%. Further intrinsic mechanism analysis demonstrated that the subsidies stimulated enterprises＇ RD investment during the promotion phase and increased enterprises＇ rent-seeking costs during the inhibition phase. It is noted that the advisable suggestion for upgrading the current development of the resource recycling industry was initiated. We assume that this will provide a valuable reference for the adjustment of subsidy policy and the development of resource recycling industry in China.