产业政策支持、企业生命周期与风险承担

Industrial Policy Support,Corporate Life Cycle and Risk Taking

产业政策是国家宏观调控经济的重要手段,而政策实施的有效性是产业结构调整和经济高质量发展的前提条件。文章以2007-2017年上市A股企业为样本,从风险承担的角度实证检验产业政策的经济后果及其在企业不同生命周期阶段的差异。研究发现,产业政策支持对企业风险承担具有激励作用,在企业成长期和衰退期的激励作用较强,在成熟期不显著。对产业政策的作用机理研究发现,产业政策支持可以通过政府补助、信贷支持以及税收优惠等途径增加企业的可支配资源,进而提升企业风险承担水平。进一步分组检验发现,产业政策支持对企业风险承担的激励作用在市场化程度高的地区显著;对处于衰退期的国有企业与处于成长期和成熟期的民营企业显著。文章的结论从微观层面提供了产业政策有效性的证据,对国家产业政策的优化调整以及企业的风险决策具有重要借鉴意义。

Industrial policy is an important way for the state to control the economy,and the effectiveness of the policy is a prerequisite for industrial restructuring and high quality economic development.Using the data of listed A-share companies from 2007 to 2017,we empirically examine the impact of supportive industrial policies on corporate risk taking and analyze the differences in this relationship at different life cycle stages.We find that the industrial policy has an incentive effect on corporate risk taking,especially during the growth and recession stages,rather than in the mature stage.Research on the mechanism of industrial policy finds that industrial policies can improve the corporate risk-taking level by increasing corporate disposable resources through government subsidies,credit support,and tax incentives.Further examination finds that the incentive effect of industrial policy on risk taking is significant in areas with high degree of marketization and is significant for state-owned corporations in recession period and private corporations in the growth and maturity periods.The conclusions provide positive evidence for the effectiveness of industrial policies,and are of great significance for both the optimization and adjustment of industrial policies and the risk decision making of corporations.