地方政府财政补贴的选择策略与偏向——基于企业异质与Heckman两阶段模型的检验

Choosing Strategy and Preference of Local Government Fiscal Subsidy Behavior——The Test Based on Corporate Heterogeneity and Heckman Two-stage Model

文章以财政分权与任期考核为背景,采用2000-2016年A股上市公司的微观数据,运用Heckman两阶段模型建立地方政府财政补贴的决策模型与研究假设,实证检验了企业异质性对地方政府财政补贴行为的影响。研究发现,政府对于从事出口的企业、国有企业、高新技术企业具有补贴倾向。回归结果也表明地方政府会选择对全要素生产率高的企业进行补贴,而企业规模与企业盈利能力则与补贴选择与补贴程度呈现反向关系。

In the context of fiscal decentralization and the term assessment of local government,this paper uses the micro data of China's A share listed companies and applies the Heckman two-stage model to set up a decision-making model and a re.search hypothesis to empirically test the influence of corporate heterogeneity on local government fiscal subsidy behavior.The study finds that the government tends to subsidize enterprises that are exporting-oriented,state-owned or high-tech.More.over,the regression results also show that local government chooses to subsidize enterprises with high total factor productivity, whereas the size and the profitability of enterprises are inversely related to the choice and the degree of subsidy.