政府补贴促进了企业盈利能力的提升吗?

Do Government Subsidies Promote the Profitability of Enterprises?

本文以微观层面的企业盈利能力以及中观层面的行业集中度为切入点,首先从理论上探讨了政府补贴对企业盈利能力的影响机制;进而从非线性视角实证研究了在以行业集中度为门槛变量的情况下政府补贴对企业盈利能力影响的异质性;并在不同门槛条件下,进一步分析和比较了各分位点企业盈利能力的特征及其影响因素。研究表明:政府补贴会随行业集中度的变化而改变其对企业盈利能力的作用方向及强度:当行业集中度较低时,生产要素配置分散,企业盈利能力与政府补贴无显著关系;而当行业集中度处于中等水平时,政府补贴会阻碍企业盈利能力的提升;当行业集中度较高时,政府补贴对企业盈利能力会起到显著的正向推动作用,并且其影响程度随着分位点的增大呈倒U型变化。此外,在低集中度行业中,企业规模与盈利能力呈负相关关系,存在"规模的诅咒";而在中等集中度的行业中,戴上"国有"帽子或具有"长寿"标签的企业盈利能力会更强。

Taking the micro-level profitability and the meso-level industry concentration as the breakthrough points,this paper theoretically discusses the influence mechanisms of the government subsidies on the profitability of enterprises.We empirically explore the heterogenous impacts of government subsidies on the profitability from a non-linear perspective.Under different threshold conditions,the characteristics of the profitability and its influencing factors are further analyzed and compared at different quantile levels.It is shown that government subsidies change the directions and intensities of their impacts on the profitability as the industry concentration changes.When the industry concentration is low,there is no obvious relationships between the profitability and government subsidies.When the industry concentration is at a medium level,government subsidies will hinder the improvements of the profitability.When the industry concentration is high,government subsidies will play a significant positive role in promoting the profitability,and change in an inverse U-shape with the increase of the profitability.Furthermore,in low concentration industries,the size of firms is negatively correlated with the profitability,and the “curse of scale” exists.The profitability of firms wearing a “state-owned” hat or labelled “as longevity” will be stronger in the medium concentrated industries.