产业政策与企业绩效关系研究

Research on the Relationship Between Industrial Policy and Corporate Performance

本文以2001—2017年中国A股上市公司为样本,运用非平衡面板模型研究产业政策与企业绩效的关系。研究发现:产业政策能够显著提升企业绩效,且该影响具有延续性和累积效应,相对于国企,非国企中产业政策效果更佳。进一步检验产业政策对企业绩效的影响机制,合理性检验发现补贴、信贷、税收以及创新激励是产业政策的重要传导机制,而市场竞争机制仅在非国有企业中有效;具体到各机制的传导效果,信贷、税收以及创新激励均能促进企业绩效提升,市场竞争仅正向影响非国有企业绩效,政府补贴效果不显著;市场化程度对产业政策经济效果具有正向调节作用。

This paper takes Chinese A share listed companies from 2001 to 2017 as the sample and uses the unbalanced panel model to study the relationship between industrial policies and corporate performance The study finds that industrial policies can significantly im prove corporate performance and that this effect has continuity and cumulative effects Compared with state owned enterprises indus trial policies in non state owned enterprises are more effective Secondly it further examines the influence mechanisms of industrial pol icies on corporate performance Rationality tests find that subsidy loan tax and innovation incentive are important transmission mecha nisms of industrial policies while market competition mechanism is only effective in non state owned enterprises Specific to the con duction effect of each mechanism loan tax and innovation incentive all contribute to the improvement of corporate performance mar ket competition only positively affects the performance of non state owned enterprises and the effect of government subsidies is not sig nificant Finally the degree of marketization has a positive regulatory effect on the economic effects of industrial policies.