政府补贴对战略新兴产业发展的影响——以光伏上市企业为例

The Impact of Government Subsidies on the Development of Strategic Emerging Industries: Taking PV Listed Companies as an Example

企业成长性是产业发展的主要动力,政府补贴对光伏产业发展的作用效果一直备受关注。文章基于企业成长性视角,以主营业务属于太阳能概念板块的23家上市企业2008—2016年的数据作为研究样本,采用多元线性回归模型实证检验了政府补贴对光伏产业的作用效果。实证结果表明,光伏产业企业成长性表现普遍较差,国有企业成长性表现明显差于民营企业;政府补贴与光伏上市企业成长性呈现显著负相关关系。政府补贴对不同性质企业的作用效果存在差异,相对于国有企业,政府补贴对民营企业成长性的影响更大,负向效果更显著。政府干预不当、寻租活动以及政府补贴机制不完善是限制政府补贴发挥正向推动作用的重要因素。

The growth of enterprises is the main driving force for industrial development. The effects of government subsidies on the development of the photovoltaic industry have attracted much attention. Based on the perspective of corporate growth, this article uses the 2008-2016 data of 23 listed companies whose main business is the solar concept sector as a sample. The multivariate linear regression model was used to empirically test the effect of government subsidies on the photovoltaic industry. The empirical results show that the growth performance of the photovoltaic industry is generally poor, and the growth performance of state-owned enterprises was significantly worse than that of private enterprises;government subsidies did not play a positive role in improving the growth of photovoltaic listed companies. There are differences in the effects of government subsidies on enterprises of different natures. Compared with state-owned enterprises, government subsidies have a greater impact on the growth of private enterprises and have a more negative effect. Improper government intervention, rent-seeking activities, and imperfect government subsidy mechanisms are important factors that limit the positive role of government subsidies.