政府补贴对企业生产率的双刃剑效应——基于异质性企业理论和门槛回归方法的研究

Double-Edged-Sword Effects of Government Subsidy on Firms’ Productivity——Based on Heterogeneous Firm Theory and Threshold Regression

运用并拓展国际经济学领域的异质性企业模型,从企业异质性视角讨论政府补贴对企业生产率的双刃剑效应。通过模型推演发现,政府补贴对企业生产率的双刃剑效应表现为双门槛、三区间效应:对于既有生产率高于研发创新门槛生产率的企业,政府补贴能够刺激其研发创新并促进生产率提升;对于既有生产率低于研发创新门槛生产率的企业,政府补贴无法激发企业研发创新,进而不影响生产率;对于既有生产率进一步低于幸存门槛生产率的企业,政府补贴虽不影响其研发创新,但会令这些本应被市场竞争淘汰的落后企业得以弥补亏损、继续幸存,从而在数据上表现为政府补贴“阻碍”企业生产率提升①。利用门槛回归方法,本文支持了上述模型推论。政府应当充分考虑企业异质性,择优补贴、锦上添花。

By using and developing the heterogeneous firm model of international economic area,it investigated the link between government subsidy and firm's productivity from the perspective of heterogeneous firm.The results show that government subsidy is a double-edged sword and its impact can be divided into three intervals with two thresholds.When firm's existing productivity is higher than innovation cutoff productivity,government subsidy promotes firm's productivity.When firm's existing productivity is lower than innovation cutoff productivity,government subsidy has no impact on firm's productivity for not affecting firm’s R&D activities.When firm's existing productivity is further lower than survival cutoff productivity,government subsidy just saves the backward firms.According to the data,government subsidy“reduces”firm’s productivity.It tested and confirmed the deduction of the theory model by threshold regression method which was highly matched with the theory model.It provides some references for the government to give reasonable subsidy to high productive firms.