财政补贴“花落谁家”——基于A股制造业上市公司的实证研究

Who Gets the Fiscal Subsidy——A Empirical Research on Listed Manufacturing Companies in China Domestic Capital Market

本文以2015-2019年的我国沪深A股制造业上市公司为样本,采用Heckman两阶段模型实证研究了我国制造业上市公司获财政补贴概率及程度的影响因素。实证结果表明:财政补贴行为体现政府“护弱”态度,同等条件下资产负债率更高、当期亏损、规模更小、成立时间更短的企业能得到政府更高程度的财政补贴;财政补贴行为存在产权偏好和行业偏好,国企、研发支出多、先进制造业企业能得到更高程度财政补贴;财政补贴行为存在区域性差异,居民消费水平更低、GDP增长更快的地区内企业能得到更高程度的财政补贴。为进一步优化财政补贴配置效率,建议:财政补贴行为需适度“扶强”;加强对融资困境企业的财政补贴;进一步重塑国有企业补贴新格局;调整欠发达地区财政补贴思路。

This article takes listed manufacturing companies in Shanghai and Shenzhen Exchange Stocks from 2015 to 2019 as samples,adopts the Heckman two-stage model to empirically study the factor which influences the probability and degree of fiscal subsidy among those companies.We have several findings.Fiscal subsidy reflects the government's attitude of protecting the weak,under the same conditions,enterprises at a loss,with higher asset-liability ratio,smaller scale or shorter establishment time may get higher level of fiscal subsidy from the government.Fiscal subsidy behavior have property right and industry preference,state-owned enterprises,advanced manufacturing enterprises with high R&D expenditure may get higher degree of fiscal subsidy.There are regional differences in fiscal subsidy behaviors,enterprises in regions with lower consumption level and faster GDP growth rate may get higher level of fiscal subsidy.In order to optimize the allocation efficiency of fiscal subsidy furtherly,it is suggested that fiscal subsidy should be moderately supporting the strong,and the fiscal subsidy may support those enterprises in fiscal difficulties,reshape the new pattern of subsidy for state-owned enterprises,and adjust those arrangements in less developed areas.