政府补贴对战略性新兴企业全要素生产率的影响——基于创新激励的中介效应检验

The Impact of Government Subsidies on the Total Factor Productivity of Strategic Emerging Enterprises——Testing the Mediation Effect Based on Innovation Incentives

发展战略性新兴产业对于实现创新型发展具有重要意义。本文基于2008~2020年中国战略性新兴产业上市公司数据,研究发现:整体而言,政府补贴提升了企业全要素生产率;异质性检验结果表明,政府补贴对高端装备制造业、东、中、西部地区企业全要素生产率的激励效应最强,而对生物技术行业及东北地区企业的全要素生产率没有显著影响,并且随着企业生产率的提高,政府补贴对全要素生产率的激励效果呈下降趋势;机制检验发现,政府补贴主要是通过提升企业的技术创新水平来提高全要素生产率。本文研究对于制定更加具体的补贴政策,最大限度地提高战略性新兴企业全要素生产率具有重要启示。

The development of strategic emerging industries is of great significance to the realization of innovative develop⁃ment.Based on the data of listed companies in China's strategic emerging industries from 2008 to 2020,we find that:on the whole,government subsidies have increased the total factor productivity of enterprises;the heterogeneity results show that govern⁃ment subsidies have the strongest incentive effect on the high-end equipment manufacturing industry and the total factor productivity of enterprises in the eastern,central and western regions.But it has no significant impact on the total factor productivity of the bio⁃technology industry and enterprises in Northeast China,and with the increase of enterprise productivity,the incentive effect of go⁃vernment subsidies on total factor productivity has shown a downward trend;the mechanism test finds that the government subsidies are mainly to improve the total factor productivity by improving the technological innovation level of enterprises.This research has important implications for formulating more specific subsidy policies and maximizing the total factor productivity of strategic emerging enterprises.