刺激消费的财政补贴真能拯救企业吗?--来自家电下乡政策的证据

Can Financial Subsidies to Stimulate Consumption Really Help Enterprises--Evidence from the Implementation of Consumer Electronics Subsidy Program for Rural Households(CESPRH)in China

在中美贸易摩擦和新冠肺炎疫情的背景下,中国要逐步形成国内大循环为主的发展格局,这就需要增强消费对经济发展的基础性作用。基于此,本文考察刺激消费的财政补贴对企业的影响,利用2007年开始的家电下乡政策和来自中国工业企业数据库的数据,运用倍差法估计其对企业的影响。研究结果表明该政策对企业的生产和销售并未产生显著影响,但是显示该政策显著提升了企业盈利,且该增加是通过提价来实现的。这表明类似政策的出台需要更多的权衡。

Under the background of China-US trade friction and the COVID-19 pandemic,in order to gradually form a development pattern dominated by the domestic economic circulation,China should strengthen the fundamental role of consumption in economic development.This paper examines the effect of financial subsidies to stimulate consumption on enterprises,based on the implementation of the Consumer Electronics Subsidy Program for Rural Households(CESPRH)from 2007 and the Chinese industrial enterprises database.The empirical results did not show that the CESPRH implementation had a significant impact on the production and sales of enterprises,while the profit of enterprises was improved greatly by raising prices.Therefore,the introduction of similar policies requires more consideration and balances.