金融错配 政府补贴对企业全要素生产率的双边效应研究

Bilateral Effects of Financial Misallocation and Government Subsidy on Firms’ Total Factor Productivity

本文聚焦于财政工具对金融市场的调控作用,在双边随机前沿模型的分析框架下,研究金融错配和政府补贴对企业全要素生产率的双边效应。双边随机前沿模型估计结果表明,金融错配抑制企业全要素生产率提升,而政府补贴能够平滑绝大部分金融错配的负向影响,尽管两者综合作用下企业生产率仍低于有效生产率,但也体现了政府补贴作为财政工具对市场调控的有效性。分样本检验结果表明,国有企业受到的影响净效应低于民营企业,东、中部地区企业受到的影响净效应低于西部企业。因此,应注重金融市场的所有制歧视和区域间发展的不平衡,建立更加完善的政府补贴机制,在优化要素配置的前提下持续推动技术创新。

Focusing on the regulatory role of fiscal instruments on the financial market,this article studies the bilateral effects of financial misallocation and government subsidies on the total factor productivity of enterprises under the framework of the bilateral stochastic frontier model,and further compares the extent to which they affect total factor productivity.The results of the bilateral stochastic frontier model show that financial misallocation inhibits the increase of total factor productivity,while government subsidies can offset most of the negative effects of financial misallocation.Although the productivity of enterprises under the com⁃bined effect of the two is still lower than the effective productivity,it reflects the effectiveness of government subsidies for market regulation.The sub-sample test results show that the net effect of state-owned enterprises is lower than that of private enterprises,and the net effect of enterprises in the eastern and central regions is lower than that of western enterprises.Therefore,we should pay attention to the ownership discrimination in the financial market and the imbalance of regional development,establish a more com⁃plete government subsidy mechanism,and continue to promote technological innovation under the premise of optimizing the alloca⁃tion of factors.