政府补助对企业全要素生产率的影响研究——一个调节的中介模型

The Impact of Government Subsidies on Enterprises’Total Factor Productivity:A Moderating Intermediary Model

政府支持一直是企业发展的外在动力,且在企业发展中发挥着越来越重要的作用,本文从政府的资金支持方面入手,分析政府补助对企业全要素生产率发展的影响,并从企业创新投入和产出角度分析政府补助的作用机理。本文对2014—2018年的A股上市公司数据进行面板回归,结果显示:政府补助显著促进了企业的全要素生产率,且政府补助提高了企业的创新投入和企业的创新产出,企业创新能力在政府补助促进企业全要素生产率中发挥了部分中介作用,其中创新投入相比于产出有着更强的中介效应;股权集中度抑制了政府补助对创新投入的作用、强化了政府补助对创新产出的作用、强化了创新投入和产出对企业全要素生产率的影响,间接说明了控股股东有着“理性人”的行为,即控股股东会为了自身短期利益“侵占”政府补助资金,也会为了长期利益而提高已有资源的利用效率,提高企业生产率。

Government support has always been the external driving force for the development of enterprise,and it plays an increasingly important role.Starting with the financial support from the government,this paper analyzes the impact of government subsidies on enterprises’total factor productivity and studies the mechanism of government subsidies from the perspective of enterprise innovation input and output.It makes a panel regression on the data of A-share listed companies from 2014 to 2018,and finds that government subsidies significantly promote the total factor productivity of enterprises,and also increase their innovation input and output.Enterprise innovation ability plays a partial intermediary role in government subsidies’promotion of total factor productivity,wherein innovation input is more significant than innovation output.The controlling shareholders have behaved rationally,that is,they not only“encroach”the government subsidy funds for their own short-term interests,but also improve the utilization efficiency of existing resources and the productivity of enterprises for long-term benefits,