政府支持、要素市场化水平与资源配置效率——基于中国文化创意企业的研究

Government Support,Factor Marketization Level and Resource Allocation Efficiency:A Research Focusing on Chinese Cultural and Creative Enterprises

基于2011-2019年158家A股文化创意上市企业数据,从支持性政策角度,分析了政府支持对文化创意企业资源配置效率的影响机制。研究发现政府支持对企业资源配置效率存在显著影响。中央支持政策对资源配置效率具有显著的促进作用,主要来源于对技术配置效率的正向影响;地方支持政策对资源配置效率具有显著的抑制性作用,主要来源于对资本和技术配置效率的负向影响。区分不同要素市场化水平的中介作用显示,资本市场化水平在中央支持政策与资源配置效率之间存在显著的中介作用,而资本、劳动力和技术市场化水平对地方支持政策均不存在中介作用。此外,文化创意企业履行社会职责会降低企业资源配置效率,在中央支持政策与资源配置效率间存在正向调节作用。

Based on the data of 158 A-share cultural and creative listed enterprises from 2011 to 2019,the present research analyzes the mechanism of the government influence on the resource allocation efficiency(RAE)from the perspective of supportive policies.The results show that government support has a remarkable impact on enterprise RAE.Specifically,the central government’s supportive policies have prominently boosted the RAE mainly through their positive impact on technology allocation efficiency;local supportive policies have a remarkable inhibitory effect mainly due to their negative impact on the capital and technology allocation efficiency.The analysis of the mediating effect of different factor marketization levels reveals that capital marketization level plays a significant role in mediating the central government’s supportive policies and the RAE,while the level of capital,labor and technology marketization don’t have a mediating effect on local supportive policies.Meanwhile,the cultural and creative enterprises’performing of social responsibilities reduces their RAE,but it has a positive effect in mediating between the central supportive policies and the RAE.