财政补贴能否对企业全要素生产率形成溢出效应?

Can Financial Subsidies Form Spillover Effects on Enterprises’TFP?

统筹财政可持续性和经济高质量发展,客观上要求明确财政补贴对全要素生产率的溢出效应。本文构建溢出-吸收模型,从要素配置效应、示范效应、竞争效应等维度,剖析财政补贴对企业全要素生产率形成溢出效应的理论机制及路径,进而构建企业层面空间权重矩阵,利用固定效应空间杜宾模型进行实证测度。结果表明:财政补贴对企业全要素生产率具有显著正向溢出效应,与考虑内生性后的稳健性检验结果一致。进一步提出溢出企业财政补贴核算方法,并结合变量重构和多重中介效应理论思想,构建溢出效应形成机制检验框架,基于该框架的实证检验支持财政补贴通过要素配置效应、示范效应、竞争效应对企业全要素生产率形成溢出效应这一论断。本文拓展了财政补贴的相关研究,并为财政政策提质增效和促进经济高质量发展提供了经验证据。

Coordinating fiscal sustainability and high-quality economic development objectively requires us to clarify the spillover effects of fiscal subsidies on TFP.This paper constructs a spillover-absorption model to analyze the path and mechanism of spillover effects from the dimensions of factor allocation effect,demonstration effect and competition effect,and then constructs a fixed-effect SDM model to measure the spillover effects based on a series of new spatial weight matrices at the enterprise level.The empirical results show that the spillover effects are significantly positive which are consistent with the robustness test considering endogeneity.Furthermore,this paper tries to build a framework combining variable reconstruction and the theory multiple mediating effect.The empirical results support the conclusion that factor allocation effect,demonstration effect and competition effect all have significant spillover effects on enterprises’TFP.This paper enriches the relevant research on fiscal subsidies,and provides empirical evidence for improving their quality and efficiency,along whit promoting high-quality economic development.