政府补贴与企业出口国内附加值的倒u型关系——双调节效应分析

The Inverted U-shaped Relationship between Government Subsidies and the Domestic Added Value of Enterprises'Exports——Analysis of Double Moderating Effects

政府补贴对制造业优化升级有着重要意义。那么,政府补贴的政策效果如何?它促进了我国企业出口国内附加值提升吗?为回答以上问题,运用OLS和两步法系统GMM,从静态和动态角度实证分析了政府补贴对我国企业出口国内附加值的影响,并探讨行业集中度及其与全要素生产率对二者关系的调节效应。实证研究发现:(1)政府补贴通过激励效应和扭曲效应对出口国内附加值产生倒U型影响;(2)行业集中度对倒U型关系具有调节作用,行业集中度越高,政府补贴对出口国内附加值率的倒U型影响越小;(3)全要素生产率会强化行业集中度对政府补贴与出口国内附加值率倒U型关系的调节作用。

Government subsidies are of great significance to the optimization and upgrading of the manufacturing industry.What is the effect of government subsidies policy?Has it promoted the increase in domestic value added of Chinese export enterprises?To answer these questions,it em-ploys OLS and two-step system GMM to empirically analyze the impact of government subsidies on the domestic value added ratio of Chinese export enterprises from both static and dynamic per-spectives.And it explores the moderating effect of industry concentration and its relationship with total factor productivity.It found that government subsidies have an inverted U-shaped effect on the domestic value added ratio of export enterprises through both incentive and distortion effects.Indus-try concentration has a moderating effect on the inverted U-shaped relationship between government subsidies and the domestic value added ratio of exports:and the higher the industry concentration,the smaller the inverted U-shaped effect of government subsidies on the domestic value added ratio of exports.Total factor productivity strengthens the moderating effect of industry concentration on the inverted U-shaped relationship between government subsidies and the domestic value added ratio of exports.