政府补贴对企业绩效的影响研究——来自中国企业－劳动力匹配调查的经验证据

摘要

This paper makes use of the primary survey data of Chinese manufacturing enterprises from 2013 to 2015 to study the impact of government subsidies on corporate performance under the current market economy environment.Research shows that government subsidies have a significant positive effect on the company's patented output and total factor productivity,but it has no significant effect on the conversion of new products,profitability,and labor productivity.At the same time,this paper also studies the influence of government subsidies on the long－term performance growth of the company through the intermediary mechanism of the enterprise's innovation ability,and the results show a heterogeneity effect.Companies that receive government subsidies are more inclined to invest in innovative models of fixed assets,while ignoring the long－term role of human capital accumulation for corporate performance.Political relations have a significant positive impact on the company's inno-vation output,but have no significant effect on the company's operating performance and efficiency.%本文利用我国制造业企业2013 年至2015 年的第一手调查数据,研究当前市场经济环境下我国政府补贴对企业绩效的影响问题.研究表明,政府补贴对企业的专利产出和全要素生产率有显著的正向影响作用,但对于企业的新产品转化、盈利能力和劳动生产率没有显著的影响作用.与此同时,本文还通过企业创新能力的中介机制,研究了政府补贴对企业长期绩效增长的影响,结果呈现出异质性的影响作用.获得政府补贴的企业更倾向于投资固定资产的创新模式,而忽略了人力资本积累对于企业绩效的长期提升作用.政治关系对于企业的创新产出有显著的正向影响,而对企业的经营绩效和效率没有显著的影响作用.