战略性新兴产业中的政府补贴与企业行为——基于政府规制下的动态博弈分析视角  

Government Subsidies and Corporate Behavior in Strategic Emerging Industries:A Perspective of Dynamic Game Based on Government Regulation

作　　者：汪秋明 韩庆潇 杨晨[3] 

机构地区：[1]南京审计学院经济与贸易学院,江苏南京211815 [2]南京大学经济学院,江苏南京210093 [3]南开大学经济学院,天津300071

出　　处：《财经研究》2014年第7期43-53,共11页Journal of Finance and Economics

基　　金：国家自然科学基金青年项目(71103080);江苏省哲学社会科学研究基地项目(10JD017)

摘　　要：发展战略性新兴产业是中国经济结构优化、产业结构调整升级的重大战略选择,学术界对政府补贴在促进其发展中的重要作用已经做过大量分析与证明,但实践效果却与理论分析结果存在较大的偏差。文章通过构建政府补贴与企业行为的动态博弈模型,分析了战略性新兴产业中政府补贴有效的条件和影响因素,并选取80家分属七大类战略性新兴产业的上市公司2002-2011年的面板数据对政府补贴有效的影响因素进行了验证,得出以下结论:在政府补贴的诱导下,潜在企业进入战略性新兴产业是一种理性行为,但一旦进入,大部分企业又会把补贴资金用于与产业发展无关的其他高收益途径。总体而言,政府补贴没有促进战略性新兴产业中的企业科研投入。造成这种无效的主要原因有政府对企业行为监督的困难,也有政府惩罚力度的不够。但分行业的回归分析结果表明,新能源产业和新能源汽车产业的政府补贴是有效的。前者可通过政府检查成本较低和政府惩罚起到重要作用来解释;后者主要解释为企业规模大有利于市场开拓,并且经营历史有利于使用补贴进行有效研发。由此,文章也得出了一些有价值的政策建议。The development of strategic emerging industries is a critical strategic choice of economic structure optimization and industrial structure upgrading in China.The academia has made substantial analyses and proofs of the important role of government subsidies in the development of strategic emerging industries,but the practice effect has a large deviation from the results of theoretical analyses.This paper analyzes the conditions and influencing factors of the effectiveness of government subsidies in strategic emerging industries by constructing a dynamic game model between government subsidies and corporate behavior.Meanwhile,it makes an empirical analysis to verify the influencing factors of the effectiveness of government subsidies based on the panel data of80listed companies belonging to seven categories of strategic emerging industries from 2002to2011.It arrives at the conclusion that with the inducement from government subsidies,the entry of potential enterprises into strategic emerging industries is rational behavior,but a majority of potential enterprises will invest the acquired funds into other high profit ways which are unrelated to the development of these industries after their entry.As a whole,government subsidies play an ineffective role in the promotion of R&D input in strategic emerging industries,mainly owing to the difficulty in government control of corporate behavior as well as the absence of government punishment.But the sub-industry regression analysis results show that government subsidies are effective in new energy industry and new energy automotive industry.The former can be explained by lower costs of government checks and the important role of government punishment;the latter can be mainly explained by the advantage of market exploitation owing to big corporate scale as well as effective R&D owing to long business history.Therefore,it provides some valuable policy suggestions.

关 键 词：战略性新兴产业 政府补贴 企业行为 动态博弈 

分 类 号：F276.44[经济管理—企业管理] F812.45[经济管理—国民经济] F224.32