政府财政补贴、企业经济及创新绩效与产能过剩——基于战略性新兴产业的实证研究  

Government Subsidies,Enterprise Economic and Innovation Performance,and Overcapacity:An Empirical Research Based on Strategic Emerging Industries

作　　者：颜晓畅 黄桂田[1] Yan Xiaochang;Huang Guitian(School of Economics,Peking University,Beijing 100871,China)

机构地区：[1]北京大学经济学院,100871

出　　处：《南开经济研究》2020年第1期176-198,共23页Nankai Economic Studies

摘　　要：基于我国1677家战略性新兴产业A股上市公司2007年至2017年的数据,本文实证检验了政府财政补贴对企业经济绩效、创新绩效及产能过剩的影响。首先,使用生产函数法测度企业产能利用率,之后通过三个面板模型分析政府财政补贴对企业经济绩效、创新绩效和产能过剩的影响,并进一步检验政策效应在七大子行业间的差异。结果表明:我国战略性新兴产业总体上存在产能过剩,尤以节能环保行业最严重,生物及新能源行业产能过剩率也在逐年上升。从我国战略性新兴产业整体看,政府财政补贴在显著提升企业经济绩效的同时,也加剧了产能过剩,但对创新绩效影响不显著。从战略性新兴产业各子行业看,政府财政补贴的政策效应差异较大:有效提升了新一代信息技术、生物、新能源、新材料行业的经济绩效和新一代信息技术行业的创新绩效;加剧了节能环保、新一代信息技术、新能源汽车及新能源行业的产能过剩。最后,本文基于实证结果提出相关政策建议。Based on the data from 1677 A-share listed companies of strategic emerging industries in China from 2007 to 2017,this paper empirically analyzed the impact of government subsidies on economic performance,innovation performance and overcapacity in these industries.Firstly,production function method was used to measure the capacity utilization rate of sample enterprises.Then,the impacts of government subsidies on economic performance,innovation performance and overcapacity of enterprises,and the different policy effects among seven sub-sectors of strategic emerging industries were further analyzed through three panel data models.The results showed that overcapacity existed in strategic emerging industries in China,especially in energy-saving and environment-protecting industry.Also,the overcapacity rates of biological industry and new energy industry were increasing year by year.From the perspective of all strategic emerging industries in China,while government subsidies have promoted the improvement of enterprise economic performance,they have also exacerbated the overcapacity of enterprises,but have no significant impact on innovation performance.From the perspective of different sub-sectors of strategic emerging industries,the policy effects of government subsidies showed significant differences among them.On the one hand,government subsidies were conducive not only to the improvement of economic performance in the industries of newgeneration information technology,biological,new energy and new materials,but also to the improvement of innovation performance in new-generation information technology industry.On the other hand,government subsidies exacerbated overcapacity in the industries of energysaving and environment-protecting,new-generation information technology,new energy and new energy automobile.Finally,some policy suggestions were put forward based on the empirical results.

关 键 词：战略性新兴产业 政府财政补贴 经济绩效 创新绩效 产能过剩 

分 类 号：F812.45[经济管理—财政学] F275F273.1F276.44