政策性补贴对战略性新兴产业经营绩效的影响——基于研发投入与企业规模的传导效应研究  

Impact of Policy Subsidies on Performance of Strategic Emerging Industries--Conduction Effect Based on R&D Investment and Enterprise Scale

作　　者：陈为[1] 姜蕾 CHEN Wei;JIANG Lei(School of Economics, Wuhan University of Technology, Wuhan 430070, China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《北京邮电大学学报（社会科学版）》2020年第4期37-47,共11页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

摘　　要：文章基于战略性新兴产业微观企业数据实证检验了政府补贴、税收优惠对企业经营绩效的影响,并运用企业产权性质与市场化程度进行分组检验,考察不同维度政策工具的异质性影响,作为政策工具的稳健性检验。最后,基于结构方程的多重中介效应模型,进一步探讨了这一影响的内在传导机制。实证结果发现,基准回归结果中,政府补贴对战略性新兴产业经营绩效的提升产生了显著的促进作用,而税收优惠的实施效果不如政府补贴。传导效应研究中,研发投入的作用机制为遮掩效应,而不是中介效应,这主要是由于政府补贴在一定程度上挤出了企业自身研发投入。企业规模在抑制政策性补贴作用效果中的部分中介效应显著。The impact of government subsidies and tax incentives on business performance is empirically tested based on micro-enterprise data of strategic emerging industries.And the property rights and the degree of marketization are used to conduct group tests,as a robustness test for policy tools to examine the heterogeneous impact of policy tools in different dimensions.Finally,the multiple mediating effects model based on structural equations is used to further explore the internal conduction mechanism of this effect.The empirical results show that:in the benchmark regression results,government subsidies have significantly promoted the improvement of the operating performance of strategic emerging industries,and tax incentives are not as effective as government subsidies.In the study of conduction effects,the mechanism of R&D investment is a concealing effect,rather than an intermediary effect.This is mainly because government subsidies have crowded out the company’s own R&D investment to a certain extent;while the enterprise scale is significant in inhibiting the partially intermediary effect in government subsidies effects.

关 键 词：战略性新兴产业 政府补贴 税收优惠 经营绩效 多重中介效应 

分 类 号：F016[经济管理—政治经济学] F062.9