关于企业补贴的八个关键问题——兼评当下的产业政策研究  

The Eight Key Questions about Subsidies for Enterprises--Some Comments on the Current Industrial Policy Research

作　　者：聂辉华[1] 李光武 李琛 NIE Huihua;LI Guangwu;LI Chen

机构地区：[1]中国人民大学经济学院,北京100872 [2]首都经济贸易大学经济学院,北京100070

出　　处：《学术月刊》2022年第6期47-60,共14页Academic Monthly

基　　金：教育部重大课题攻关项目“深化‘放管服’改革促进营商环境持续优化研究”(18JZD048);首都经济贸易大学北京市属高校基本科研业务费专项资金(XRZ2021059)的阶段性成果。

摘　　要：政府给予企业的补贴,是政府实施产业政策最主要的工具之一。然而,政府补贴能否提高企业效率,一直是一个有争议的理论和政策问题。基于2003—2020年中国A股上市公司的各类补贴数据,全面地考察了政府补贴的特征事实、影响因素和实际效果,研究发现:(1)从规模上看,绝大部分上市公司都获得了政府补贴,且补贴的总额在不断增长。2019年政府补贴总额约占当年GDP的0.44%—1.15%。(2)从影响因素上看,给予企业的政府补贴存在显著的规模歧视,但不存在显著的所有制歧视,这一点与“常识”相反。(3)从效果上看,政府补贴提高了民营企业的研发并降低了其税负,但对国有企业没有显著影响。分类来看,税收、研发和人才补贴总体上是有效的,产业升级补贴产生了负面结果长期来看,政府补贴对企业财务绩效的影响是不显著的,但可能有利于促进企业研发。(4)财政补贴与税收优惠相比,前者的短期效果更好,后者的长期效果更好:研究的结论对于减税降费和产业政策的实施具有重要的理论启示。Subsidies given to enterprises by the government are one of the most important tools for the government to implement industrial policy. However, whether government subsidies can improve the efficiency of enterprises has been a controversial theoretical and policy issue. Based on data on various types of subsidies for A-share listed companies in China from 2003 to 2020, this paper provides a comprehensive examination of the stylized facts, influencing factors and effects of government subsidies. The main findings of this paper are:(1) The vast majority of listed companies received government subsidies and the total amount of subsidies is growing. Total government subsidies in 2019 were approximately 0.44%-1.15% of GDP in that year.(2) Contrary to “common sense”, there is significant size discrimination in government subsidies to firms, but not significant ownership discrimination.(3) Government subsidies increase R&D and reduce the tax burden of private firms, but have no significant effect on SOEs. Categorically, tax, R&D and talent subsidies are generally effective, while industrial upgrading subsidies produce negative results. In the long run, the effect of government subsidies on firms’ financial performance is insignificant, but may be beneficial in promoting R&D.(4) Fiscal subsidies have better short-term effects than tax incentives, while the latter have better long-term effects. The findings of this paper have important implications for the tax reduction and industrial policy.

关 键 词：企业 补贴 产业政策 

分 类 号：F27[经济管理—企业管理]