异质性政府补助对企业韧性的影响研究  

A Study on the Impact of Heterogeneous Government Grants on Firm Resilience

作　　者：冯挺 祝志勇[1] FENG Ting;ZHU Zhiyong(College of Economics and Management,Southwest University,Chongqing 400715,China)

机构地区：[1]西南大学经济管理学院,重庆400715

出　　处：《西南大学学报（社会科学版）》2024年第1期144-155,共12页Journal of Southwest University(Social Sciences Edition)

基　　金：重庆市社会科学规划专项重大项目“成渝双城经济圈制造业高质量发展研究”(2021ZDSC01),项目负责人:祝志勇;西南大学创新研究2035先导计划项目“国民经济双循环赋能乡村振兴”(SWUPilotPlan025),项目负责人:张卫国;重庆市教委人文社科青年项目“国有企业改革驱动国内统一大市场建设的机制与路径研究”(23SKGH190),项目负责人:刘昊。

摘　　要：面对复杂多变的内外部经济环境,增强企业韧性是我国企业可持续发展的必要基础,也是我国经济高质量发展的重要保障。基于沪深A股上市公司在新冠病毒大流行期间的实际表现,考察了政府补助对企业韧性的影响,并着重探究危机前与危机期间发放的政府补助的异质性。研究发现,政府补助能够增强企业韧性,且危机期间发放的政府补助的增强效果更加明显。机制检验表明,政府补助是通过缓解企业资源约束、提振企业信心两个渠道增强企业韧性。进一步研究发现,危机期间企业资源约束的加剧会提升企业对政府补助的利用效率,从而提高政府补助对企业韧性的增强效果。研究有助于深化理解政府补助的异质性以及政府补助在危机情形下的作用,为完善政府补助政策、促进企业高质量发展提供经验借鉴。In the face of a complex and volatile internal and external economic environment,enhancing firm resilience is a necessary foundation for the sustainable development of Chinese firms and an essential guarantee for the high-quality development of China s economy.Based on the actual performance of Shanghai and Shenzhen A-share listed companies during the COVID-19 pandemic,this paper explores the impact of government grants on firm resilience and focuses on the differences between government subsidies granted before and during the crisis.It is found that government grants can enhance firm resilience,and the enhancement of government grants granted during the crisis is more pronounced.The mechanism testingsuggests that government grants enhance firm resilience by alleviating resource constraints and boosting firm confidence.Further research shows that the aggravation of firm resource constraints during the crisis can increase the efficiency of enterprises utilization of government grants,thereby enhancing the effect of government subsidies on enterprise resilience.The study helps to deepen the understanding of the heterogeneity of government subsidies and the role of government subsidies in crisis.It provides empirical references for improving government subsidy policies and promoting firm resilience.

关 键 词：政府补助 企业韧性 资源约束 企业信心 

分 类 号：F27[经济管理—企业管理] F812[经济管理—国民经济]