政府补贴对企业新质生产力的培育效应——基于A股上市公司的实证研究  

The Cultivation Effect of Government Subsidies on the New-quality Productivity——An Empirical Study Based on A-share Listed Companies

作　　者：汪川[1] 张翔 满向昱[3] Wang Chuan;Zhang Xiang;Man Xiangyu(National Academy of Economic Strategy,Chinese Academy of Social Sciences;Faculty of Applied Economics,University of Chinese Academy of Social Sciences;School of Mathematics and Statistics,Central University of Finance and Economics)

机构地区：[1]中国社会科学院财经战略研究院 [2]中国社会科学院大学应用经济学院 [3]中央财经大学数学与统计学院

出　　处：《调研世界》2025年第4期47-57,共11页The World of Survey and Research

基　　金：国家社会科学基金重大项目“新质生产力形成的理论基础、政策体系和实现路径的政治经济学研究”(23&ZD070)的资助。

摘　　要：企业的新质生产力是提升国家经济竞争力的重要因素。本文基于2010—2023年A股上市公司数据,通过熵权法构建企业层面新质生产力指标,研究政府补贴对企业新质生产力的培育效应,并使用中介效应模型分析了该效应的影响机制。研究结果表明,政府补贴从总体上可以提高企业的新质生产力水平,但存在明显的区域、行业和技术异质性:政府补贴可以显著促进东部地区的新质生产力水平;对高科技企业和非高科技企业的新质生产力均有显著的促进作用,但对高科技企业的作用要强于非高科技企业;政府补贴可以显著促进技术密集型和资本密集型企业的新质生产力水平,但对劳动密集型企业的作用有限。本文的中介效应模型结果表明,政府补贴可以通过缓解企业的融资约束、提升企业数字化水平、刺激企业创新等途径从而提高新质生产力水平。本研究为提高企业新质生产力水平提供了新的理论视角和经验证据。The new-quality productivity of enterprises is an important factor in enhancing a country’s economic competitiveness.Based on the data of A-share listed companies from 2010 to 2023,this paper constructs the enterprise-level new-quality productivity index with the entropy weight method,studies the cultivation effect of government subsidies on the new-quality productivity of enterprises,and uses the mediation effect model to analyze the influence mechanism of this effect.Our results show that government subsidies can generally improve the level of new-quality productivity of enterprises,but it is highly heterogeneous in different industries,different regions,and different technology types.In terms of regions,government subsidies can significantly promote the new-quality productivity in eastern China;in terms of industry,government subsidies can significantly promote the new-quality productivity of both high-tech and non-high-tech enterprises,but the promotion is stronger for high-tech enterprises than non-high-tech enterprises;government subsidies significantly increase the new-quality productivity of technology-intensive and capita-intensive companies,but have a limited effect on labor-intensive companies.The mediation effect model results show that the underlying mechanisms include relaxing the enterprises’financial constraints,promoting firms’digital development,and inspiring their innovation motive.This study provides new theoretical perspectives and empirical evidence for improving the level of new-quality productivity of enterprises.

关 键 词：新质生产力 政府补贴 熵权法 创新 

分 类 号：F276.6[经济管理—企业管理]