政府补贴对企业全要素生产率的影响研究
A Study of the Impact of Government Subsidies on the Total Factor Productivity of Enterprises

政府补贴对企业生产运营和就业创造的影响显著，被视为推动制造业转型发展的关键手段。本研究基于我国制造业上市企业的数据，采用双向固定效应模型，探究政府补贴与企业全要素生产率的因果关系，并通过OP和LP方法进行实证检验。结果显示，政府补贴显著提升了制造业企业的全要素生产率。此外，企业全要素生产率与企业规模和资本密集度正相关，与企业年龄和资产负债比负相关。研究还发现，企业的创新研发投入对政府补贴的效果有负向调节作用，即创新研发投入越高，政府补贴对全要素生产率的提升效果越弱。特别地，政府补贴对高新技术企业全要素生产率的提升作用大于非高新技术企业，这可能是因为高新技术企业更依赖尖端技术。因此，政府应重视其补贴在企业发展中的作用，参照企业特征采取多元化补贴形式，使企业能专注于优势技术领域，从而从宏观层面促进整个行业的技术实力提升。
Government subsidies have a significant impact on enterprise production and operation and job creation, and are regarded as a key means to promote the transformation and development of the manufacturing industry. Based on the data of listed enterprises in China’s manufacturing industry, this study adopts a two-way fixed effect model to explore the causal relationship between government subsidies and enterprises’ total factor productivity, and conducts empirical tests through OP and LP methods. The results show that government subsidies significantly enhance the total factor productivity of manufacturing enterprises. In addition, enterprises’ total factor productivity is positively related to enterprise size and capital intensity, and negatively related to enterprise age and gearing ratio. The study also finds that enterprises’ innovation and R&D investment negatively moderates the effect of government subsidies, i.e., the higher the innovation and R&D investment, the weaker the effect of government subsidies on total factor productivity enhancement. In particular, the effect of government subsidies on total factor productivity is greater for high-tech enterprises than for non-high-tech enterprises, which may be due to the fact that high-tech enterprises rely more on cutting-edge technologies. Therefore, the government should pay attention to the role of its subsidies in the development of enterprises and adopt diversified forms of subsidies with reference to the characteristics of enterprises, so that enterprises can focus on advantageous technological fields, thus promoting the technological strength of the whole industry at the macro level.