政府补贴、资本投资与经济增长质量
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F270

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国家自然科学基金资助项目(71872017); 清华大学中国现代国有企业研究院专项课题资助项目(2020082); 北京师范大学青 年教师基金资助项目; 中央高校基本科研业务费专项资金资助项目(3102020XJS02)


Government subsidy,capital investment and economic growth quality
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    摘要:

    以2005年~2014年中国内地上市公司为研究样本,实证研究了政府补贴政策下企业资本投资取向对地区经济增长质量的影响.研究发现:1)企业新增固定资产投资与地区经济增长质量显著负相关,股权投资不具备提升经济增长质量的效应,而技术投资却能够显著提升经济增长质量;2)相较于中央和民营企业,地方国有企业固定资产投资与股权投资对经济增长质量的不利影响最大,尤其是获取了高额度补贴的地方国有企业;3)适度的政府补贴才能最好地释放企业技术投资对经济增长质量的促进效果,补贴额度过高时,地方国有企业的技术投资未能带来经济增长质量的显著提升;4)地区市场化水平不仅能够强化政府补贴政策下企业技术投资对经济增长质量的促进作用,而且还削弱了地方国有企业固定资产与股权投资对经济增长质量的负面影响.以上研究结论有助于从政府治理角度来理解导致地区经济增长质量失衡的企业资本投资活动成因.

    Abstract:

    Using data of Chinese listed firms from 2005 to 2014, this paper studied the impact of corporate investment allocations on economic growth quality under government subsidies policy. Empirical results show that,firstly,new corporate fixed-asset investments were negatively related to regional economic growth quality, while equity investments cannot promote economic growth quality; however,technology investments had significantly positive effect on high-quality economic growth. Secondly,compared with central state-owned enterprises ( SOEs) and private enterprises,fixed-assets investments and equity investments at local SOEs had larger adverse impacts on economic growth quality,especially those with excessive government subsidies. Thirdly, only appropriate levels of government subsidies can best stimulate the promotion of corporate technology investment to economic growth quality. When the government subsidies was too high,technological investments in local SOEs had no significant positive effect on economic growth quality. Fourthly,regional marketization levels can not only strengthen the promoting effect of corporate technology investments on economic growth quali- ty,but also weaken the negative impact of fixed-asset investments and equity investments of local SOEs on economic growth quality. These results are helpful to understand reasons behind poor quality of economic growth caused by corporate capital investments from the perspective of government governance.

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谢光华,韩丹妮,郝颖,陈恒宇.政府补贴、资本投资与经济增长质量[J].管理科学学报,2020,23(5):24~53

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  • 在线发布日期: 2021-10-25
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