政府补贴、企业投资与经济增长质量
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1.重庆大学经济与工商管理学院;2.北京师范大学经济与工商管理学院

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国家自然科学基金项目(面上项目,重点项目,重大项目)


Government subsidy, capital investment and economic growth quality
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1.School of Economics and Business Administration Chongqing University;2.School of Economics and Business Administration,Chongqing University

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    摘要:

    本文立足于我国的制度环境与产权特征,从政府补贴视角研究了企业投资活动对地区经济增长质量的影响。基于经济增长的效率、增长结构、福利效应和资源成本四个维度,考察了企业不同投资取向与经济增长质量的关系,研究发现:(1)对于获取高额度政府补贴的企业,其新增固定资产投资与地区经济增长质量显著负相关。与之相反,政府补贴政策下的企业技术投资与地区经济增长综合质量显著正相关,补贴激发了企业的创新活力,技术投资通过资本、技术、资产到资产附加值的循环深化过程,显著提高了经济增长的质量。政府补贴政策下的股权投资活动则更多只是通过产权联接拼凑了产业规模,没有较好地形成产业发展的规模效应与协同机制,不具有提升地区经济增长质量的效应。(2)相较于中央企业和民营企业,地方国企的固定资产投资与股权投资对地区经济增长质量的不利影响最大,尤其是对于获取了高额度政府补贴的地方国有企业。高额度政府补贴带来的行政干预导致地方国有企业的固定资产与股权资产投资不仅显著降低了当地的经济增长效率和资源利用率,而且不利于与经济结构优化和福利分配。(3)只有适度的政府补贴强度才能最好的释放企业技术投资对经济增长质量的提升效果,企业技术投资对地区经济增长质量的促进作用并非越补越强,过高的政府补贴可能导致企业远离市场竞争,地方国有企业技术投资对经济增长质量的提升效果不显著。(4)提高地区市场化发展水平不仅能强化补贴政策下企业技术投资对经济增长质量的促进效果,而且还削弱了补贴政策下对地方国有企业固定资产与股权资产投资对经济增长的效率、结构、资源环境和福利收入的抑制作用。本文的研究发现,对于从政府补贴角度来理解转型经济地区经济增长从数量向质量转化过程所面临的难题,具有重要意义。也为改进以GDP为中心的考评体制,完善政府补贴政策,提高公共治理的经济效率等方面提供了理论和经验依据。

    Abstract:

    Standing in the prospective of government intervention, this paper studies the effect of enterprise investment activities on GDP quality, based on system surroundings and property characteristic, this paper explains the cause of mismatches in enterprise resource under the disequilibrium GDP quality. Upon the four angels of the sustainability of GDP growth, growth structure, welfare revenue, resource costs, analyses the relationship between different investment orientation and quality of GDP, which finds out : (1)The newly increased fixed assets investment is positively related to current GDP growth rate, but it lacks sustainability of boosting the growth of GDP, and also in the area where the government intervention is much stronger, the elasticity of GDP growth rate to fixed assets investment drops ; Enterprise technology investment has lag effect in pushing forward GDP, while strengthen the sustainability and stability of GDP growth. (2) Equity investment has nonproductive trait, in creating GDP, it has indirection and lag.Merger and acquisition when government intervention is excessive is not a effective resource allocation under the guide of market mechanism, frequent equity investment makes up the industry scale by property connection ,which has a negative effect on the growth structure of GDP,.(3) In the area where the government intervention is much stronger, enterprise equity investment and fixed assets investment together significantly increased the resource environment costs, lead to the decrease of net value of resource utilization rate; Enterprise technology investment lowers the resource environment costs, increases the resource utilization rate, which is much more significant in the area where Market-oriented Process is faster.(4) In the area where the government intervention is much stronger, because local government preferentially put forward the capital concentrated industry, local state-owned enterprise’s investment activities have significantly negative effects on adjustment of GDP structure and revenue transformation. (5) Further analysis figures out, although enterprise technology input has positive effect on GDP comprehensive quality, but the effects can only be significantly high lightened in the area where Market-oriented Process is higher. Findings of this paper is significantly important in understanding the difficulties that is confronted with GDP of the economic transformation region when transforms from quantity to quality , and also provide theoretical and empirical evidence for improving the promotion evaluation system which is surrounded by GDP, increasing the economic efficiency of the public governance.

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历史
  • 收稿日期:2015-03-15
  • 最后修改日期:2019-08-26
  • 录用日期:2019-09-22
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