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现有的研究主要分析补贴对于企业行为的直接影响,而往往忽略补贴对企业的间接影响。本文基于国内对补贴影响企业增加值传导路径研究不充分的现实,构建了“补贴→要素价格扭曲→增加值”的理论框架,在倾向得分匹配的基础上采用联立方程估计方法,完整地测算了补贴对中国工业企业增加值的间接影响路径。理论模拟结果显示,补贴可以通过影响资本和劳动要素的投入比例及要素的边际产出,进而影响要素价格扭曲并对中国工业企业增加值产生间接作用。实证结果表明,补贴降低了工业企业要素价格的扭曲程度,使得获得补贴的工业企业中要素边际产出与要素成本相匹配,优化要素配置结构并提高要素投入质量,因此,补贴总体上推动了中国工业企业的增长。
The existing research mainly analyzes the direct impact of subsidies on the behavior of enterprises, but often neglects the indirect influence of subsidies on enterprises. In this paper, based on the fact that domestic subsidies affect the value-added transmission path of enterprises, the theoretical framework of “subsidies → factor price distortions → added value” is constructed. Based on the propensity score matching, simultaneous equations estimation The indirect impact of subsidies on the added value of Chinese industrial enterprises has been measured. Theoretical simulation results show that subsidies can affect the marginal product of capital and labor factors and the marginal product of factors, thereby affecting the distortion of factor prices and indirectly affecting the added value of Chinese industrial enterprises. The empirical results show that the subsidies reduce the distortions of factor prices in industrial enterprises, make the marginal output of the subsidized industrial enterprises match the factor costs, optimize the factor allocation structure and improve the input quality of factors, therefore, the subsidies generally promote China Industrial enterprises growth.