政府补贴、资源误置与制造业生产率

政府对部分企业进行补贴,会影响企业的市场进入、退出和规模,导致资源在企业之间的误置,不利于制造业生产率.本文用1998—2007年我国工业企业面板数据,研究政府补贴的资源误置效应对制造业生产率的影响及微观机制.从生产率的分解上看,我国制造业中存在企业之间的资源误置效应,对制造业生产率具有负面作用.实证研究发现,政府补贴是导致这种资源误置的重要因素,补贴会改变市场的广延边际和集约边际,导致资源在受补贴企业和未补贴企业之间的误置,降低制造业的生产率,并且这种资源误置效应在国有资本比重高的行业中更严重.具体来看,广延边际方面,补贴阻碍了市场进入和市场退出,受补贴企业相对于未补贴企业的市场进入和市场退出概率均较低;集约边际方面,补贴有利于受补贴企业扩大生产规模,并挤出未补贴企业的市场份额.本文的启示在于,政府补贴需要在一般均衡框架下考虑其对企业动态和资源配置的影响.

Government Subsidy,Resource Misallocation and Manufacturing Productivity

Government subsidy on firms changes extensive and intensive margins of market, results in misallocation of resources between firms and reduces manufacturing productivity. Using panel data of Chinese manufacturing firms from 1998 to 2007, this paper studies the effect and mechanism of misallocation caused by subsidy on manufacturing productivity. Decomposition of manufacturing productivity demonstrates the resource misallocation between firms and decreases manufacturing productivity. Empirical study shows that government subsidy is an important factor inducing this resource misallocation. Subsidy changes extensive and intensive margins of market, distorts resource allocation between firms and reduces manufacturing productivity, and the resource misallocation is more serious in industries with higher proportions of state-owned assets. Specifically, subsidy hinders firms' entry and exit in extensive margins, but helps the subsidized firms to expand the scale and crowd out the market share of unsubsidized firms in intensive margins. This paper implies that the government should take all firms into consideration in a frame of general equilibrium when developing subsidy policies.