“有形之手”与企业效率——基于环保专用设备制造企业的实证分析
|
摘要
以环保专用设备制造企业为对象,将政府补贴、所得税优惠、政府购买政策纳入统一分析框架,比较研究不同政策工具对于样本企业全要素生产率的影响,进而对政府"有形之手"与企业效率之间的关系进行判断。结果显示,所得税优惠政策的实施能够促进企业效率的提升,政府补贴对于企业效率无显著影响,而政府购买政策会损害企业效率。改变估计方法、替换代理变量、删除插值年份、细分行业比较均证实上述结论的稳健性。进一步,利用中介效应模型考察政府"有形之手"与企业效率之间的作用路径,发现企业寻租、资产冗余和市场扭曲是造成政府"有形之手"损害企业效率的关键因素。
Making environmental protection special equipment manufacturing industry as a study subject,the article brings subsidy,preferential income tax and government procurement into a uniform analysis framework to compare the effect of different policy instruments on the corporate total factor productivity (TFP). The purpose of the above analysis is to evaluate the relation between government's visible hand and corporate efficiency. The research finds that preferential income tax is effective to improve corporate efficiency,subsidy has no significant effect on efficiency,and government procurement hurts corporate efficiency. The above result pass the robustness check by changing estimation methods,replacing proxy variable,deleting interpolation year and comparing subdivision industries. On this basis,the article continues using mediator effect model to explore the path effect of visible hand to corporate efficiency. The result shows corporate rent-seeking,asset redundancy and market distortion are key factors leading to visible hand damaging efficiency.
Making environmental protection special equipment manufacturing industry as a study subject,the article brings subsidy,preferential income tax and government procurement into a uniform analysis framework to compare the effect of different policy instruments on the corporate total factor productivity (TFP). The purpose of the above analysis is to evaluate the relation between government's visible hand and corporate efficiency. The research finds that preferential income tax is effective to improve corporate efficiency,subsidy has no significant effect on efficiency,and government procurement hurts corporate efficiency. The above result pass the robustness check by changing estimation methods,replacing proxy variable,deleting interpolation year and comparing subdivision industries. On this basis,the article continues using mediator effect model to explore the path effect of visible hand to corporate efficiency. The result shows corporate rent-seeking,asset redundancy and market distortion are key factors leading to visible hand damaging efficiency.
引文
陈明艺,方晨岑.2012.我国所得税优惠政策对高新技术产业的激励效应研究[J].经济与管理(11):71-76.
程俊杰.2015.中国转型时期产业政策与产能过剩:基于制造业面板数据的实证研究[J].财经研究(8):131-144.
董晓庆,赵坚,袁朋伟.2014.国有企业创新效率损失研究[J].中国工业经济(2):97-108.
范黎波,马聪聪,马晓婕.2012.多元化、政府补贴与农业企业绩效:基于A股农业上市企业的实证研究[J].农业经济问题(11):83-90.
韩超,肖兴志,李姝.2017.产业政策如何影响企业绩效:不同政策与作用路径是否存在影响差异[J].财经研究(1):122-144.
黄先海,宋学印,诸竹君.2015.中国产业政策的最优实施空间界定:补贴效应、竞争兼容与过剩破解[J].中国工业经济(4):57-69.
简泽.2011.市场扭曲、跨企业的资源配置与制造业部门的生产率[J].中国工业经济(1):58-68.
江飞涛,李晓萍.2010.直接干预市场与限制竞争:中国产业政策的取向与根本缺陷[J].中国工业经济(9):26-36.
蒋为,张龙鹏.2015.补贴差异化的资源误置效应:基于生产率分布视角[J].中国工业经济(2):31-43.
孔东民,刘莎莎,王亚男.2013.市场竞争、产权与政府补贴[J].经济研究(2):55-67.
林毅夫.2002.发展战略、自生能力和经济收敛[J].经济学(季刊)(1):269-300.
林毅夫,巫和懋,邢亦青.2010.“潮涌现象”与产能过剩的形成机制[J].经济研究(10):4-19.
柳光强.2016.税收优惠、财政补贴政策的激励效应分析:基于信息不对称理论视角的实证研究[J].管理世界(10):62-71.
刘小玄,吴延兵.2009.企业生产率增长及来源:创新还是需求拉动[J].经济研究(7):45-54.
吕冰洋.2014.从市场扭曲看政府扩张:基于财政的视角[J].中国社会科学(12):81-101.
毛其淋,许家云.2015.政府补贴对企业新产品创新的影响:基于补贴强度“适度区间”的视角[J].中国工业经济(6):94-107.
钱宁宇,郑长军.2015.不确定信息下的内生激励与企业效率[J].经济研究(5):104-117.
任保全,刘志彪,王亮亮.2016.战略性新兴产业生产率增长的来源:出口还是本土市场需求[J].经济学家(4):13-23.
任曙明,吕镯.2014.融资约束、政府补贴与全要素生产率:来自中国装备制造企业的实证研究[J].管理世界(11):10-23,187.
任曙明,张静.2013.补贴、寻租成本与加成率:基于中国装备制造企业的实证研究[J].管理世界(10):118-129.
任优生,邱晓东.2017.政府补贴和企业R&D投入会促进战略性新兴产业生产率提升吗[J].山西财经大学学报(1):55-69.
邵敏,包群.2012.政府补贴与企业生产率:基于我国工业企业的经验分析[J].中国工业经济(7):70-82.
宋凌云,王贤彬.2013.重点产业政策、资源重置与产业生产率[J].管理世界(12):63-77.
孙晓华,李明珊.2016.国有企业的过度投资及其效率损失[J].中国工业经济(10):109-125.
孙早,席建成.2015.中国式产业政策的实施效果:产业升级还是短期经济增长[J].中国工业经济(7):52-67.
王芃,武英涛.2014.能源产业市场扭曲与全要素生产率[J].经济研究(6):142-155.
王文甫,明娟,岳超云.2014.企业规模、地方政府干预与产能过剩[J].管理世界(10):17-36,46.
王小鲁,樊纲,余静文.2017.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社.
温忠麟,叶宝娟.2014.中介效应分析:方法和模型发展[J].心理科学进展(5):731-745.
肖兴志,王伊攀.2014.战略性新兴产业政府补贴是否用在了“刀刃”上?基于254家上市公司的数据[J].经济管理(4):19-31.
徐保昌,谢建国.2015.政府质量、政府补贴与企业全要素生产率[J].经济评论(4):45-69.
闫志俊,于津平.2017.政府补贴与企业全要素生产率:基于新兴产业和传统制造业的对比分析[J].产业经济研究(1):1-13.
杨继生,阳建辉.2015.行政垄断、政治庇佑与国有企业的超额成本[J].经济研究(4):50-61,106.
杨汝岱.2015.中国制造业企业全要素生产率研究[J].经济研究(2):61-74.
余东华,吕逸楠.2015.政府不当干预与战略性新兴产业产能过剩:以中国光伏产业为例[J].中国工业经济(10):53-68.
余明桂,范蕊,钟慧洁.2016.中国产业政策与企业技术创新[J].中国工业经济(12):5-22.
张俊瑞,陈怡欣,汪方军.2016.所得税优惠政策对企业创新效率影响评价研究[J].科研管理(3):93-100.
张志强.2015.微观企业全要素生产率测度方法的比较与应用[J].数量经济技术经济研究(12):107-123.
ALEXEEV M,SONG Y.2013.Corruption and product market competition:an empirical investigation[J].Journal of Development Economics,103(1):154-166.
ANDERSON M,BANKER R,HUANG R,et al.2007.Cost behavior and fundamental analysis of SG&A costs[J].Journal of Accounting Auditing&Finance,22(1):1-28.
BERNINI C,CERQUA A,PELLEGRINI G.2017.Public subsidies,TFP and efficiency:a tale of complex relationships[J].Research Policy,46(4):751-767.
BHATTACHARYYA A,BHATTACHARYYA A,KUMBHAKAR S C.1996.Government interventions,market imperfections,and technical inefficiency in a mixed economy:a case study of Indian agriculture[J].Journal of Comparative Economics,22(3):219-241.
BRANDT L,VAN BIESEBROECK J,ZHANG Y.2012.Creative accounting or creative destruction?Firm-level productivity growth in Chinese manufacturing[J].Journal of Development Economics,97(2):339-351.
CAMERON G.2005.The sun also rises:productivity convergence between Japan and the USA[J].Journal of Economic Growth,10(4):387-408.
CHEN G.2015.From mercantile strategy to domestic demand stimulation:changes in China's solar PV subsidies[J].Asia Pacific Business Review,21(1):96-112.
CRISCUOLO C,MARTIN R,OVERMAN H,et al.2012.The causal effects of an industrial policy[R].NBER Working Paper No.17842.
DU J,MICKIEWICZ T.2016.Subsidies,rent seeking and performance:being young,small or private in China[J].Journal of Business Venturing,31(1):22-38.
ETRO F.2008.Growth leaders[J].Journal of Macroeconomics,30(3):1148-1172.
HARRIS R,ROBINSON C.2004.Industrial policy in great Britain and its effect on total factor productivity in manufacturing plants,1990-1998[J].Scottish Journal of Political Economy,51(4):528-543.
IRMEN A.2011.Steady-state growth and the elasticity of substitution[J].Journal of Economic Dynamics&Control,35(8):1215-1228.
KLUMP R,DE LE GRANDVILLE O.2000.Economic growth and the elasticity of substitution:two theorems and some suggestions[J].A-merican Economic Review,90(1):282-291.
LACHAAL L.1994.Subsidies,endogenous technical efficiency and the measurement of productivity growth[J].Journal of Agricultural&Applied Economics,26(1):299-310.
LAFFONT J J,TIROLE J.1991.The politics of government decision-making:a theory of regulatory capture[J].Quarterly Journal of Economics,106(4):1089-1127.
LIEBMAN B H,REYNOLDS K M.2006.The returns from rent-seeking:campaign contributions,firm subsidies and the byrd amendment[J].Canadian Journal of Economics,39(4):1345-1369.
MA T C.2005.Strategic investment and excess capacity:a study of the Taiwanese flour industry[J].Journal of Applied Economics,8(1):153-170.
OBENG K,SAKANO R.2000.The effects of operating and capital subsidies on total factor productivity:a decomposition approach[J].Southern Economic Journal,67(2):381-397.
RADA N E,BUCCOLA S T,FUGLIE K O.2011.Government policy and agricultural productivity in Indonesia[J].American Journal of Agricultural Economics,93(3):867-884.
SANSING R.1998.The unrelated business income tax,cost allocation,and productive efficiency[J].National Tax Journal,51(2):291-302.
SHENG Y,SONG L.2013.Re-estimation of firms'total factor productivity in China's iron and steel industry[J].China Economic Review,24(1):177-188.
TAN J,LI S M,XIA J.2007.When iron fist,visible hand,and invisible hand meet:firm-level effects of varying institutional environments in China[J].Journal of Business Research,60(7):786-794.
TAYLOR T K.2003.Modeling offset policy in government procurement[J].Journal of Policy Modeling,25(9):985-998.
TONE K A.2001.Slacks based measure of efficiency in data envelopment analysis[J].European Journal of Operational Research,130(3):498-509.
TONE K A.2002.A slacks-based measure of super-efficiency in data envelopment analysis[J].European Journal of Operational Research,143(1):32-41.
VAN DE SIJPE N,RAYP G.2005.Measuring and explaining government inefficiency in developing countries[J].German Development E-conomics Conference,43(2):360-381.
ZHANG Y F,ZHANG M,LIU Y,et al.2017.Enterprise investment,local government intervention and coal overcapacity:the case of China[J].Energy Policy,101:162-169.
(1)虽然实证结果已经表明,政府补贴对于环保专用设备制造企业TFP没有显著影响,但为了防止中介效应和遮掩效应相互抵消可能导致的误判,本文仍对企业寻租、资产冗余和市场扭曲是否构成政府补贴的中介效应进行了检验。结果显示,政府补贴不仅没有对样本企业TFP产生直接影响,也不会通过中介变量对TFP产生间接影响。
程俊杰.2015.中国转型时期产业政策与产能过剩:基于制造业面板数据的实证研究[J].财经研究(8):131-144.
董晓庆,赵坚,袁朋伟.2014.国有企业创新效率损失研究[J].中国工业经济(2):97-108.
范黎波,马聪聪,马晓婕.2012.多元化、政府补贴与农业企业绩效:基于A股农业上市企业的实证研究[J].农业经济问题(11):83-90.
韩超,肖兴志,李姝.2017.产业政策如何影响企业绩效:不同政策与作用路径是否存在影响差异[J].财经研究(1):122-144.
黄先海,宋学印,诸竹君.2015.中国产业政策的最优实施空间界定:补贴效应、竞争兼容与过剩破解[J].中国工业经济(4):57-69.
简泽.2011.市场扭曲、跨企业的资源配置与制造业部门的生产率[J].中国工业经济(1):58-68.
江飞涛,李晓萍.2010.直接干预市场与限制竞争:中国产业政策的取向与根本缺陷[J].中国工业经济(9):26-36.
蒋为,张龙鹏.2015.补贴差异化的资源误置效应:基于生产率分布视角[J].中国工业经济(2):31-43.
孔东民,刘莎莎,王亚男.2013.市场竞争、产权与政府补贴[J].经济研究(2):55-67.
林毅夫.2002.发展战略、自生能力和经济收敛[J].经济学(季刊)(1):269-300.
林毅夫,巫和懋,邢亦青.2010.“潮涌现象”与产能过剩的形成机制[J].经济研究(10):4-19.
柳光强.2016.税收优惠、财政补贴政策的激励效应分析:基于信息不对称理论视角的实证研究[J].管理世界(10):62-71.
刘小玄,吴延兵.2009.企业生产率增长及来源:创新还是需求拉动[J].经济研究(7):45-54.
吕冰洋.2014.从市场扭曲看政府扩张:基于财政的视角[J].中国社会科学(12):81-101.
毛其淋,许家云.2015.政府补贴对企业新产品创新的影响:基于补贴强度“适度区间”的视角[J].中国工业经济(6):94-107.
钱宁宇,郑长军.2015.不确定信息下的内生激励与企业效率[J].经济研究(5):104-117.
任保全,刘志彪,王亮亮.2016.战略性新兴产业生产率增长的来源:出口还是本土市场需求[J].经济学家(4):13-23.
任曙明,吕镯.2014.融资约束、政府补贴与全要素生产率:来自中国装备制造企业的实证研究[J].管理世界(11):10-23,187.
任曙明,张静.2013.补贴、寻租成本与加成率:基于中国装备制造企业的实证研究[J].管理世界(10):118-129.
任优生,邱晓东.2017.政府补贴和企业R&D投入会促进战略性新兴产业生产率提升吗[J].山西财经大学学报(1):55-69.
邵敏,包群.2012.政府补贴与企业生产率:基于我国工业企业的经验分析[J].中国工业经济(7):70-82.
宋凌云,王贤彬.2013.重点产业政策、资源重置与产业生产率[J].管理世界(12):63-77.
孙晓华,李明珊.2016.国有企业的过度投资及其效率损失[J].中国工业经济(10):109-125.
孙早,席建成.2015.中国式产业政策的实施效果:产业升级还是短期经济增长[J].中国工业经济(7):52-67.
王芃,武英涛.2014.能源产业市场扭曲与全要素生产率[J].经济研究(6):142-155.
王文甫,明娟,岳超云.2014.企业规模、地方政府干预与产能过剩[J].管理世界(10):17-36,46.
王小鲁,樊纲,余静文.2017.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社.
温忠麟,叶宝娟.2014.中介效应分析:方法和模型发展[J].心理科学进展(5):731-745.
肖兴志,王伊攀.2014.战略性新兴产业政府补贴是否用在了“刀刃”上?基于254家上市公司的数据[J].经济管理(4):19-31.
徐保昌,谢建国.2015.政府质量、政府补贴与企业全要素生产率[J].经济评论(4):45-69.
闫志俊,于津平.2017.政府补贴与企业全要素生产率:基于新兴产业和传统制造业的对比分析[J].产业经济研究(1):1-13.
杨继生,阳建辉.2015.行政垄断、政治庇佑与国有企业的超额成本[J].经济研究(4):50-61,106.
杨汝岱.2015.中国制造业企业全要素生产率研究[J].经济研究(2):61-74.
余东华,吕逸楠.2015.政府不当干预与战略性新兴产业产能过剩:以中国光伏产业为例[J].中国工业经济(10):53-68.
余明桂,范蕊,钟慧洁.2016.中国产业政策与企业技术创新[J].中国工业经济(12):5-22.
张俊瑞,陈怡欣,汪方军.2016.所得税优惠政策对企业创新效率影响评价研究[J].科研管理(3):93-100.
张志强.2015.微观企业全要素生产率测度方法的比较与应用[J].数量经济技术经济研究(12):107-123.
ALEXEEV M,SONG Y.2013.Corruption and product market competition:an empirical investigation[J].Journal of Development Economics,103(1):154-166.
ANDERSON M,BANKER R,HUANG R,et al.2007.Cost behavior and fundamental analysis of SG&A costs[J].Journal of Accounting Auditing&Finance,22(1):1-28.
BERNINI C,CERQUA A,PELLEGRINI G.2017.Public subsidies,TFP and efficiency:a tale of complex relationships[J].Research Policy,46(4):751-767.
BHATTACHARYYA A,BHATTACHARYYA A,KUMBHAKAR S C.1996.Government interventions,market imperfections,and technical inefficiency in a mixed economy:a case study of Indian agriculture[J].Journal of Comparative Economics,22(3):219-241.
BRANDT L,VAN BIESEBROECK J,ZHANG Y.2012.Creative accounting or creative destruction?Firm-level productivity growth in Chinese manufacturing[J].Journal of Development Economics,97(2):339-351.
CAMERON G.2005.The sun also rises:productivity convergence between Japan and the USA[J].Journal of Economic Growth,10(4):387-408.
CHEN G.2015.From mercantile strategy to domestic demand stimulation:changes in China's solar PV subsidies[J].Asia Pacific Business Review,21(1):96-112.
CRISCUOLO C,MARTIN R,OVERMAN H,et al.2012.The causal effects of an industrial policy[R].NBER Working Paper No.17842.
DU J,MICKIEWICZ T.2016.Subsidies,rent seeking and performance:being young,small or private in China[J].Journal of Business Venturing,31(1):22-38.
ETRO F.2008.Growth leaders[J].Journal of Macroeconomics,30(3):1148-1172.
HARRIS R,ROBINSON C.2004.Industrial policy in great Britain and its effect on total factor productivity in manufacturing plants,1990-1998[J].Scottish Journal of Political Economy,51(4):528-543.
IRMEN A.2011.Steady-state growth and the elasticity of substitution[J].Journal of Economic Dynamics&Control,35(8):1215-1228.
KLUMP R,DE LE GRANDVILLE O.2000.Economic growth and the elasticity of substitution:two theorems and some suggestions[J].A-merican Economic Review,90(1):282-291.
LACHAAL L.1994.Subsidies,endogenous technical efficiency and the measurement of productivity growth[J].Journal of Agricultural&Applied Economics,26(1):299-310.
LAFFONT J J,TIROLE J.1991.The politics of government decision-making:a theory of regulatory capture[J].Quarterly Journal of Economics,106(4):1089-1127.
LIEBMAN B H,REYNOLDS K M.2006.The returns from rent-seeking:campaign contributions,firm subsidies and the byrd amendment[J].Canadian Journal of Economics,39(4):1345-1369.
MA T C.2005.Strategic investment and excess capacity:a study of the Taiwanese flour industry[J].Journal of Applied Economics,8(1):153-170.
OBENG K,SAKANO R.2000.The effects of operating and capital subsidies on total factor productivity:a decomposition approach[J].Southern Economic Journal,67(2):381-397.
RADA N E,BUCCOLA S T,FUGLIE K O.2011.Government policy and agricultural productivity in Indonesia[J].American Journal of Agricultural Economics,93(3):867-884.
SANSING R.1998.The unrelated business income tax,cost allocation,and productive efficiency[J].National Tax Journal,51(2):291-302.
SHENG Y,SONG L.2013.Re-estimation of firms'total factor productivity in China's iron and steel industry[J].China Economic Review,24(1):177-188.
TAN J,LI S M,XIA J.2007.When iron fist,visible hand,and invisible hand meet:firm-level effects of varying institutional environments in China[J].Journal of Business Research,60(7):786-794.
TAYLOR T K.2003.Modeling offset policy in government procurement[J].Journal of Policy Modeling,25(9):985-998.
TONE K A.2001.Slacks based measure of efficiency in data envelopment analysis[J].European Journal of Operational Research,130(3):498-509.
TONE K A.2002.A slacks-based measure of super-efficiency in data envelopment analysis[J].European Journal of Operational Research,143(1):32-41.
VAN DE SIJPE N,RAYP G.2005.Measuring and explaining government inefficiency in developing countries[J].German Development E-conomics Conference,43(2):360-381.
ZHANG Y F,ZHANG M,LIU Y,et al.2017.Enterprise investment,local government intervention and coal overcapacity:the case of China[J].Energy Policy,101:162-169.
(1)虽然实证结果已经表明,政府补贴对于环保专用设备制造企业TFP没有显著影响,但为了防止中介效应和遮掩效应相互抵消可能导致的误判,本文仍对企业寻租、资产冗余和市场扭曲是否构成政府补贴的中介效应进行了检验。结果显示,政府补贴不仅没有对样本企业TFP产生直接影响,也不会通过中介变量对TFP产生间接影响。