The Impact Of Government Subsidies On Total Factor Productivity Of Private Enterprises

Since the reform and opening up,China's private enterprises have continued to grow and develop.Private enterprises have played an important role in absorbing employment,creating tax revenue,and stimulating GDP growth,and have increasingly become an important force in promoting the development of the national economy.In the context of the new economic normal,in order to promote structural optimization and upgrading,transform economic development methods and promote sustained and stable economic growth,it is necessary to increase the total factor productivity of private enterprises.However,private enterprises face many problems and challenges in the development process,which requires government support.As an important macro-control policy tool,government subsidies are a direct means to promote economic transformation,and can effectively make up for market failures,encourage enterprise technological innovation,and ease the pressure of enterprise funds,thereby promoting the improvement of the total factor productivity of private enterprises.Therefore,in the context of quality-based economic development,it is of great significance to study the impact of government subsidies on the total factor productivity of private enterprises.Based on the above realistic background,this article,on the basis of drawing on the study of other scholars,based on the empirical data of listed companies of private manufacturing companies from 2009 to 2017,examines the relationship between government subsidies and private enterprise total factor productivity.First,by combing the relevant literature and theoretical basis,the research hypothesis of this paper is proposed:(1)government subsidies have a role in promoting the total factor productivity of private enterprises;(2)government R & D subsidies promote the level of total factor productivity of private enterprises by enhancing their innovation capabilities Increase;(3)Government production subsidies improve private enterprise's total factor productivity level by easing corporate financing constraints.Secondly,it analyzes the development of private enterprises in China,and measures the total factor productivity of private enterprises by LP method,and describes the current characteristics of total factor productivity of private enterprises.Thirdly,this article analyzes the necessity of government subsidies for private enterprises from the perspective of innovation externalities,financing constraints,and employment.Based on combing the relevant subsidy policies,the characteristics of government subsidies for private enterprises are studied.Further,this article builds a rigorous econometric model to empirically study the relationship between government subsidies and private enterprise total factor productivity,and finds a significant positive correlation between the two;from the perspective of innovation input,innovation output,and financing constraints,research government subsidies The mechanism that affects the total factor productivity of private enterprises;and through the industry,scale,and regional levels to study the heterogeneous impact of government subsidies on the total factor productivity of private enterprises.Finally,on the basis of theoretical and empirical analysis,suggestions for optimizing government subsidy measures and enhancing the total factor productivity of private enterprises are proposed.The research in this paper found that:(1)The scale of government subsidies for private enterprises is increasing year by year,and there are certain industry and regional differences,and the intensity of subsidies for technology-intensive industries and private enterprises in the eastern region is inclined;(2)China The scale of private enterprises continues to grow and develop,and the development gap between the capital-intensive,technology-intensive,and labor-intensive industries is not obvious;(3)The total factor productivity of private enterprises has small differences,and technology-intensive industries have taken the lead in recent years.State of development;the private sector 's total factor productivity base in the western region is relatively large,higher than that in the eastern,central,and northeastern regions,but the growth rate is slow,lagging behind the other three regions;(4)General government subsidies,research and development subsidies,and production subsidies have all contributed to the improvement of the total factor productivity of private enterprises;(5)For different industries,government subsidies have a positive role in promoting the total factor productivity of private enterprises in labor-intensive,capital-intensive,and technology-intensive industries,but government subsidies have The relationship between total factor productivity of private enterprises in technology-intensive and capital-intensive industries is significant The relationship between total factor productivity of private enterprises in labor-intensive industries is not significant;(6)For different scales,the total government subsidies only have a significant role in promoting the total factor productivity of large private enterprises,while it is of medium and small and micro private enterprises.The effect of total factor productivity is not significant;R&D subsidies have the most significant impact on medium-sized private enterprises;production subsidies have the most significant impact on small and micro enterprises.(7)For different regions,whether it is east,middle,west,or northeast,government subsidies have a significant positive correlation with the total factor productivity of private enterprises.Government subsidies affect the total factors of private enterprises in the western region.The impact of productivity is significantly greater than in other regions.According to the research conclusion of this article,put forward corresponding policy recommendations.At the government level:(1)Continue to increase subsidies to private enterprises;(2)Provide diversified government subsidies to improve subsidy efficiency;(3)Develop reasonable subsidy policies according to local conditions;(4)Create a fair institutional environment;(5)Improve the government subsidy supervision system.At the enterprise level:(1)Improve the company's internal governance mechanism;(2)Improve the use efficiency of government subsidy funds;(3)Enhance the core competitiveness of private enterprises.