政府补贴与资源循环利用企业生产率——基于中国上市公司面板门槛效应实证研究

doi:10.18402/resci.2018.11.14

Abstract

Abstract:

At present, China is facing a severe resource and environment problem. In order to solve the increasingly dual constraints of resource and environment, the Chinese government had invested a large amount of subsidies to promote the development of resource recycling industry. According to previous studies, subsidy was a "double-edged sword, " on which the impact was associated with uncertainty. In order to explore the impact of government subsidies on the production efficiency of resource recycling enterprises, this investigation used the panel data of 51 listed enterprises in China from 2012 to 2016 to characterize the impact of subsidies on total factor productivity (TFP) at a micro level by using fixed effect model and threshold panel model. It concluded that government subsidies have a nonlinear effect on TFP. Furthermore, there is a threshold effect of subsidies on TFP, which is closely related to the subsidy intensity. Subsidies did show a promoting effect in the (1.5%, 1.6%] interval, with an ineffective impact within the range (1.6%, 2.7%], and an inhibitory effect when the subsidies are greater than 2.7%. Further intrinsic mechanism analysis demonstrated that the subsidies stimulated enterprises' R&D investment during the promotion phase and increased enterprises' rent-seeking costs during the inhibition phase. It is noted that the advisable suggestion for upgrading the current development of the resource recycling industry was initiated. We assume that this will provide a valuable reference for the adjustment of subsidy policy and the development of resource recycling industry in China.

Key words: resource recycling, government subsidies, TFP, threshold effect

Hailin YAO, Ruokang JIA. Government subsidies and productivity of resource recycling enterprises —— an empirical study on panel threshold effect of listed enterprises in China[J].Resources Science, 2018, 40(11): 2280-2296.

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结论分类	国家	样本对象	方法模型	因变量
正效应	德国^[5]	制造与服务业企业	倾向评分匹配	研发强度、专利申请
	美国^[10]	风电产业	Tobit,Probit、ols回归	风电装机容量增加值
	中国^[11]	非金融企业	Logistic回归	研发投入
	中国^[12]	非金融民营企业	面板回归	资产收益率、税收贡献、就业创造
负效应	日本^[13]	制造产业	OLS回归	生产率
	韩国^[14]	制造产业	面板数据模型（WLS\3SLS）	劳动生产率、资本存量增长率、全要素增长率
	OECD国家^[15]	国家	面板回归	GDP增长率
	欧洲^[7]	受基金项目资助企业	倾向评分匹配	企业生产率
	中国^[16]	农业企业	非均衡面板回归	资产收益率、销售利润率、资产负债率、资产增长率
	中国^[17]	全部企业	面板回归	经济效益（资产收益率）、社会效益（税率）
	中国^[18]	物联网企业	面板固定效应回归	全要素生产率
	中国^[19]	非金融企业	OLS和Tobit回归	企业价值、经营活动现金流/社会捐赠贡献、税收贡献
不确定	英国^[21]	制造产业	面板回归模型	全要素生产率
	希腊^[22]	食品和饮料制造产业	随机前沿分析	全要素增长率
	中国^[9]	工业企业	广义倾向匹配	全要素生产率
	中国^[23]	工业企业	倾向得分匹配倍差法	产品创新
	中国^[24]	再生能源企业	门槛回归模型	研发投入
	中国^[25]	物联网企业	面板固定效应模型	全要素生产率
	中国^[26]	光伏企业	阶段实证分析	股本、营业收入增长率、税收减补贴、净利润

变量类型	变量符号	变量名称	测量方法
被解释变量	LnTFP	全要素生产率	根据LP法计算
解释变量	SUB	政府补贴	公司当年补贴收入/当年营业收入
控制变量	TP	技术进步	公司当年研发支出/当年营业收入
	SIZE	企业规模	公司总资产取自然对数
	DEBT	资产负债率	公司总负债/公司总资产
	H10	股权集中度	公司前十大股东持股比例
	LnWAGE	员工薪酬	当年发放工资总额对数值
	COM	产品市场竞争	公司主营业务毛利率

变量	样本	均值	标准差	最小值	25%	50%	75%	最大值
LnTFP	255	2.771	0.054	2.682	2.729	2.766	2.812	2.875
SUB	255	0.024	0.055	0.000	0.005	0.011	0.027	0.768
TP	255	0.027	0.025	0.000	0.005	0.028	0.036	0.133
SIZE	255	22.290	0.997	20.758	21.502	22.241	23.031	24.200
DEBT	255	0.459	0.177	0.075	0.314	0.446	0.604	0.865
H10	255	0.583	0.148	0.222	0.469	0.583	0.702	0.926
LnWAGE	255	16.419	1.530	12.801	15.461	16.704	17.585	18.639
COM	255	0.279	0.109	0.082	0.196	0.284	0.362	0.481

变量	LLC		IPS		是否平稳
变量	统计量	P值	统计量	P值	是否平稳
LnTPF	-13.74	0.00	-1.96	0.03	是
SUB	-32.32	0.00	-4.23	0.00	是
TP	-21.40	0.00	-2.69（D）	0.00	是
H10	-11.54	0.00	-3.23（D）	0.00	是
SIZE	-19.98	0.00	-6.69（D）	0.00	是
LnWAGE	-8.11	0.00	-2.30（D）	0.00	是
COM	-15.45	0.00	-1.98	0.03	是
DEBT	-13.02	0.00	-2.10	0.01	是

自变量	因变量
自变量	FE1	GMM1	FE2	GMM2
SUB	-0.069** （0.029）	-0.573** （0.262）	-0.285** （0.124）	-0.848** （0.417）
TP	-1.297*** （0.448）	-0.867*** （0.257）	-1.346*** （0.429）	-0.799*** （0.231）
SUB²	— —	— —	0.258* （0.132）	4.646** （2.231）
TP²	5.935* （3.127）	5.023* （2.896）	6.585*** （3.084）	4.272* （2.460）
SIZE	0.029*** （0.010）	0.042*** （0.004）	0.028*** （0.009）	0.042*** （0.004）
COM	0.113*** （0.031）	0.074*** （0.025）	0.118*** （0.028）	0.076*** （0.026）
DEBT	-0.053** （0.020）	-0.044** （0.021）	-0.057*** （0.020）	-0.043** （0.021）
H10	-0.068*** （0.022）	0.068** （0.027）	-0.062*** （0.021）	0.069** （0.028）
LnWAGE	0.004** （0.002）	0.003* （0.002）	0.005** （0.002）	0.004* （0.002）
时间虚拟变量	控制	控制	控制	控制
C	2.123*** （0.215）	1.794*** （0.066）	2.120*** （0.208）	1.774*** （0.061）
R2within	0.566	—	0.577	—
F统计量	28.000***	38.520***	4 484.490***	41.740***
AR（2）Prob. AR（3）Prob.	— —	0.001 0.267	— —	0.001 0.276
Hansen Prob. Sargan Prob.	— —	0.931 0.939	— —	0.861 0.879
观测值	255	204	255	204

Government subsidies and productivity of resource recycling enterprises —— an empirical study on panel threshold effect of listed enterprises in China

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门槛数	F统计量	临界值
门槛数	F统计量	1%	5%	10%
单门槛	4.790**	7.065	3.487	2.537
双门槛	30.263***	6.078	2.515	0.766
三门槛	30.572***	8.923	6.143	1.598

自变量	门槛回归	T 值	固定效应回归	T 值
TP	-1.166*** （0.256）	-4.56	-1.297*** （0.448）	-2.89
TP²	5.253** （1.912）	2.75	5.935* （3.127）	1.90
SIZE	0.038*** （0.004）	8.70	0.029*** （0.010）	2.94
COM	0.109*** （0.020）	5.37	0.113*** （0.031）	3.68
DEBT	-0.045** （0.014）	-3.20	-0.057** （0.020）	-2.60
H10	-0.047** （0.018）	-2.69	-0.068*** （0.022）	-3.14
Ln WAGE	0.003 （0.002）	1.27	0.004** （0.002）	2.02
SUB	— —	—	-0.069** （0.029）	-2.43
SUB≤0.0153	-0.322 （0.283）	-1.14	— —	—
0.0153<SUB≤0.0164	4.551** （1.212）	3.76	— —	—
0.0164<SUB≤0.0273	-0.030 （0.181）	-0.16	— —	—
SUB>0.0273	-0.275** （0.091）	-3.01	— —	—

自变量	门槛回归	T 值	固定效应回归	T 值
TP	-2.024*** （0.506）	-4.36	-2.120*** （0.696）	-3.05
TP²	11.899*** （3.671）	3.24	11.115** （5.213）	2.13
SIZE	0.034*** （0.008）	4.51	0.025 （0.015）	1.65
COM	0.229*** （0.041）	5.60	0.223*** （0.053）	4.17
DEBT	-0.097*** （0.024）	-4.12	-0.091*** （0.032）	-2.80
H10	-0.088*** （0.025）	-3.50	-0.082** （0.033）	-2.48
LnWAGE	0.005* （0.003）	1.72	0.004 （0.003）	1.40
SUB	— —	—	-0.402** （0.156）	-2.58
SUB≤0.0143	-0.096 （0.498）	-0.19	— —	—
0.0143<SUB≤0.0173	2.536** （1.219）	2.08	— —	—
0.0173<SUB≤0.0270	0.307 （0.331）	0.93	— —	—
SUB>0.0270	-0.364** （0.133）	-2.74	— —	—

自变量	因变量（LnR）		自变量	因变量（RENT）
自变量	SUB≤0.016	SUB>0.027	自变量	SUB≤0.016	SUB>0.027
SUB	160.930*** （59.995）	-62.198* （31.040）	SUB	-1.635 （1.284）	1.663*** （0.513）
SIZE	23.804* （14.211）	-219.850*** （60.373）	COM	-0.492*** （0.118）	-0.519*** （0.177）
SIZE²	-0.470 （0.319）	5.125*** （1.390）	LnWAGE	-0.022* （0.012）	-0.065** （0.030）
GROW	0.926** （0.453）	0.914 （0.725）	AGE	-0.001 （0.005）	-0.023** （0.011）
DEBT	-5.871** （2.581）	-0.613 （8.338）	DEBT	-0.125** （0.059）	-0.309** （0.142）
LnTFP	-33.853*** (9.084）	-84.332** （36.183）	SIZE	-0.100*** （0.024）	-0.141** （0.052）
H10	-5.170 （3.469）	1.259 （7.060）	H10	0.141* （0.080）	-0.093 （0.124）
Year	控制	控制	Year	控制	控制
C	-181.960 （158.401）	2 595.412*** （690.233）	C	2.548*** （0.421）	4.702*** （1.146）
R²within	0.304	0.553	R²within	0.714	0.860
F 统计量	4.250***	2.690**	F 统计量	26.980***	15.320***
样本	162	58	样本	162	58

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门槛值	95%置信区间
0.015	[0.015,0.015]
0.016	[0.016,0.016]
0.027	[0.000,0.108]