政府激励设计与企业全要素生产率——来自“亩均论英雄”改革的证据
Government Incentive Design and Enterprise TFP:Evidence from the “Per-Mu Hero” Reform
《财经研究》2024年50卷第9期 页码：139-153 online：2024年9月3日
作者
中：王荣基 , 王珏
英：Wang Rongji, Wang Jue
作者单位：西北大学 经济管理学院，陕西 西安 710127
摘要及关键词
摘要：创新性的政府激励设计是中国从要素投入型向全要素生产率推动型增长模式转变的重要制度保障。文章以政府实施的“亩均论英雄”改革政策为契机，从政府的外部激励视角构建了一个分析框架，进而评估了亩均改革政策对企业全要素生产率的影响和机理。研究发现，亩均改革政策的实施使企业全要素生产率提高了2.4%，这一结论在经过一系列稳健性测试后依旧成立。影响渠道检验发现，亩均改革政策对企业全要素生产率的提升作用主要通过提高土地配置效率、优化劳动力结构、提高资本投资效率和推动企业绿色转型来实现。异质性分析发现，亩均改革对企业全要素生产率的提升作用主要体现在研发投入较高、碳排放水平较低、资本密集型、亩均规模较大的企业和资源配置扭曲程度较高地区的企业。进一步研究发现，亩均改革政策不以牺牲居民就业和收入为代价，可以显著减少资源消耗和污染物排放，是实现社会帕累托改进的重要举措。文章从企业生产效率视角揭示了地方政府实施亩均改革政策的微观经济效应，研究结论为深化地方经济治理和完善机制设计以推动企业高质量发展提供了重要政策启示。
关键词：亩均论英雄；全要素生产率；渐进DID；异质性处理效应
Summary: Innovative government incentive design is a crucial institutional guarantee for China’s transformation from a factor-input-driven growth model to a TFP-driven one. Using the “Per-Mu Hero” reform policy implemented by the government as a case study, this paper constructs an analytical framework from the perspective of the government’s external incentives and evaluates the impact and mechanism of the policy on enterprise TFP. The study finds that the implementation of the policy increases enterprise TFP by 2.4%. Impact channel testing reveals that the policy enhances enterprise TFP mainly by improving land allocation efficiency, optimizing the labor structure, increasing capital investment efficiency, and promoting the green transformation of enterprises. Heterogeneity analysis shows that the promotion effect of the policy on TFP is most pronounced in enterprises with higher R&D investment and lower carbon emissions, capital-intensive enterprises, large-scale enterprises, and enterprises in regions with higher resource allocation distortions. Furthermore, the policy significantly reduces resource consumption and pollutant emissions without sacrificing residents’ employment and income. The marginal contributions of this paper are as follows: First, it enriches and expands research on the economic effect of the “Per-Mu Hero” reform policy and supplements the literature on breaking institutional barriers of land factor mismatch. Second, it broadens relevant literature on policy and institutional factors behind changes in TFP. Third, it provides theoretical guidance and policy insights to ensure high-quality development of enterprises and regions through the promotion and implementation of the policy. The insights from this paper are that: First, the government should actively promote the “Per-Mu Hero” reform policy and improve the government incentive design mechanism. As an innovative practice of local economic governance, the policy can foster the long-term development of enterprises by building a comprehensive evaluation mechanism of “Per-Mu Hero” benefits and implementing differentiated policies. Second, further promotion of the policy is needed to enhance resource allocation efficiency. To stimulate enterprise vitality, the government should allocate land, funds, and talents to the enterprises in need, requiring accurate identification of genuine “Heroes”. Third, enterprises should seize the opportunity presented by the “Per-Mu Hero” reform policy to transition from inefficient development paths to green and efficient ones. They should enhance their green technology innovation capabilities, improve staff skill training, optimize capital structures, and drive their healthy and sustainable development.
Key words: Per-Mu Hero; TFP; progressive DID; heterogeneous treatment effect
其他信息
DOI：10.16538/j.cnki.jfe.20240715.301
收稿日期：2024-03-04
基金项目：国家社会科学基金一般项目（20BJY090）
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