| 魏薇,解恩泽,徐铭梽,黄益平.政府引导基金、产业集聚与制造业企业全要素生产率[J].数量经济技术经济研究,2026,(4):183-210 |
| 政府引导基金、产业集聚与制造业企业全要素生产率 |
| Government Guidance Funds, Industry Agglomeration,and Manufacturing Firms’ Total Factor Productivity |
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| DOI： |
| 中文关键词: 政府引导基金 PE/VC 基金 全要素生产率 产业集聚 |
| 英文关键词: Government Guidance Fund Private Equity and Venture Capital Fund Total Factor Productivity Industry Agglomeration |
| 基金项目: |
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| 中文摘要: |
| 政府引导基金是财政政策与产业政策的重要结合点，其投资效能及运作机制备受关注。本文基于 2007 年~2016 年清科私募通数据和国家税收调查数据，探究政府引导基金对制造业企业全要素生产率的作用机制。研究发现，相比于其他 PE/VC 基金，政府引导基金可以在短期内显著提升企业生产率，这一结论在使用工具变量回归、剔除同期政策影响和更换企业生产率估计方法等稳健性检验后依然成立。异质性分析表明，上述优势主要体现在 VC 市场发展不充分的内陆地区和市场失灵问题较为明显的技术密集型行业。机制分析表明，政府引导基金的直接效应体现为缓解融资约束和提升研发投入水平；间接效应体现为促进专业化集聚与多样化集聚，实现供应链协同并提升中间投入使用效率。当企业与所在省份供应链协同程度较高时，政府引导基金对企业生产率的促进效果将向长期延伸。本文研究对于充分发挥政府引导基金政策效能、引领产业集群建设与发展、全面推动制造业企业转型升级具有一定参考价值。 |
| 英文摘要: |
| The effectiveness of government investment has long been an academic topic of interest. This study examines the impact of Chinese Government Guidance Funds （GGFs） by comparing their effects on the total factor productivity （TFP） of manufacturing firms with those of other private equity and venture capital （PE/VC） funds using data from Zero2IPO’s Private Equity data and national tax surveys from 2007 to 2016. The findings reveal that compared to other PE/VC funds， GGFs significantly improve firm TFP in the short term， and the results remain robust after using instrumental variable regression，controlling for concurrent policies， and using alternative TFP estimation methods. The advantage of GGFs in promoting TFP is more pronounced in inland regions with underdeveloped venture capital markets and in technology-intensive industries where market failures are more severe. In terms of mechanism， the direct effects of GGFs are manifested in the alleviation of financing constraints and the enhancement of research and development investment. The indirect effects of GGFs are demonstrated by promoting both specialization and diversification agglomeration， thereby achieving supply chain synergy and improving the efficiency of intermediate input utilization. When firms exhibit a high degree of synergy within the supply chain， the positive impact of GGFs on TFP will be sustained in the long run. Currently， China has established comparative advantages in many emerging sectors. This study recommends that GGFs should focus on areas where market mechanisms are insufficient， spearhead the development of industrial clusters， and comprehensively drive the transformation and upgrading of manufacturing firms. The contribution of this study is mainly reflected in the following three aspects： first， from the perspectives of industrial agglomeration and firm production， this study supplements the influence mechanism that distinguishes GGFs from other PE/VC funds， as well as the difference between the short- and long-term effects of GGFs. This study emphasizes the comparison between the GGF and other PE/VC fund mechanisms， explains the real impact of the GGF as an industrial policy on the production activities of firms from direct and indirect and short- and long-term perspectives， and finds an important mechanism to improve the long-term investment effect. First， compared with other PE/VC funds， on the one hand， GGFs improve the allocation of capital factors and guarantee the R&D investment level of firms in high-tech industry， which together with the stronger effect of GGFs in inland areas and technology-intensive industries verifies the role of policy in repairing market failures. On the other hand， the GGF improves the industrial structure and the use efficiency of intermediate input factors， which can enable firms to establish long-term production efficiency advantages. The findings of this study have important policy implications， that is， the long-term advantage of GGFs depends on the appropriate allocation of local factors by local governments based on information advantage， which coincides with the requirement of “improving the system and mechanism of developing new quality productivity according to local conditions” put forward by the Third Plenary Session of the 20th CPC Central Committee. Second， based on the micro data of unlisted firms，this study makes a useful supplement to the relevant research on China’s GGFs. Few scholars measure the impact of China’s GGFs on TFP based on the data of unlisted firms.For the analysis of equity investment behavior， it is of great significance to use the data of unlisted firms. Third， this study enriches the relevant discussion on how financial development affects industrial structure. The existing research mainly discusses the difference in the role of formal and informal finance. This study focuses on the GGF-a policy-based financial instrument-and finds that the GGF can promote both the specialization- and diversification-agglomeration of industries， lead the coordinated development of industries， and improve the production efficiency of enterprises.Furthermore， this study finds that the promotion effect of industrial agglomeration on productivity depends on the supply chain coordination capability at the micro level， which depicts the deeper impact of stronger regional financial means on firms’ production. |
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