Government subsidies and the improvement of total factor productivity of enterprises:empirical evidence from China's A-share manufacturing enterprises
Based on financial data of China's A-share manufacturing enterprises from 2017 to 2023,this study explores the relationship between government subsidies and total factor productivity of enterprises.The research results show that:Firstly,government subsidies have a significant positive effect on the total factor productivity of enterprises,and this conclusion still holds true after endogeneity and robustness tests;Secondly,technological innovation and financing constraints play a mediating role between government subsidies and total factor productivity of enterprises;Thirdly,the effect of government subsidies varies with the intensity of industrial factors and the performance of enterprises.Specifically,subsidies have a significant catalytic effect in labor-intensive and technology-intensive industries,especially for enterprises with excellent performance.Therefore,it is recommended to continuously optimize subsidy policies,enrich subsidy forms,and carefully screen subsidy recipients to maximize the improvement of enterprise production efficiency.
government subsidiestotal factor productivitymanufacturing enterprises
万方数据
维普
