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论文编号：	16002
作者编号：	2120243822
上传时间：	2026/6/2 14:43:52
中文题目：	政府补贴对上市公司新质生产力的影响研究
英文题目：	A Study on the Impact of Government Subsidies on New Quality Productive Forces of Listed Companies
指导老师：	齐岳
中文关键字：	政府补贴；新质生产力；创新投入；创新产出
英文关键字：	Government Subsidies; New Quality Productivity; Innovation Input; Innovation Output
中文摘要：	新质生产力是以科技创新为核心驱动的先进生产力质态，企业作为创新主体和产业发展的微观基础，其新质生产力水平关系到国家整体创新水平和产业体系现代化水平。政府补贴作为激励企业创新的重要政策工具，能否有效推动新质生产力的提升，以及通过何种路径发挥作用，是当前学术界和政策界共同关注的重要议题。本文基于2015-2024年中国A股上市公司数据，采用熵值法构建企业新质生产力综合评价体系，考察政府补贴对企业新质生产力的影响及其作用机制。研究发现，政府补贴与企业新质生产力之间呈现显著的倒U型关系，即适度补贴促进新质生产力提升，过度补贴抑制新质生产力提升。机制检验表明，创新投入与创新产出在政府补贴影响新质生产力的过程中发挥部分中介作用，形成了政府补贴-创新活动-新质生产力的传导链条。异质性分析表明，补贴效应在不同产权、不同区域分布和规模的企业中存在显著差异：国有企业补贴效应更为集中、迅速，倒U型曲线更为陡峭，非国有企业较为平缓。东部地区、较大及以上规模企业样本呈现清晰的倒U型曲线，中部和西部地区企业、中小企业中上述关系尚不稳定。本文的可能贡献体现在以下几个方面：第一，揭示了政策落实过程中补贴效应“过犹不及”的非线性特征，为理解政府干预的有效性边界提供理论解释；第二，检验了创新投入与创新产出的中介传导机制，深化了对政府补贴影响新质生产力内在路径的认识；第三，系统比较了不同产权、区域、规模企业中的异质性表现，为差异化政策制定提供了经验证据。本文对于政府优化补贴政策设计、提升财政资金使用效率，以及企业合理利用补贴资源、提升新质生产力水平具有一定理论价值和实践启示。
英文摘要：	New quality productive forces represent an advanced form of productive forces driven by technological innovation as the core. As the micro-foundation of innovation entities and industrial development, the level of new quality productive forces within enterprises is critical to a nation’s overall innovation capability and the modernization of its industrial system. Government subsidies, as an important policy tool to incentivize enterprise innovation, have become a key issue of common concern in both academia and policy circles regarding whether they can effectively promote new quality productive forces and through which pathways they function. Based on data from Chinese A-share listed companies from 2015 to 2024, this paper constructs a comprehensive evaluation system for enterprise new quality productive forces using the entropy method, and examines the impact of government subsidies on enterprise new quality productive forces and its underlying mechanisms. The study finds an inverted U-shaped relationship between government subsidies and enterprise new quality productive forces, indicating that moderate subsidies promote new quality productive forces, while excessive subsidies inhibit them. Mechanism testing reveals that innovation input and innovation output play partial mediating roles in the process of government subsidies affecting new quality productive forces, forming a transmission chain of “government subsidies-innovation activities-new quality productive forces.” The heterogeneity analysis reveals significant differences in subsidy effects across firms with different ownership structures, regional distributions, and scales. For state-owned enterprises, the subsidy effect is more concentrated and rapid, with a steeper inverted U-shaped curve, while for non-state-owned enterprises, the curve is relatively flatter. Clear inverted U-shaped relationships are observed in samples from the eastern region and large-scale enterprises, whereas such relationships remain unstable for firms in the central and western regions as well as for small and medium-sized enterprises. The potential contributions of this paper are as follows: First, it reveals the nonlinear characteristic of “too much of a good thing” in the effect of subsidies during policy implementation, providing a theoretical explanation for the effective boundaries of government intervention. Second, it examines the mediating transmission mechanism of innovation input and innovation output, deepening the understanding of the intrinsic pathway through which government subsidies affect new quality productive forces. Third, it systematically compares the heterogeneous performance across enterprises with different ownership types, regional distributions, and scales, offering empirical evidence for differentiated policy formulation. This paper holds certain theoretical value and practical implications for governments aiming to optimize subsidy policy design and improve the efficiency of fiscal fund utilization, as well as for enterprises seeking to rationally utilize subsidy resources and enhance their level of new quality productive forces.
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