Research On The Impact Of Government Environmental Protection Subsidies On Total Factor Productivity Of Enterprises

After 40 years of reform and opening up,the problems of extensive production,high energy consumption and high pollution,unreasonable industrial structure and layout have become increasingly prominent.China increasingly emphasizes eco-green technology development and product research and development,which has brought new growth points to the economy through structural reform on the supply side.On the other hand,China's economy has entered a new period of industrial transformation and development.How to change the development mode of the national economy,realize the transformation and upgrading of China's industrial structure,create new growth points,growth poles and growth zones for the economy,release new development momentum and stimulate new growth vitality is a major problem facing our government at present.Based on this background,this paper attempts to study the impact of government environmental protection related subsidies on enterprise total factor productivity from the perspective of micro-economic subjects.This paper uses panel data of A-share listed non-financial enterprises from 2007 to 2016 to test the impact of government environmental protection subsidies on total factor productivity of enterprises,and further explores the mechanism through Mesomeric Effect.The empirical results show that:(1)In the basic regression model,the government environmental protection subsidy has brought about 44.4 billion yuan of average annual economic losses to the sample enterprises.Considering that the two-stage least square method and tendency score matching method are used to eliminate the endogeneity of variables by means of instrumental variable method,the government environmental protection subsidy has brought about 153.9 billion yuan of average annual economic losses to the sample enterprises.(2)Enterprises tend to seek subsidies,which may occupy the funds of other businesses or R&D activities.At the same time,it makes enterprises rely on excess profits from subsidies,and inhibits the motive force of enterprises'self-transformation and development.In view of the empirical results,this paper gives the following policy recommendations:on the one hand,the government should improve the standards and criteria for granting environmental protection-related subsidies,strengthen supervision and curb corrupt rent-seeking behavior.On the other hand,enterprises should pay attention to their own development,avoid "seeking subsidies" and excessive dependence on subsidies,thus forming their own core competitiveness.