政府干预与资源配置:传统产业和战略性新兴产业的对比

鉴于传统产业和战略性新兴产业所受政府干预程度不同,本文对比分析了政府干预导致两个产业资源配置扭曲的作用机理.实证分析以钢铁产业(传统产业)和光伏产业(战略性新兴产业)为例,利用2007-2015年沪深两市上市公司数据,量化测算了土地供给价格扭曲、财政补贴和预算软约束这三个因素对资源配置效率的影响程度.结果表明:钢铁产业和光伏产业均受到政府不同程度的干预,光伏产业中土地供给价格扭曲和财政补贴程度明显高于钢铁产业;土地供给价格扭曲、财政补贴、预算软约束显著降低了钢铁产业和光伏产业的资源配置效率;政府干预程度越大资源配置效率越低,因此光伏产业的资源配置扭曲现象比钢铁产业更严重.

Improper Government Intervention and Resources Allocation Distortion---Contrastive Research Between the Traditional Industry and Strategic Emerging Industry

Considering that the traditional industry and strategic emerging industry suffer different degree of government intervention,this paper analyzed comparatively the mechanism which the government improper intervention distorted their allo-cation of resources.The empirical analysis,taking iron and steel industry and photovoltaic industry as an example,estimated the influence of land supply price distortion,fiscal subsidy and the soft budget constraint on the resource allocation efficiency by 2007-2015 listed companies in Shanghai and Shenzhen two stock exchange.The results show that the steel industry have suf-fered different degrees of government intervention from photovoltaic industry,photovoltaic industry's land supply price distor-tion,fiscal subsidy was significantly higher than that of the steel industry;Price distortions of land supply,financial subsidies, and soft budget constraints significantly reduced the resource allocation efficiency in both the steel industry and the photovoltaic industry;The greater the degree of government intervention,the lower efficiency of resource allocation.