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| 供给侧结构性改革是否促进企业资源配置效率——基于准自然实验研究
摘 要
供给侧结构性改革在2015年出现在大众视野之中，自此供给侧结构性改革一直是各个会议的主流话语。直到2020年习主席仍然强调要推动经济高质量发展，就是以供给侧结构性改革为主线。而企业资源配置效率一直是企业不能忽视的一个重要指标，因为只有企业资源配置效率提升企业的利润才会呈现出更加可观的现象，企业的生命力也会更加持久。本文献将这两个方面综合了在一起。即在供给侧结构性改革的视角下探究企业资源的配置效率是否得到了提升。本文采用2014年—2017年深沪A股上市公司的数据，通过构建供给侧结构性改革与企业资源配置效率的实证模型，回归分析得到结果。即供给侧结构性改革通过增加企业的创新投入从而提高了企业资源配置效率，除此以外，我还探究了国有上市公司和非国有上市公司受到供给侧结构性改革的影响，得出了供给侧结构性改革所实施的政策更容易使得国有上市公司提高资源配置效率。在文章最后我还进行了安慰剂检验，排除了不可观测的系统性误差对于估计结果的影响。为企业资源配置效率以及供给侧结构性改革两方面的研究又增添新的贡献。同时，有助于企业分析当前形势，继续在供给侧结构性改革方面下功夫，提升企业的经济利益与长远发展的可能性。
关键词： 创新投入 全要素生产率 产权性质
ABSTRACT
Supply-side structural reform came into the public eye in 2015 and supply-side structural reform has been a major topic of discussion at various conferences ever since. Until 2020, President Xi continues to emphasise the need to promote quality economic development, which is the main focus of supply-side structural reforms. And the efficiency of enterprise resource allocation is an important indicator that enterprises cannot ignore, because only the efficiency of enterprise resource allocation to increase enterprise profits will show a more substantial phenomenon and the viability of enterprises will be more durable. This literature combines these two aspects.In other words, it examines whether the efficiency of enterprise resource allocation has been improved in terms of supply-side structural reform. This paper uses data from companies listed on the A-share exchange in Shenzhen and Shanghai from 2014 to 2017, and the results are obtained by constructing an empirical model of supply-side structural reform and enterprise resource allocation efficiency analysis and regression analysis. That is, supply-side structural reform increases enterprises' innovation investment, thereby improving the efficiency of enterprise resource allocation. In addition, I examine the supply-side effects of structural reform on state-owned and non-state-owned listed companies and conclude that supply-side structural reform policies are more likely to result in state-owned listed companies increasing the efficiency of resource allocation. At the end of the paper,I also conduct a placebo test to rule out the influence of unobservable systematic error on the evaluation results. It adds a new contribution to the study of firms' resource allocation efficiency as well as structural supply-side reforms. It also helps firms to analyze the current situation and to continueworking on supply-side structural reforms in order to improve the economic benefits and long-term development opportunities of firms.
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