Abstract: Taking the Shanghai and Shenzhen A-share listed companies in China as a sample, this paper empirically examines the interactive effect of the government financial subsidy and the product market competition on the capital allocation efficiency. The results of the study are as follows: (1) There is a significant positive U-shaped relationship between the degree of financial subsidies and the level of the capital allocation efficiency. With the increase in the degree of financial subsidies, the level of the capital allocation efficiency firstly declines, and then shows a rising trend after the turning point. (2) There exists a positive interactive effect of government financial subsidies and the product market competition on the capital allocation efficiency. With the increase in the degree of financial subsidies, the level of the capital allocation efficiency becomes lower, but the negative relationship will be weakened as the degree of company's product market monopoly increases. The higher the degree of company's product market monopoly, the lower the level of its capital allocation efficiency. But the negative relationship will be weakened as the degree of financial subsidies increases. (3) Further researches find that the interactive effect mentioned above mainly affects the over-allocation of capital, and it shows no significant effect on the under-allocation of capital. This paper extends the researches on the relationship between government financial subsidies and the capital allocation efficiency, enriches relevant literature on the economic consequences of financial subsidies, which will have better enlightenment on the implementation of differentiated financial subsidies and industrial policy guidance so as to improve the social capital allocation efficiency.

Key words: Product Market Competition, Government Subsidy, Capital Allocation Efficiency, Positive U-shaped Relationship

摘要： 本文以2007—2018年我国沪深A股上市公司为样本,实证检验了产品市场竞争与政府财政补贴对企业资本配置效率的交互影响效应,结果发现:(1)政府财政补贴与企业资本配置效率水平呈现显著的正U型关系,即随着政府财政补贴程度增加,企业资本配置效率水平呈现先下降再拐点上升的趋势特征;(2)政府财政补贴与产品市场竞争对企业资本配置效率水平存在显著交互影响效应,随着政府财政补贴程度增加,企业资本配置效率水平表现越低,但随着企业产品市场垄断程度增加,该负相关关系将会受到抑制;企业产品市场垄断程度越高,企业资本配置效率水平表现越低,但随着财政补贴程度增加,该负相关关系将会受到抑制;(3)异质性检验发现,财政补贴和产品市场竞争及其交互效应主要影响企业的资本配置过度行为,而没有证据表明会对企业资本配置不足产生显著影响。文章从微观企业视角拓展了财政补贴与资本配置效率之间关系的研究,为政府根据产品市场竞争程度而实施差异化财政补贴和产业引导政策,以更好提升资本配置效率水平并助力经济高质量发展等提供重要启示。

关键词: 产品市场竞争, 财政补贴, 资本配置效率, 正U型关系