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谁更趋多元化经营:产业政策扶持企业抑或非扶持企业?
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TitleWho is More Diversified Business: Industry-Supported Enterprises or Non-Supported Enterprises?  
作者杨兴全 尹兴强 孟庆玺  
AuthorYang Xingquan,Yin Xingqiang and Meng Qingxi  
作者单位石河子大学经济与管理学院 
OrganizationSchool of Economics and Management,Shihezi University 
作者Emailxqy928@163.com;yxq0829@126.com;mehx1992@163.com 
中文关键词产业政策 多元化经营 扶持效应 倒逼效应 
Key WordsIndustrial Policy; Diversification; Supported Effect; Forced Effect 
内容提要我国典型的选择性产业政策在向扶持企业提供诸多资源要素、为扶持企业多元化经营创造内在条件的同时亦可能引致非扶持企业面临较大的转型压力,成为非扶持企业多元化经营的外在驱动。那么,产业政策到底促进了谁更趋多元化经营:扶持企业抑或非扶持企业?本文基于2002-2014年沪深两市A股上市公司样本数据的研究发现:相对于受扶持企业,非扶持企业更趋多元化经营,且其通过多元化经营更多地涉入了产业政策扶持行业,企业的多元化经营亦随产业政策扶持行业的变更而呈现动态调整的适应趋势;探究现象背后的成因在于,非扶持企业获得的政府补助、信贷资金及投资机会的显著更少,所得税费用的显著更多,而其多元化经营缓解了产业政策非扶持引致的资源受限;基于企业价值与产业升级的纵深检验发现,非扶持企业的多元化经营在提升企业价值的同时也利于产业的转型升级。上述发现在帮助我们理解新兴市场国家广为盛行的企业多元化经营的同时,也为产业政策实施效果的评价提供了一定的参考和借鉴。 
AbstractThe industrial policy(IP),typical selectedin china, which not only providing many resources, creating internal conditions for industry-supported enterprises to diversify,but also causing a greater transformative pressure , making a external drive for non-supported enterprises to diversify. In that way, IP promoted which are more diversified businessin the end: supported enterprises or non-supported enterprises? Based on the sample data ofA shares-Listed Companies from 2002 to 2014, we found that: Compared with supported enterprises, non-supported enterprises may be more diversified, and the diversified business were more involved in the industry that supported by IP, in addition, the diversification of non-supported enterprises adapt tothe dynamic adjustment of IP; To explore the reason behind the phenomenon and further found that, There was significantly less government subsidies, credit funds, investment opportunities, and obviously more income tax expenses for non-supported enterprises, while whose diversification help relieve the reduction of resource. Finally, we deeply investigate the Non-support enterprises’ value and industrial upgrading after the diversification, evidence show that the above diversification was good for the promotion of micro enterprise value , as well as beneficial for the upgrading of the industry. The above findings help us to understand the prevailing diversification in emerging market countries, while also provide a reference and mirror for the evaluation of the effect of industrial policy implementation. 
文章编号WP1196 
登载时间2017-06-16 
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