CAJ | 학술논문

本文使用微观层面的企业数据，对中国高技术产业生产率的影响因素进行实证检验，发现资产增长、人力资本、企业利润、企业规模对生产率具有显著的促进作用，而资本劳动比、企业存货起明显的负向作用，外国直接投资等变量几乎不起作用。研发投入、银行贷款与政府补贴的实证结论与人们的正常预期不同，研发投入对生产率要么不起作用、要么起负向作用，银行贷款与政府补贴对生产率起着扭曲与阻碍作用，中国的一些特殊情况导致了上述结论。
본문사용미관층면적기업수거，대중국고기술산업생산솔적영향인소진행실증검험，발현자산증장、인력자본、기업리윤、기업규모대생산솔구유현저적촉진작용，이자본노동비、기업존화기명현적부향작용，외국직접투자등변량궤호불기작용。연발투입、은행대관여정부보첩적실증결론여인문적정상예기불동，연발투입대생산솔요요불기작용、요요기부향작용，은행대관여정부보첩대생산솔기착뉴곡여조애작용，중국적일사특수정황도치료상술결론。
This paper uses enterprise data to empirically test the influencing factors of Chinese high-tech industry productivity,and concludes that the growth of assets,human capital,corporate profits,and enterprise scale have significant effect on productivity.Government subsidies,capital labor ratio,and in-ventory play negative roles.Foreign direct investment,trade credit,sales cost,market concentration,and industrial chain status have little effect.Different from the normal expectation of people,R&D investment on productivity may not work or play a negative role.This paradoxical conclusion reflects the special cir-cumstances in China.The motive of many enterprises’R&D investment is to rent for an access to govern-ment subsidies and monopoly interests.Lack of protection for intellectual property rights makes many en-terprises unwilling to put a lot of money in the use of technology research and development.Bank loans and government subsidies seriously distort and impede productivity.This paper suggests that the problems arise in Chinese financing system and government funded system,which not only fails to promote enter-prise efficiency,but also inhibits the development of enterprise efficiency.