| 政府补贴、“亲清”政商关系与企业韧性协同效应 |
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| 引用本文：朱昱潼1,郭文旌2.政府补贴、“亲清”政商关系与企业韧性协同效应[J].财经理论与实践,2026,(2):136-143 |
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| 中文摘要:依据2015—2022年沪深A股上市公司数据，聚焦政府补贴对企业韧性的影响机理，引入“亲清”政商关系作为调节变量，结合异质性分析，揭示不同情境下的作用差异。结果显示，政府补贴与企业韧性呈倒U形关系。调节效应分析表明，“亲清”政商关系能减轻政府补贴增加对企业韧性的消极影响。异质性分析结果表明，政府补贴对于衰退期企业、民营企业、竞争性行业、非重污染行业和东部地区企业韧性的提升作用显著。鉴于此，着力构建良好“亲清”政商关系，精准适度地给予政府补贴，配套政策支持，协同发力，助力企业韧性提升。 |
| 中文关键词:政府补贴 企业韧性 倒U形 “亲清”政商关系 协同效应 |
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| The Synergistic Effect of Government Subsidies, “Pro-clean” Government-business Relationship, and Corporate Resilience |
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| Abstract:Based on data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2022, this study examines the impact of government subsidies on corporate resilience. The results reveal an inverted U-shaped relationship between government subsidies and corporate resilience. The moderating effect analysis indicates that “pro-clean” government-business relationship can mitigate the negative impact of increased government subsidies on corporate resilience. Heterogeneity analysis results indicate that government subsidies have a more significant impact on the resilience of companies in the recession phase, private enterprises, companies in competitive industries, companies in non-heavy-pollution sectors and companies located in the eastern region. In view of this, it is recommended to establish a good “pro-clean” government-business relationship and provide targeted subsidies, leveraging the synergy between subsidies and the “pro-clean” government-business relationship to help enhance corporate resilience. |
| keywords:government subsidies corporate resilience inverted U-shaped “pro-clean” government-business relationship synergistic effect |
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