Is government subsidy efficient? Evidence from SMEs' automation in China

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论 Pub Date : 2025-10-07 DOI:10.1016/j.chieco.2025.102566

Xueling Yan , Shule Yu , Xing Zheng

引用次数: 0

Abstract

This study examines the impact of government subsidies on the automation decisions of small and medium-sized enterprises (SMEs) in China. We introduce a theoretical model to analyze how financing constraints affect the net benefits of automation and how subsidies allocated to SMEs with heterogeneous financing conditions can produce varying economic outcomes. Using data from the Enterprise Survey for Innovation and Entrepreneurship in China (ESIEC), we find that: 1) government subsidies significantly enhance automation adoption among SMEs; 2) this effect is primarily driven by the alleviation of financing constraints; and 3) however, subsidies directed towards SMEs with lower endowments may lead to inefficiencies. Our findings highlight the importance of subsidies in promoting technological advancements for financially constrained SMEs, especially in developing economies like China.

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政府补贴是否有效？来自中国中小企业自动化的证据

本研究考察了政府补贴对中国中小企业自动化决策的影响。我们引入了一个理论模型来分析融资约束如何影响自动化的净效益，以及向融资条件不同的中小企业分配补贴如何产生不同的经济结果。利用中国企业创新创业调查（ESIEC）的数据，我们发现：1)政府补贴显著促进了中小企业自动化的采用；2)这种效应主要是由融资约束的缓解所驱动的；然而，针对禀赋较低的中小企业的补贴可能导致效率低下。我们的研究结果强调了补贴在促进资金受限的中小企业技术进步方面的重要性，特别是在中国等发展中经济体。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

中国经济评论 ECONOMICS-

CiteScore

10.60

自引率

4.40%

发文量

380

期刊介绍： The China Economic Review publishes original works of scholarship which add to the knowledge of the economy of China and to economies as a discipline. We seek, in particular, papers dealing with policy, performance and institutional change. Empirical papers normally use a formal model, a data set, and standard statistical techniques. Submissions are subjected to double-blind peer review.