城鄉收入差距對企業TFP的影響不僅僅體現在供給側,還體現在需求側。本文從供需視角研究城鄉收入差距對企業TFP的作用機理與影響機制。在作用機理分析的基礎上,以A股上市公司2006—2016年的面板數據為研究樣本,采用空間門檻模型進行實證分析,研究結果表明:(1)城鄉收入差距對全國、東部、西部、民營企業TFP的影響具有不顯著的"倒U"型特征,即庫茲涅茨"倒U型"假說不存在顯著的證據,對中部和國有企業則具有不同程度的正向影響。(2)除了國有企業門檻最高值高于15000外,其他企業最高值都在15000以內,且城鄉收入差距在達到門檻最高值后,對企業TFP的影響具有負向影響趨勢,揭示了城鄉收入差距已經成為企業TFP提升的阻滯因素。(3)現階段中國城市化進程的"滯后"抑制了城鄉收入差距對企業TFP的正向效應,且工業化、城鄉消費差距條件下凸顯了城鄉收入差距對企業TFP的負向效應。(4)在人力資本效應交叉作用條件下,除中部以外,城鄉收入差距對企業TFP的影響呈不顯著的"倒U型"特征。(5)城鄉收入差距與企業利潤率有著促進企業TFP的耦合門檻區間,也存在著城鄉收入差距與企業高利潤的耦合"悖論",即城鄉收入差距對高利潤企業TFP的提升具有一定的抑制作用。根據實證結論,本文進一步提出提升企業TFP需針對企業區域異質性、產權異質性特征在供需兩端同時進行配套改革的政策建議。

The influence of income gap between urban and rural areas on enterprise TFP is not only reflected on the supply side,but also on the demand side.From the perspective of supply and demand,this paper studies the mechanism of income gap between urban and rural areas on enterprise TFP.Using panel data of A-share Listed Companies in 2006-2016 as research sample and spatial threshold model for empirical analysis,our results show that:(1) income gap between urban and rural areas has no significant inverted U type features on eastern,western,and private enterprises(i.e.no significant evidence for Kuznets inverted U hypothesis),while central and state-owned enterprises are more or less positively influenced.(2) the highest threshold value is above 15000 for state-owned enterprises only,and when income gap reaches its highest threshold value,enterprise TFP is negatively influenced.(3) the current lag in urbanization inhibited the positive effect of income gap on enterprise TFP,whereas industrialization and the gap between urban and rural consumption highlights the negative effect.(4) under the cross influence of human capital,the impact of income gap on enterprise TFP is an insignificant inverted U for samples other than that of central regions.(5) there exists a coupling threshold interval to promote enterprise TFP between income gap and corporate profit margins,as well as a paradox suggesting that income gap might hamper TFP of high-profit enterprises.Based on such empirical conclusions,this paper further proposes that to improve enterprise TFP,regional heterogeneity and ownership heterogeneity of enterprises should be taken into account,and that reform should be carried out at both supply and demand ends.