Our study focuses on examining the relationship between productivity (or productivity growth) and state aid allocation in Slovenia during the period of 1998 to 2012. The country itself represents almost an ideal case as the amount of subsidies being allocated in the relevant period decreased significantly after joining the EU. Our study builds on the theoretical model of Aghion et al. (2015) arguing that sectorial policy can enhance growth and efficiency if it is made competition-friendly. The main results show, that by increasing dispersion of subsidies within particular sectors by one standard deviation, the productivity growth increases by 0.03 percentage points on average, ceteris paribus. State aid has been especially important in the period of economic downturn (2009–2012). However we found evidence that firms receiving a higher portion of subsidies were less productive when compared with counterparts from the same sector receiving less or no subsidies. The difference was the biggest during the period of economic downturn.

中文翻译：

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政府补贴会增加企业的生产率吗？斯洛文尼亚企业小组的证据

我们的研究侧重于研究1998年至2012年期间斯洛文尼亚的生产率（或生产率增长）与国家援助分配之间的关系。该国本身几乎是一个理想情况，因为相关时期内分配的补贴数量自从加入欧盟。我们的研究建立在Aghion等人的理论模型的基础上。（2015年）认为，如果使部门政策对竞争有利，则部门政策可以提高增长和效率。主要结果表明，通过将补贴在特定行业中的分散度增加一个标准偏差，生产率增长平均可提高0.03个百分点。在经济下滑时期（2009-2012年），国家援助尤为重要。但是，我们发现有证据表明，与来自同一行业的企业获得的补贴较少或没有补贴相比，获得较高补贴的企业生产率较低。在经济不景气时期，差异最大。