政府补助、技术创新与可持续增长

Government Subsidies,Technical Innovation and Sustainable Growth

基于希金斯的可持续增长理论,在实证分析上市公司技术创新与可持续增长关系的基础上,重点分析和检验了政府补助对二者关系的影响。以2010—2015年期间沪深A股上市公司为数据样本,采用多元回归分析方法,结果发现:(1)技术创新与公司可持续增长正相关,即公司的技术创新能力越强越有利于实现可持续增长;(2)政府补助对技术创新与公司可持续增长之间的正相关关系具有显著抑制效应,而且这种效应主要集中在非国有上市公司。上述发现不仅在理论上为可持续增长的研究提供了新的研究视角,同时也为监管部门和公司管理者的决策提供重要的经验证据。

According to Higgins＇ s sustainable growth theory, this paper, while carrying out an empirical analy- sis of the relationship between technical innovation of the firms and sustainable growth, particularly explicates and tests how the government subsidies affect their relationship. With a sample of the data of A-share listed com- panies on the Shanghai and Shenzhen stock exc sion analysis method and finds that a positive hanges from 2010 to 2015, the study adopts the multiple regres- correlation exists between technical innovation and sustainable growth of the enterprises, which means that the stronger the ability of technical innovation for an enterprise is, the more advantageous it is for that enterprise to achieve sustainable growth. In addition, an apparently inhibitory effect of government subsidies is also found on the positive correlation between technical innovation and sustain- able growth, which is especially strong for non-state enterprises. These findings provide not only the new per- spectives for the study of sustainable growth in theory, but some significant empirical evidence for the authorities and business managers to make policies. regulatory