产业政策引导下的企业创新与企业价值

Enterprise Innovation and Enterprise Value Guided by Industrial Policy

以“十二五”(2011-2015)期间A股上市公司为样本,实证研究了产业政策引导、产业补贴手段及其创新对企业价值的影响,结果表明:产业政策引导下的实质性创新,有效地提升了企业价值;在产业政策支持企业中,财政手段激励下的创新与企业价值之间呈倒U型关系;并且,产业政策支持企业的创新在提升企业价值中的作用存在企业特征异质性。在政府施策时,应该将激励强度置于中等位置;适当提高那些具有高技术人员比例和高经营风险企业的研发创新活动的扶持力度,更好地激励企业创新提升企业价值。

This paper takes the sample of A-share listed companies during the “Twelfth Five-Year Plan”(2011-2015) as the object of investigation, and empirically studies the influence of industrial policy guidance and its industrial subsidy means and its innovation on corporate value. The empirical results show that: substantial innovation under the guidance of industrial policies has effectively enhanced corporate value. In industrial policy-supporting enterprises, there is an inverted U-shaped relationship between innovation and corporate value under the incentive of fiscal means. Moreover, the role of industrial policy in supporting enterprise innovation in enhancing corporate value has the heterogeneity of corporate characteristics. In the government's policy, the incentive intensity should be placed in a medium position;appropriately raising the R&D and innovation activities of enterprises with high technical personnel ratio and company operation risk can better promote industrial policies to encourage enterprises to innovate and enhance corporate value.