经济增长目标压力与企业研发创新的挤出效应——基于多重考核目标的实证研究

Economic Growth Targets and Crowding-out Effect of R&D: An Empirical Study Based on Multi-objective Assessment Theory

本文研究经济增长目标管理在发挥对经济增长促进作用的同时是否挤出了企业研发创新。实证结果发现:经济增长目标压力对当地企业研发支出产生了显著的挤出效应,并且这种挤出效应在资源分配差异程度较大地区及非国有企业中更显著;但经济增长目标压力有助于提升企业创新效率。作用路径检验发现:为更有效地促进经济增长,经济增长目标越高,地方政府越倾向于将有限资源配置给该地区规模更大的企业,从而导致对辖区企业研发支出形成挤出效应。以上研究从研发创新的挤出效应视角拓展并深化了关于多重考核目标理论的同时,也对调整经济增长目标以促进经济高质量增长提供了理论依据。

This research explores how economic growth goal management plays a role in promoting economic growth and enterprise R&D innovation,at the same time what roles it plays in enterprise innovation,which is of great significance to re-examine the role of economic growth objectives in the new normal.This paper is based on the research findings of multi-objective assessment theory:in the face of economic growth pressure and technological innovation and other objectives,because of the time lag of innovation output formed by R&D expenditure,and the unobservability of innovation performance,the higher economic growth target areas are more likely to use resources for economic development,Thus,it has a significant crowding-out effect on the research and development expenditure of local enterprises.Moreover,this crowding-out effect is more significant in areas with more skewed resource distribution and in non-state-owned enterprises.The pressure of economic growth target can improve the innovation efficiency of enterprises,performance for the unit research and development input into the role of patent output is stronger.In addition,to relieve endogenous,some other methodologies such as instrument variables and robustness are also applied in this research.The mechanism of action test find the following result:to effectively promote economic growth,local governments with higher economic growth targets tend to allocate limited resources to larger enterprises in the region,thus leading to the crowding out effect in the enterprise research and development.The above results indicate that the government`s neutral competition policy should be maintained while using growth target management to boost economic development,in order to reduce the negative impact of growth pressure on enterprise innovation.This also provides a basis for the rationality of lowering the macroeconomic growth rate under the new normal of China’s economy.