区域创新政策如何影响企业创新绩效?——基于珠三角地区的实证分析

How does Regional Innovation Policy Affect Enterprise Innovation Performance?Empirical Analysis Based on the Pearl River Delta

基于2010—2019年珠三角上市企业的数据,构建一个有调节的中介效应模型,运用零膨胀因子的泊松回归模型考察区域创新政策如何影响企业创新绩效。结果发现:政策力度和政策数量都对企业创新绩效起到促进作用,但作用不大;在区域创新政策影响企业创新绩效过程中,企业研发投入起到明显的部分中介作用,区域创新政策对企业创新活动具有明显的信号传递效应;区域创新环境和政府补贴都能强化区域创新政策对企业创新绩效的正向影响,但区域创新环境的作用更为明显;区域创新政策的效应表现出较强的异质性,对非国有企业、成长型企业、中小型企业以及高新技术企业创新的促进作用明显;区域创新政策仅带动了企业策略性创新,并没有促进企业进行实质性创新,且政策时滞效应表现为挤出效应。

Innovation is the driving force and source of economic growth and economic structure adjustment and optimization.As the main body of innovation activities,enterprises’R&D investment has become an important factor determining their innovation strength.However,as a public goods,innovation activities will lead to market failure because it has obvious positive externalities,which directly weakens the enthusiasm of enterprises for technological innovation.Therefore,the central or local governments in various countries have issued relevant innovation policies to encourage enterprises to carry out innovation activities.In recent years,the number of innovation policies issued in various parts of China has gradually increased,but there is still great controversy about the effect of regional innovation policies,and there is still no consistent conclusion on the mechanism and path of the impact of regional innovation policies on enterprise innovation.This paper will deeply explore the effect of regional innovation policy and its impact on enterprise innovation performance.The research object is all A-share listed companies in nine cities of the Pearl River Delta excluding financial listed companies and all ST shares.This paper investigates how regional innovation policies affect enterprise innovation performance by constructing a moderated mediating effect model and using the Zero-inflated Poisson Regression Model based on the data of listed enterprises in the Pearl River Delta from 2010 to 2019.Enterprise innovation performance is the explained variable of this paper,which is measured by the amount of patent authorization and the explanatory variables are measured by policy strength and policy quantity.The research steps are as follows:First of all,the innovation policy strength variable is generated according to the weight given to each innovation policy by the issuing agency of the innovation policy and the specific calculation formula is to multiply the policies of a city in that year one by one by the corresponding weight,and sum up to obtain the value of policy strength.The quantitative variable of innovation policy is generated according to the number of innovation policies issued by local municipal governments every year.Collecting the regional innovation policy texts issued by the nine cities in the Pearl River Delta from the PKULAW dataset,and quantifying the regional innovation policy from the policy issuing organization;Secondly,the enterprise R&D investment is introduced as the mediator,and the regional innovation environment and government subsidies are introduced as the moderator.Building an index system including infrastructure environment,market environment,workers’quality level,entrepreneurship level and sustainable development ability to describe the regional innovation environment,and get the comprehensive score index of regional innovation environment of cities in the Pearl River Delta using the factor analysis method.Finally,this paper also analyzes the heterogeneity effects and time lag effects of regional innovation policy on different types of enterprises,and whether it promotes the substantive innovation of enterprises.The variables are trimmed or winsorized(1%~99%)in the process of data processing.The results show as follows:the regional innovation policy can promote enterprise innovation performance,but the effect is very small.In comparison,the strength of enterprises and regional economic development have a greater impact on enterprise innovation performance;In the process of regional innovation policy affecting enterprise innovation performance,enterprise R&D investment plays an obvious mediating role,and regional innovation policy has an obvious signal transmission effect on enterprise innovation activities;Both regional innovation environment and government subsidies can strengthen the positive impact of regional innovation policy on enterprise innovation performance,but the role of regional innovation environment is more obvious;The effect of regional innovation policy shows strong heterogeneity,which plays an obvious role in promoting the innovation of non-state-owned enterprises,growth enterprises,small and medium-sized enterprises and high-tech enterprises;Regional innovation policy only drives the strategic innovation of enterprises,but does not promote the substantive innovation of enterprises,and the time lag effect of policy is crowding out effect.The research conclusion has strong policy implications:regional innovation policy should focus on leveraging the R&D investment of enterprises;the role of local governments should focus on cultivating a fair and just innovation environment and creating an innovation ecological environment conducive to enterprises’innovation activities,so as to drive regional innovation vitality and encourage enterprises to carry out substantive innovation;government subsidies should set corresponding thresholds to guide enterprises to carry out innovation activities;local governments should pay attention to adopting policy combination systems of different types and periods to support enterprises with substantive innovation needs.This paper extends the empirical research on the effect mechanism of China’s innovation policy,verifies the promoting effect of regional innovation policy on enterprise innovation performance,and obtains that the construction of regional innovation ecological environment is more important than simple government subsidies in the mechanism analysis of the impact of regional innovation policy on enterprise innovation performance.This provides a useful reference for local governments to formulate relevant innovation policies to promote substantive innovation of local enterprises.Identifying which different types of policy combinations have better effects and analyzing which innovation environment can encourage enterprises to actively carry out innovation activities may be a possible research direction in the fatare.