研发补贴与企业全要素生产率

R&D Subsidies and Corporate Total Factor Productivity

利用2003—2018年沪深A股上市公司数据,采用随机前沿分析方法(SFA)估算并分解上市公司全要素生产率(TFP),考察研发补贴对企业整体TFP及构成TFP的前沿技术进步、技术效率、规模效率与配置效率四个组成部分的影响。研究发现,研发补贴没有显著促进整体TFP增长;从TFP的内在结构看,研发补贴显著促进前沿技术进步,显著抑制配置效率提升,没有显著影响技术效率和规模效率。进一步按企业所有权性质、融资约束、行业特征、知识产权保护水平分组分析,发现研发补贴显著促进非国有企业、受融资约束程度较高企业、非高技术行业企业、处于激烈竞争市场中的企业以及知识产权保护程度较低地区企业的前沿技术进步;显著降低受融资约束程度较低企业、非高技术行业企业、市场竞争程度较低企业的配置效率。论文的研究结论对完善研发补贴政策、提高企业全要素生产率水平有一定启示。

By making use of the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2003 to 2018 and employing the stochastic frontier analysis method(SFA)to estimate and decompose the total factor productivity(TFP)of listed companies,this paper investigates the impact of R&D subsidies on corporate overall TFP and the four components that constitute TFP,i.e.,the frontier technological progress,the technical efficiency,the scale efficiency and the allocation efficiency.The findings indicate that R&D subsidies cannot significantly promote the overall TFP growth.In terms of the internal structure of TFP,R&D subsidies have significantly promoted the frontier technological progress and significantly inhibited the improvement of allocation efficiency,but no significant impact on technical efficiency and scale efficiency.Further analysis in groups according to the nature of enterprise ownership,the financing constraints,the industry characteristics and the level of intellectual property protection reveals that R&D subsidies have significantly promoted the frontier technological progress of non-state-owned enterprises,enterprises with a higher degree of financing constraints,enterprises in non-high-tech industries,enterprises in fiercely competitive markets,and enterprises in areas with lower levels of intellectual property protection.However,the allocation efficiency of enterprises with lower levels of financing constraints,enterprises in non-high-tech industries and enterprises with lower level of market competition is significantly reduced.The conclusion of this paper has some enlightenment for the improvement of the R&D subsidy policy and the improvement of corporate total factor productivity.