R&D补贴与数字企业技术创新——基于数字经济产业的检验证据

R&D subsidies and technological innovation of digital enterprises: empirical evidence based on digital economy industry

R&D补贴对数字企业技术创新及可持续发展具有重要意义。基于2008—2017年中国数字经济产业上市企业数据,根据信号理论和资源基础理论分析R&D补贴对数字企业技术创新的影响,进一步讨论融资约束与企业风险承担对R&D补贴信号传递的双重中介效应。实证研究发现,R&D补贴对数字企业技术创新存在显著的促进效应,这一结论在一系列稳健性检验后依然成立。R&D补贴对传媒及互联网服务行业科研投入、软件及信息技术服务行业专利申请的促进效应更为显著;相比于高创新能力企业,R&D补贴对低创新能力企业专利申请的促进效应更为显著;相比于大规模和国有控股企业,R&D补贴对中小规模和非国有控股企业科研投入与专利申请的促进效应更为显著。R&D补贴通过缓解融资约束和提高企业风险承担水平来促进数字企业技术创新。研究结论为政府部门制定数字企业创新激励政策提供了重要检验证据。

R&D subsidies are significant for technological innovation and sustainable development of digital enterprises.Based on the data of listed enterprises in China’s digital economy industry from 2008 to 2017,this paper analyzes the impact of R&D subsidies on the technological innovation of digital enterprises using signal theory and resource-based theory.It discusses the dual mediating effect of financing constraints and enterprise risk-taking on R&D subsidy signal transmission.The empirical findings show that R&D subsidies have a significant promotional effect on the technological innovation of digital enterprises,and this is confirmed by a series of robustness tests.R&D subsidies have more significant effects on the promotion of R&D investment in the media and Internet service industry and patent applications in the software and information technology service industry.Compared with enterprises with high innovation ability,R&D subsidies have a greater effect on patent applications of enterprises with low innovation ability.Compared with large-scale and state-owned holding enterprises,R&D subsidies have a more significant promotion effect on R&D investment and patent applications of small and medium-sized,and non-state-owned holding enterprises.R&D subsidies promote the technological innovation of digital enterprises by easing financing constraints and improving the level of enterprise risk-taking.The results provide important evidence for government departments to formulate innovation incentive policies for digital enterprises.