地方政府财政科技资助是否激励了企业的科技创新?——来自上海企业数据的经验研究

Whether Governmental Fiscal Subsidies Promote the TechnologicalInnovation:An Empirical Analysis Based on the Panel Data of 2008-2012 Shanghai Enterprises

技术追赶型国家的政府通常把财政科技资助作为激励企业进行科技创新的主要政策工具。该文将异质性、内生性问题拓展到投入和产出两个角度,对地方政府科技资助对于企业科技创新的效果进行理论分析;并采用上海企业的数据,应用静态和动态面板数据模型,进行了实证检验。研究表明:(1)政府财政科技资助整体上激励了企业的R&D投入,但是对产出没有显著影响;(2)政府财政科技资助只对低技术企业的R&D投入有激励效应,对高技术企业没有明显影响;在激励国有企业R&D投入的同时,但同样挤出了国有企业的创新产出;(3)政府资助和企业R&D投入存在互为因果关系,忽略内生性将导致激励效应的普遍高估和异质性影响的倒挂;(4)与行业层面数据相比,企业层面的知识生产活动没有稳定性,无论是R&D投入还是产出都缺乏累积效应。

In technology catching-up countries, governments always take fiscal subsidies as the key policy to promote enterprises ＇ technological innovation. This paper aims to study the effectiveness of governmental fiscal subsidies. Using panel data on 792 Shanghai enterprises during the period 2008-2012, we estimated the random effects FGLS to analyze all the enterprises as well as grouped ones considering the heterogeneity. In order to ensure the robustness, we then used the maximum likelihood estimation MLE and SYS-GMM which controlled the endogenous of governmental science and technology subsidies. Conclusions are as follows. （1） Conclusions of different estimation methods tend to be consistent, but the endogenous does have an impact on the results; （2） Robust results show that governmental fiscal subsidies can obviously promote enterprises~ science and technology investments as a whole, and after grouping, the promotion effects are still significant for most groups except the high-tech, the state-owned and the service ones. Meanwhile, the promotion effects for traditional enterprises are significantly higher than the emerging ones ; （3） Governmental fiscal subsidies have no significant effects on the patent output of enterprises as a whole, and after grouping, such subsidies have significant promotion effects on the state-owned and manufacturing groups but not on the other ones. This paper could provide a useful reference for the governments＇ fiscal subsidies policy making.