政府调节如何影响企业创新绩效——基于中国制造业上市公司面板数据的实证分析

Impacts of Multiple Government Involvement on the Firm's Innovation Performance:An Empirical Analysis Based on the Panel Data of Listed Manufacturing Companies in China

利用我国2006—2011年制造业上市公司数据,实证研究了企业内部、行业以及区域三维结构下,政府调节对企业创新绩效的影响。结果表明,政府出资比例对企业创新绩效具有显著正向影响,行业异质性与区域异质性对政府出资比例影响企业创新绩效具有调节作用;国家政策支持力度和行业国有化程度对政府出资比例影响企业创新绩效具有显著的负向调节作用;企业所在区域市场化程度和政府市场调控能力对政府出资比例影响企业创新绩效均具有比较显著的正向调节作用,且市场化程度对行业政策支持具有负向再调节作用,对行业国有化程度具有正向再调节作用。研究结论对于政府根据行业特质以及区域特质,有效整合直接政府调控以及间接政府调控,提高企业创新绩效具有指导意义。

According to the panel data of 120 manufacturing listed companies in China,which includes innovation-related data,the paper empirically tested the influence of the government involvement on the firm＇s innovation performance.The results found government＇s investment proportion positively impact the innovation performance significantly while industrial heterogeneity and regional heterogeneity can moderate the relationship between the two.More specifically,the industrial heterogeneity（PSIS）is negative to the positive effect while the regional heterogeneity（MIGA）positive to the effect.And index of regional market can strengthen the moderating role of state＇s ownership of industry and weaken the moderating role of industry policy.It tell us that when listed companies consider introducing state-owned assets in order to improve the enterprise＇s It innovation performance,relevant industry and regional factors should be considered comprehensively.