政府创新补贴、公司高管背景与研发投入——来自我国高科技行业的经验证据

Government Subsidies for Innovation,Company Executives Background and R&D Investment-Evidence from the High-tech Industry

增加高科技公司研发投入是实施好创新驱动发展战略的关键。本文以我国高科技上市公司为样本,基于市场失灵理论、寻租理论和公司资源理论,探讨政府创新补贴的配置状况,并检验其对高科技公司研发投入的影响,以探讨我国科技政策改革的优化路径。研究发现,当公司高管具有研发技术背景或政治关联背景时,高科技公司均可以获得更多创新补贴资源;高管研发技术背景可以有效增加高科技公司研发投入,但政治关联背景无法提升研发投入。进一步分析显示,当公司所处地区的知识产权保护程度越高时,高管研发技术背景对高科技公司研发投入的促进效果更加显著,具有研发技术背景的高管更加注重公司研发投入,而政治关联背景显著地提高了员工冗余程度。可见,通过政治关联获得创新补贴时,公司付出了社会性代价(如超额雇员);高管研发技术背景是高科技公司重要的人力(知识)资本,政府需要引导高科技公司积累人力资本,增加创新投入。

Promoting and enhancing the high-tech research and development（R＆D） investment is the key to the better implementation of innovation-driven development strategy. Based on market failure theory, rent-seeking theory and the theory of corporate resources,this paper attempts to document the allocation of government innovative subsidies and examine its impact on high-tech R＆D investment, using the samples of high-tech listed companies. We find that when executives have developed technical background or political connection background, the high-teeh companies are access to more subsidies for R＆D; and that executives with the technical background of R＆D can effectively increase high-tech companies R＆D investment,but political connection can not significantly enhance the R＆D investment. Further analysis shows that the positive effcet of executives R＆D technical background on promoting R＆D investment is more pronounced where there is higher degree of intellectual property protection. Furthermore, we explore that executives have developed technical background can pay more attention to company R＆D investment,but political affiliates significantly increase the degree of employees redundancy. Obviously, when the innovation subsidies are obtained through political connection, the companies pay a social expenses （such as employees redundancy）. Executives＇ R＆D background is an important human （knowledge） capital for high-tech enterprises,the government needs to guide high-tech enterprises focus on the accumulation of human capital,increasing innovative investment.