政府补贴对中国装备制造业企业创新绩效的影响机制

Influence Mechanism of Government Subsidy on Innovation Performance of China's Equipment Manufacturing Enterprises

利用基于倾向得分匹配的倍差法,采用2006-2013年中国沪深股市A股上市公司的数据,系统讨论了政府补贴影响中国装备制造业企业创新绩效的微观机制和效应。进一步采用中介效应模型揭示了政府补贴抑制企业技术效率提升的主要途径。研究结果表明:政府补贴有效促进了装备制造业模仿创新下的技术进步,但显著抑制了资源的最优配置和技术效率改善;政府补贴引发的要素市场扭曲、企业寻租、市场集中和投资过度是导致创新活动技术效率损失的重要途径。因此,政府应通过补贴政策全面提升企业的自主创新能力、保证竞争性市场中资源的有效配置和营造良好的创新支持环境来提高中国装备制造业创新发展的质量和效益。

This paper introduces the method of PSM-DID to systematically analyze the micro mechanism and effect of government subsidy on innovative performance of Chinese equipment manufacturing enterprises from 2006 to 2013.Furthermore,it uses the mediating effect model to reveal the main ways to reduce technical efficiency of enterprises by government subsidies.The results show as follows:government subsidy stimulate technical progress of Chinese equipment manufacturing industry under the imitation innovation,but observably suppress the optimal configuration of resource and the promotion of technical efficiency change;factor-market distortion,corporate rent-seeking,market concentration and excessive investment caused by government subsidy,are the important channels for technical efficiency change loss of innovation.Therefore,the government should use subsidies to promote the independent innovation ability of corporate,and keep the efficient allocation of resources of competitive market and create a good innovative environment to improve the quality and efficiency of the innovation and development of Chinese equipment manufacturing industry.