创新补助究竟有没有激励企业创新自主投资--来自中国上市公司的新证据

Do R&D Subsidies Really Stimulate Firms' R&D Self-financing Investment:New Evidence from China's Listed Firms

政府"扶持之手"在R&D"市场失灵"中发挥着重要作用,然而,政府创新补助在激励企业创新自主投资方面究竟"如其所愿"还是"事与愿违"?尚缺乏一致和有说服力的经验证据。本文通过剔除非R&D补助噪音,并对企业创新自主投资与政府创新补助加以区分,为该问题提供了来自中国上市公司研发投资的新证据。研究发现,尽管政府创新补助与企业总体R&D投资正相关,但政府直接给予企业的创新补助每增加1单位,带来的R&D投资增量显著小于1;随着政府创新补助的增加,企业创新自主投资在减少。这表明,创新补助总体而言并未有效激励企业创新自主投资。进一步研究发现,企业行业属性、内部控制水平及外部环境会显著影响创新补助的激励效应,对于高科技、内部控制水平较高或所处经营法制环境较好的企业而言,创新补助确实"如其所愿"地发挥了激励效应。

The hand of government support plays an important role in RD＂market failure＂. Although it still lacks consistent and convincing empirical evidence about whether government subsidies have met government＇s expectation,this paper provides a new empirical evidence for this problem by eliminating the noise from non-RD subsidies and distinguishing between firms＇ RD self-financing investment and government innovation subsidies. We find that, despite government RD subsidies and firms ＇ investment in innovation being positively related,firms increase RD investment by significantly less than 1 unit even when the government gives firms 1 unit RD subsidy. With the increase of government RD subsidies,firms＇ RD self-financing investment is decreasing. This suggests that,RD subsidies cannot really stimulate firms ＇self-financing innovation,overall. Further studies show that firms＇ industrial attributes,internal control and external legal environment play important roles in the incentive effects of government subsidies. For the firms which belong to the high-tech industry,are surrounded by better legal environment or have better internal control,government subsidies have the expected incentive effects on firms＇ RD investment.