中国政府创新补贴的效应测度与分析

Measurement and Analysis of the Effect of Chinese Government Innovation Subsidy

研究目标:测度和分析转型经济背景下中国政府创新补贴的政策效应。研究方法:利用A股高科技上市公司2009~2014年数据,运用OLS和PSM模型进行实证研究。研究发现:创新补贴显著地降低了高科技公司全要素生产率;当公司高管具有研发技术背景时,这一诅咒效应得到明显缓解;地区知识产权保护水平越高,公司TFP也越高。创新补贴的效应还表现在:导致公司过度投资和提高雇员冗余程度。研究创新:关注高管研发技术背景和知识产权保护程度的异质性特征;使用独特数据,采用OP和LP两种半参数方法测算公司TFP;从投资行为和社会负担视角做补充性分析。研究价值:对完善政府创新补贴政策顶层设计、优化创新环境具有较高的实际价值。

Research Objectives： Measuring and analyzing the effect of the Chinese government in- novation subsidy in the background of the transition economy. Research Methods： Empirical research based on the OLS and PSM models, taking A-share high-tech listed firms of China from 2009 to 2014 as the sample. Research Findings： The study shows that government in- novation subsidy significantly reduces the TFP of high-tech firms; when the corporate execu- tives have Rb-D technical background, the curse effect is being significantly alleviated; the higher level of intellectual property protection in the region, the higher TFP of firms. Fur- ther analysis documents that the effect of innovation subsidy： leads to over-investment and increases employee redundancy. Research Innovations： Pays full attention to the background of executives＇ R^D and the degree of intellectual property protection; the use of a unique data settings and two semi-parametric method to calculate TFP; further analyzing the effect from the perspective of investment decision and social burden. Research Value： The conclu- sion has a practical implication for the improvement of innovation subsidy top design and the optimization of technological innovation environment.