哪种政府补贴方式更能促进企业创新-基于医药制造业不同所有制企业PVAR动态效应的比较视角

Which Kind of Government Subsidies Will Promote Innovation More Effectively?——Analysis on Different Ownership Enterprises by PVAR Model in Pharmaceutical Manufacturing Industry

选取2008—2015年中国医药制造业上市公司148家企业的面板数据,建立PVAR模型,运用脉冲响应函数和方差分解等分析方法,研究不同政府补贴方式与研发投入和创新绩效之间的动态交互效应,以及该效应在国企和非国企之间的差异。结果表明:(1)相对于支持型政府补贴,奖励型政府补贴更能促进企业的研发投入和创新绩效;反过来,创新绩效促进奖励型政府补贴,两者相互促进;而研发投入抑制奖励型政府补贴,且这种交互作用国企比非国企更显著。(2)支持型政府补贴挤出研发投入但促进创新绩效,反过来研发投入促进支持型政府补贴,而创新绩效抑制支持型政府补贴,且这种交互作用非国企比国企更显著。(3)研发投入与创新绩效相互促进,且非国企比国企更显著。本文的研究结论可为政府补贴政策和企业创新研发决策的制定和完善提供参考和借鉴。

The paper studies dynamic interaction effect among different government subsidies, R＆D investment and innovation perform- ance, and the difference between state-owned enterprises and non-state-owned enterprises. On the basis of the panel data of different ownership pharmaceutical listed companies in China from 2008 to 2015 with PVAR model, the paper uses impulse response function and variance decomposition analysis methods. Results show that： ①Compared with the supportive government subsidies, incentive gov- ernment-subsidies can promote the enterprise＇s R＆D investment and innovation performance greater; innovation performance promotes incentive government subsidies, while R＆D investment inhibits incentive government subsidies. The interaction is more significant in state-owned enterprise. ②The supportive government subsidies squeeze R＆D investment but promote innovation performance; R＆D in- vestment promotes but innovation inhibits supportive government subsidies. The interaction is more significant in non-state-owned enter- prises. ③R＆D investment and innovation performance promote each other, and the interaction is more significant in non-state-owned enterprises.