“科技认定”、代理成本与创新绩效——基于上市公司专利申请的初步证据

Government recognition of high-tech qualification,agency costs and corporate innovation outputs: Initial evidence from patents applications of Chinese listed firms

将“高新技术企业认定”（简称：“科技认定”）视为特定的政企创新联盟和科技资源分配机制，本文利用上市公司年度专利申请量反映其创新绩效，重点分析了在不同政府治理和公司治理环境下获得“科技认定”资质对上市公司创新绩效的影响。研究发现，与国有企业相比，获得“科技认定”资质后，民营企业创新绩效显著提高；且随着预期政府代理成本或公司代理成本的减少，“科技认定”政策的创新治理功能得到进一步的增强，改善外部政府治理和内部公司治理质量将显著优化“科技认定”政策的创新治理环境。总体上，较之“政治资源诅咒”效应，“科技认定”政策的创新“扶持之手”效应占主导。本研究指出，发挥“科技认定”政策的创新治理功能依赖社会创新资源优化配置和企业内部创新资本有效利用。本文协调了产业政策与企业创新研究提供的不一致的经验证据，对厘清政府在构建普惠性创新治理环境体系过程中的作用具有重要的理论和政策借鉴意义。

Regarding government recognition of ＂ high - tech recognition＂ policy （ Hereinafter referred to as KJRD） as government - enterprise innovation alliance and resource allocation mechanism, the paper mainly investigates corporate innovation output of listed firms under different public and corporate governance environments. Our findings indicate different from S. O. Es, innovation output of Non - S. O. Es was significantly improved after obtaining KJRD. And further tests prove that with reduction of expected government eco- nomic intervention or improvement of corporate governance, innovation governance role of KJRD was further strengthened. Enhancing external government quality or internal corporate governance quality would both streamline institutional environment of KJRD implemen- tation. In general, government ＂helping hand＂ effects of KJRD dominates ＂political resource curse＂ effects. The paper indicates that enhancing innovation governance role of KJRD depends on efficiently public innovation resource allocation and internal corporate inno- vation capital utilizing. Therefore, The paper clarify current mixed evidence on the relationship between industrial policy and corporate innovation, which has important theoretical and policy implications for better understanding the role of government on constructing in- clusive innovation governance system and accomplishing targeted innovation governance.