产业政策、信贷配置与创新效率

Industrial Policies, Credit Allocation and Innovation Efficiency

近年来,国家产业政策对微观企业创新活动的影响正日益成为学界的关注热点,但是关于产业政策与市场力量协调性的研究却并不多见。文章以"十二五"期间(2011-2015年)沪深A股上市公司样本为考察对象,研究了产业政策和信贷配置分别作为一种外部因素而对企业创新产出效率所产生的影响,以检验政府政策、信贷配置和创新产出三者之间的关联性,对深度理解产业政策效应具有重要参考价值。实证结果表明:产业政策借助于政策引导和财政手段刺激了受产业政策支持企业专利产出的增加;外部信贷融资获得性低时,产业政策诱导有利于促进专利产出增加;而外部信贷融资获得性高时,则会削弱产业政策的诱导刺激效应(或呈倒"U"形关系)。进一步研究表明,信贷配置在产业政策与专利产出关系中的调节效应是由财政扶助与信贷配置之间的替代效应所导致,这一结论为协调政府及市场力量的作用提供了经验证据。

In recent years,the impact of economic policies,including national industrial policies,on innovation activities of micro-enterprise has increasingly become a focus of attention in the academic community. In innovation investment decisions,there are two key influencing factors：the basic motivation for allocating resources for innovation and the ability to obtain necessary financing tools（ Peneder,2008）. The literature exploring the impact of industrial policies（as government incentives） and credit allocation（as a resource allocation mechanism in the market） on innovation efficiency mainly focuses on the following three aspects：First,research the impact of government supports on the effectiveness of RD and innovation activities.Second,analyze the influence of certain market factors on the RD innovation efficiency of the company.Third,analyze the impact of government supports on the economic consequences of RD innovations. This article takes the samples of Shanghai and Shenzhen A-share listed companies during the ＂12 th Five-Year Plan＂ period（2011-2015） as the inspection object,and examines the impact of industrial policies and credit allocation as an external factor on the efficiency of the company＇s innovation,in order to test the interactive relevance among government policies,credit allocation and innovation output. Our research shares similarity to the above literature,while it has its own differences：First,our research focuses on the process part of innovation,not on the consequences. Second,our research perspective is to consider industrial subsidies and tax incentives as the industrial financial stimulation measures,and to consider credit availability mainly as a market allocation drive rather than as an incentive measure for industrial policy credits. Third,the existing studies have shown that：in countries with more developed stock markets,compared to the credit market,it is much easier to promote the innovation level of companies which have external financing constraints;and the development of credit markets seems to have hindered the level of innovation in industries with the above-mentioned characteristics（Po-Hsuan,et al.,2014）. Based on the above three considerations,we combine the analysis of industrial policies and credit allocation to reveal the regulatory effects of the interaction between government forces and market forces.The empirical results of this paper show that industrial policy,with the help of policy guidance and fiscal measures,stimulates the increase of patent output of enterprises with supports from industrial policies;and for enterprises with more external financing access,on the contrary,it will weaken the induced stimulatory effects of industrial policies（or showed a ＂U-shaped＂ relationship）. Further studies have shown that the mechanism of the above-mentioned regulatory effects is：there is a substitution effect between financial assistance and credit allocation. The conclusions of this paper provide the experience on how to coordinate the role of the government and market forces,and also have an important reference value for people to deeply understand the effects of industrial policies.