政府创新补助的信号传递机制与企业创新

Signal Transmission Mechanism of Government Innovation Subsidy and Enterprise Innovation

本文构建了中国情景下政府创新补助信号传递机制模型,说明了在政府技术审查能力及项目监管能力满足一定条件时,创新补助对企业研发投入的直接补充和对外部投资的间接带动,表明了产业政策中有限有为政府的作用。选取2008—2015年沪深A股上市公司的数据,通过手工搜集和关键词筛选方法得到企业创新补助数据,运用双向固定效应、Heckman两步法、两阶段最小二乘法、倾向得分匹配等方法系统地评估了政府创新补助对企业创新投入和创新产出的微观政策效应。实证研究发现:创新补助会显著促进企业研发投入和实质性创新产出的增加,而非创新补助对企业创新无显著影响。创新补助对民营企业、处于成长期及公司高管具有研发背景的企业的研发创新有显著激励作用。进一步实证分析验证了政府创新补助的信号传递机制,即企业获得创新补助会向外释放积极信号,从而争取到更多的社会资源集聚。本文认为,应提高政府对创新补助项目的技术审查能力及监管效率,优化项目筛选标准及程序。在创新政策制定时要坚持以市场机制为基础、以企业为主导,重在发挥政府支持有限社会资源向企业科技创新配置的引导作用。

This paper constructs the model of innovation subsidy signal transmission mechanism,which shows that the innovation subsidy directly supplements the enterprises’R&D investment and indirectly drives external investment,indicates the limited and effective role of government in industrial policy.This paper selects data of A-share listed companies from 2008 to 2015,and obtains innovation subsidy data through manual collection and keyword selection methods.It uses two-way fixed effect,Heckman two-step method,two step least square,propensity score matching method to evaluate the micro-policy effects of government innovation subsidies on enterprises innovation input and output.The empirical results show that innovation subsidy can significantly promote the innovation input and substantive innovation output after control the effect of non-innovation subsidies.Innovation subsidies have a significant incentive for private enterprises,young enterprises and enterprise executives with research and development background.Further mechanism analysis verifies the signal transmission mechanism of government innovation subsidies.When enterprises receive the innovation subsidy,they can release positive signals to get more social resources.This paper believes that the technical review capability and supervision efficiency of government should be improved,and project screening standards and procedures should be optimized.At the same time,government should support the dominant position of enterprises,preserve market mechanism and guide the resources allocation to promote innovation.