基于生命周期的高新技术企业政府补贴时机抉择——政府补贴、融资约束与创新能力的调节效应

本文以875家高新技术上市公司2010-2016年的面板数据为样本进行研究,发现事前和事中补贴均能提升创新能力,而滞后一期和当期融资约束则会直接抑制创新能力。进一步对样本按生命周期划分并进行时序分组回归发现:引入期和衰退期企业,融资约束的负向调节作用均不显著,任一时机补贴均能提高创新能力;成长期企业融资约束对事中补贴与创新能力正相关关系的负向调节作用不显著,即为补贴最优时期;而成熟期的最优补贴时机为事前补贴,融资约束的负向调节作用较小。因此,本文提出按生命周期构建最优补贴时机管理机制并采用区块链技术实现最优补贴管理实施路径、加强企业对补贴的精细化管理等建议,为政府补贴的时机选择与政策制定提供参考建议。

This paper makes an empirical study on the panel data of 875 listed Hi-Tech companies from 2010 to 2016.We find that advanced subsidies and subsidies will enhance the ability of innovation,while the advanced and current financing constraints will directly inhibit the ability of innovation.Furthermore,the time-series regression of the samples by life cycle is carried out.It is found that the negative moderating effect of financing constraints is not significant in the introduction period and the recession period,and subsidies can improve the innovation anytime.The negative moderating effect of financing constraints of growth companies on the positive correlation between subsidies and innovation is not significant,that is,the optimal time of subsidies.The optimal subsidy timing in the mature period is advanced subsidies,and the negative moderating effect of financing constraints is small.Therefore,this paper proposes to construct optimal subsidy timing management mechanism according to the life cycle,make use of Blockchain Technology to achieve management implementation path,and strengthen the refined management of subsidies.The recommendations in this paper provide suggestions for the opportunity of government subsidies and policy making.