政府补助对企业创新能力的影响——基于不同板块上市公司的对比研究

The Impact of Government Subsidies on the Innovation Ability of Enterprises:Based on Comparative Study of Listed Companies in Different Stocks

政府补助对企业研发创新有着举足轻重的作用,对于大部分企业来说,政府补助是企业研发经费的重要来源,而这些补助对于企业创新能力的影响也值得我们探究。本文以沪深A股上市公司2010-2017年的数据为样本,并进一步细分为主板,中小板,创业板三个部分进行对比,探究政府补助对企业创新能力的影响。本文将创新能力细分为创新投入,创新产出和创新可持续性三个方面,并依次建立多元回归模型。实证结果发现,创业板上市公司研发投入相较于其他两板块企业都多,主板企业创新产出和创新可持续性能力较其他两板块企业都强。本文通过探讨政府补助对不同板块上市公司创新能力影响程度的差异性,发掘政府补助对各板块公司的作用影响,从而为政府部门政策制定提供导向。

Government subsidies play an important role in enterprise R&D innovation. For most enterprises, government subsidies are an important source of R&D expenditures, and the impact of these subsidies on corporate innovation capabilities is worth exploring. This paper takes the data of Shanghai and Shenzhen A-share listed companies in 2010-2017 as a sample, and further subdivides into three parts: main stock, small and medium-sized stock and GEM, to explore the impact of government subsidies on the innovation ability of enterprises. This paper breaks down the innovation capability into three aspects: innovation input, innovation output and innovation sustainability, and then builds multiple regression models. The empirical results show that the GEM listed companies have more R&D investment than the other two stocks, and the main stock enterprises have stronger innovation output and innovation sustainability than the other two stocks. This paper explores the impact of government subsidies on the innovation capabilities of listed companies in different stocks, and explores the impact of government subsidies on various stock companies, thus providing guidance for government sector policy development.