财政激励、融资激励与企业研发创新

Public Finance Incentive,Financing Incentive,and Enterprise R&D Innovation

技术创新是我国经济发展从速度增长向质量增长转型的重要推动力,国家财政优惠政策和企业自身融资方式作为当前企业技术研发的关键驱动因素对企业创新产生不同的激励效应。基于企业创新价值链理论,利用2013—2017年922家上市高新技术企业的面板数据,分析财政激励和融资激励对企业研发创新的阶段影响,结果表明:在研发创新的不同阶段,财政激励效应和融资激励效应存在差异。其中,财政补贴激励效应集中在研发投入阶段,并随着创新流程的推进呈现下降趋势;税收优惠激励效应则随着创新流程的推进不断上升,并在成果转化阶段集中凸显;股权激励和债权激励在研发投入阶段表现出一定的抑制作用,但在研发产出和成果转化阶段激励效应显著,并且股权激励效应大于债权激励效应。同时,在企业不同的生命周期,财政激励在各周期保持了正向激励效应,其中财政补贴效应随着企业生命周期变化总体呈现上升趋势,税收优惠对成长期和衰退期企业效果更显著;融资激励中债权融资和股权融资对成长期和成熟期企业的效应一致,但股权融资在企业衰退期各阶段展现了创新抑制作用,并且债权融资在成熟期和衰退期的激励作用略强于股权激励。

Enterprise technological innovation is an important driving force for China's economic development to realize the transformation from speed-oriented growth to quality-oriented growth. As the key driving factors of current enterprise technology research and development,national financial preferential policies and enterprises' own financing mode have different incentive effects on enterprise innovation. Based on the theory of enterprise innovation value chain,the panel data of 922 high- tech enterprises from 2013 to 2017 is used to analyze the influence of financial incentives and financing incentives on the stage of enterprise R&D innovation. The empirical results show that there are differences in financial incentives and financing incentives in different stages of R&D innovation. Among them,financial subsidy incentives are concentrated in the R&D investment stage and show a downward trend as the innovation process deepens. Tax incentive effects keep rising as the innovation process deepens and become concentrated in the achievement transformation stage. Equity incentive and creditor's right incentive have certain inhibitory effects in the stage of R&D input,but the incentive effect is significant in the stage of R&D output and achievement transformation,and the equity incentive effect is greater than the creditor's right incentive effect .At the same time,under the background of different life cycles of enterprises,financial incentives maintain positive incentive effect in each cycle,among which the effect of financial subsidies generally presents an upward trend along with the change of enterprise life cycle,and tax incentives have more significant effects on enterprises in the growth and decline periods. In financing incentives,the effects of debt financing and equity financing on enterprises in the growth and maturity stages maintain the consistency of the whole sample,but equity financing shows the innovation inhibiting effect in each stage of enterprise decline period,and the incentive effect of debt financing in the mature and decline period is slightly stronger than that of equity incentive.