财政科技支出是否促进了中国工业企业创新?

Does Public Financial Expenditure of Science and Technology Promote Industrial Corporate Innovation?

创新是引领发展的第一动力。如何加快创新是推动我国经济高质量发展、建设社会主义现代化强国的现实要求。在理论研究的基础上,从微观企业层面入手,通过匹配中国285个城市与工业企业数据,探讨财政科技支出对企业创新产出及创新效率的影响效应与传导机制,结果显示:财政科技支出能够正向促进企业的创新产出和创新效率,但因企业特征的不同而有所差异;调节效应分析发现,良好的宏观制度环境通常有利于提升财政支持创新政策效应的发挥;进一步传导机制检验发现,财政科技支出可以通过缓解企业融资约束、促进人力资本积累,提升企业的创新水平。

Innovation is the first driving force to lead development. How to speed up innovation is of great importance to promote high-quality economic development and build a strong socialist modernization country. Based on the theoretical research and micro-enterprise level data, and matching the data of 285 cities and industrial enterprises in China, this paper explores the effect and mediation mechanism of public financial expenditure of science and technology on corporate innovation. The results show that public financial expenditure of science and technology can positively promote innovation but this promotion varies with the characteristics of the enterprise. The moderating effect analysis indicates that a good institutional environment is conducive to enhancing the policy effect of financial support on innovation. Further mediation effect tests illustrate that public financial expenditure of science and technology can improve the innovation level of enterprises by alleviating financing constraints and promoting the accumulation of human capital.