创新型城市建设与企业创新产出

Innovative City Construction and Enterprise Innovation Output

基于2008—2016年中国230个地级以上城市和来自2363家上市公司的16566个观测值,利用三重差分方法的检验表明:创新型城市的设立推动了地区高新技术企业的创新产出向实质性创新调整;该作用具有地区异质性,其对市场化程度较弱地区的促进作用更为显著;财政政策和金融引导政策是创新型城市建设初期地方政府发挥政策效应的两个重要工具;通过增加政府补贴中的发展型财政补贴,以及在社保基金的支持下实现了实质性创新的提升。研究结论为政府的“有为之手”在促进地区及其企业创新产出方面发挥积极作用提供了经验证据,尤其是在市场的“无形之手”相对较弱的地区更是如此。

Based on China's 230 above prefecture-level cities, 2363 listed companies and 16,566 observation values during the period of 2008 to 2016, this paper adopts the triple difference method to conduct a test. The findings show that the establishment of innovative cities has promoted the adjustment of the innovation output of the local high-tech enterprises towards substantive innovation. This effect has certain regional heterogeneity, which is more significant in the regions with relatively weaker marketization. The fiscal policy and the financial guidance policy are two important tools for local governments to play the role of policy in the early days of innovative urban construction. Through increasing the development-type financial subsidies in the government subsidies and with the support of social security funds, the improvement of substantive innovation is realized. The research conclusions can provide empirical evidences for the government's “promising hand” to play an active role in promoting regional and corporate innovation output, especially in regions where the “invisible hand” of the market is relatively weaker.