财政补贴、研发投入与企业创新绩效——基于创业板上市公司的经验数据

Government Subsidies,R&D Investment and Corporate Innovation Performance

基于2012—2016年创业板上市公司的数据,实证分析财政补贴、企业研发投入与企业创新绩效之间的关系。研究发现:从总体上来看财政补贴与研发投入对企业创新绩效起促进作用,财政补贴对企业自主研发存在挤入效应;从局部来看财政补贴对企业创新绩效的调节效果在不同地区、行业和企业间有所差异。为此,政府要制定更加灵活有针对性的补贴政策并强化监管,做到加力提效,努力提高企业创新效率,助力经济高质量发展。

Based on the data of GEM listed companies from 2012 to 2016,this paper empirically analyzes the relationship between government subsidies,R&D investment and corporate innovation performance.It is found that government subsidies and R&D investment will promote the innovation performance of enterprises in general.Government subsidies have a crowding effect on independent R&D;from the local point of view,the effect of government subsidies on the innovation performance of enterprises is in different regions,industries and companies.Based on this,it is proposed that the government should formulate a more flexible and targeted subsidy policy and strengthen supervision,so as to improve efficiency and strive to improve the innovation efficiency of enterprises and promote the high-quality development of the economy.