“抑制型”产业政策促进企业创新了吗?——基于中国去产能视角的经验研究

Has the “Suppressive”Industrial Policy Promoted Enterprise Innovation?——Experience Research Based on China’s Capacity Reduction

关于产业政策的有效性问题一直是社会各界关注的热点。近年来,学界开始从企业创新视角探讨产业政策的实施效果,但研究多集中在"激励型"产业政策的创新效应上,关于"抑制型"产业政策与企业创新的研究尚属空白。文章以中国政府于2013年颁布的《关于化解产能严重过剩矛盾的指导意见》为切入点,基于2011-2016年中国A股上市公司数据并利用双重差分法研究了这项以防止产能过剩行业盲目生产扩张为目的的"抑制型"产业政策对企业创新的影响。研究显示,相较于不受政策影响的控制组,去产能行业的企业创新水平在《指导意见》实施之后得到了显著提升。进一步地,文章从中介效应和调节效应双视角考察了《指导意见》促进企业创新的影响路径,结果发现:一方面,《指导意见》在提高去产能企业研发资金配置效率的基础上,进一步通过提高企业的创新效率显著地促进了企业的创新产出;另一方面,同期实施的"一带一路"倡议和去杠杆政策也均对《指导意见》促进企业创新产生了正向的调节效应,其中,"一带一路"倡议的调节效应尤为突出。本研究不仅辅证了产业政策的有效性,具有可观的理论价值,而且诠释了诸如去产能等"抑制型"产业政策的真正内涵:抑制扩张是手段,强化产业是目的。

The issue of the effectiveness of industrial policies has always been a hot topic of concern to all sectors of society. In recent years,the academic circles began to explore the implementation effect of industrial policies from the perspective of enterprise innovation. How ever,most of the research focuses on the innovation effect of "incentive "industrial policies,and the research on"suppressive"industrial policy and enterprise innovation is still blank. The article takes the"Guiding Opinions on Resolving the Severe Overcapacity of Production Capacity "promulgated by the Chinese government in 2013 as the entry point. Through the 2011-2016 China A-share listed company data and using the difference-in-difference method to study the effect of this policy on enterprise innovation. The study found that the level of enterprise innovation in the de-capacity industries has improved significantly after the implementation of the"Guiding Opinions"compared to the control group not affected by the policy. Further,this paper analyzes the impact effect for the"Guiding Opinions"to promote enterprise innovation from the perspective of mediating effect and regulatory effect. The results show that,on the one hand,the "Guiding Opinions " on the basis of improving the efficiency of R&D fund allocation of de-capacity enterprises,and further enhancing the innovation output of enterprises by improving the innovation efficiency of enterprises;On the other hand,the "Belt and Road " initiative and the deleveraging policy implemented during the same period have also positively adjusted the "Guidance Opinions " to promote enterprise innovation. Among them,the"Belt and Road"initiative has a particularly prominent regulatory effect. This study not only proves the validity of industrial policy,but also has considerable theoretical value,and explains the true connotation of"suppressive"industrial policies such as de-capacity: restraining expansion is a means,and strengthening industry is the purpose.