战略性新兴产业政策是否提升了创新绩效

Have industrial policies for strategic emerging industries promoted innovation performance?

利用2007-2014年沪深两市上市公司面板数据分析战略性新兴产业政策对生物医药上市公司创新绩效的影响。以创新数量(专利申请总数)和创新质量(发明专利申请数)度量创新绩效,实证结果表明战略性新兴产业政策显著抑制了企业创新绩效。接着进一步检验战略性新兴产业政策对创新绩效影响的实施路径,发现信贷机制对企业创新绩效影响呈现正显著,而补贴和税收机制影响则并不明显。本文不仅为产业政策推行的抑制效应研究提供了证据,还丰富和拓展了战略性新兴产业政策与企业创新的相关研究,并且对战略性新兴产业政策的制定、实施、评价以及优化具有重要理论意义与政策启示。

Since the planned economy era,China has promoted industrial policies in various fields in many forms. At present,China’s economic development has entered a new normal. How to transform the economic development mode under the existing conditions,adjust and optimize the industrial structure,take supply-side reform as the main line,cultivate and develop new kinetic energy,and gain new competitive advantages in the future which are vitally important. The cultivation and development of strategic emerging industries is an important national policy for realizing China’s economic transformation,and it is also the strategic basis for realizing innovative countries.As a strategic emerging industry with high scientific and technological content,low material and resource consumption,large development potential and high comprehensive benefits,the biotechnology industry is a typical representative,while biological medicine is the most frequently used field of biotechnology. On the one hand,bio-pharmaceuticals can play an important role in transforming the mode of economic development,cultivating new kinetic energy for economic growth,and promoting the upgrading of industrial structure. On the other hand,in October 2016,the CPC Central Committee and the State Council issued the "Healthy China 2030". The " Planning Outline" clearly proposes to promote the construction of healthy China as a national strategy to comprehensively improve the health quality of the Chinese nation and achieve coordinated development of people’ s health and economy and society. Bio-pharmaceuticals plays an irreplaceable role in exploring the mysteries of life and solving human health problems,etc. Strategic emerging industrial policies have been further developed and refined in the"Twelfth Five-Year Plan"and the"Thirteenth Five-Year Plan",but in the context of the current transformation of China’s economic development mode and the adjustment and optimization of industrial structure,the effects of industrial policies have not yet reached a consistent conclusion at both the micro-enterprise level and the academic level. Therefore,studying the impact of strategic emerging industrial policies on the innovation performance of biomedical industry has important theoretical and practical significance.Specifically,this paper will verify whether industrial policies have contributed to the innovation performance of bio-pharmaceuticals listed companies in the following three aspects.First,this paper selects the panel data of listed companies in Shanghai and Shenzhen in 2007-2014,and measures innovation performance by the number of innovations(total number of patent applications) and the quality of innovation(number of invention patent applications),based on whether the enterprises are affected by strategic emerging industry policies. The PSM-DID model is used to test the difference of innovation performance between biomedical industry and traditional manufacturing industry.Secondly,this paper starts from three industrial policy implementation path of low-interest credit,tax incentives and government subsidies) and studies the path selection of strategic emerging industries. Third,this paper considers the error of the measurement method,adopts the time window before and after the implementation of the strategic emerging industry policy and the counter factual test to ensure the robustness of the evidence. This paper has the following innovations in research methods:First,quantitative research on strategic emerging industry policies is relatively scarce,especially about quantitative research on biomedical industry. This paper helps to make up for the deficiencies in the current strategic emerging industrial policy research field examining the implementation effects of industrial policies from the perspective of corporate innovation performance. Secondly,testing the implementation effect of industrial policies from the perspective of enterprise innovation performance enriches the evaluation index of macro industrial policies,especially strategic emerging industrial policies,which can help improve industrial policies,enhance their lasting effect and promote sustainable economic development.Thirdly,this paper further analyzes the implementation path selection mechanism of strategic emerging industrial policies,the industry policy of the previous path selection mainly adopted by government subsidies and tax breaks two fiscal policy indicators,but financial policies also belonged to the important implementation path of industrial policy,so this paper on the basis of existing research joined the low-interest loans mechanism,so that the industrial policy implementation path of a more comprehensive study. Fourth,the quasi-natural experimental method based on the comparison of strategic emerging industry policies before and after the implementation--the double difference model based on the tendency matching score,which has a good effect on the evaluation of policy effects,and overcomes the endogenous problems that may exist in previous studies,providing more scientific and reliable conclusions for research.The empirical results show that strategic emerging industry policies significantly inhibit corporate innovation performance.After being selected into strategic emerging industries,bio-pharmaceuticals did not achieve technological innovation and enhance the efficiency of technological innovation as expected in the strategic emerging industrial policy. Enterprises have locked production and operation in low-tech and low-value-added fields,but the innovation effect is notsignificant,which has seriously hindered the optimization and upgrading of the bio-pharmaceutical industry,making the development of China’ s bio-pharmaceutical industry stagnant. Then,further examining the implementation path of the impact of strategic emerging industry policies on innovation performance,it is found that the impact of subsidies and taxation mechanisms is not obvious,while the impact of credit mechanism on corporate innovation performance is positive and significant. There are two reasons for this. First,financial institutions comply with the guidelines of industrial policies when allocating credit resources,at the same time,providing financing for the bio-pharmaceutical industry supported by strategic emerging industrial policies based on the consideration of maximizing profits,thus promoting the improvement of innovation performance. Second,based on credit rationing theory,enterprises and financial institutions have information asymmetry. The government clearly defines leading enterprises that support economic development by collecting,identifying and comparing various developments such as industrial development dynamics,investment demand and credit scale. Saving the high-information search and the process of identifying and measuring credit risk makes it easier to find potential high-growth companies for credit investment behavior,which also promotes the innovation performance of the bio-pharmaceutical industry based on patent technology. Finally,after changing the time window of policy implementation and counter factual testing,it is found that the results are consistent with the main regression conclusion: the industrial policy of strategic emerging industry does not promote the innovation performance of bio-pharmaceutical enterprises,but has a significant inhibitory effect.This paper not only provides evidence for the study of the suppression effect of industrial policy implementation,but also enriches and expands the research on strategic emerging industrial policies and enterprise innovation,and has important theoretical significance and policy inspiration for the formulation,implementation,evaluation and optimization of strategic emerging industrial policies.