产业政策、政治关联与创新效率

Industrial Policy,Political Connection and Innovation Efficiency

【目的/意义】世界经济处于深度转型中,产业政策对企业创新的影响,已为业界和学界所热烈关注。但是,产业政策在企业创新中的功能和具体表现形式如何,尚需做进一步的探讨。【设计/方法】采用“十二五”期间(2011~2015年)沪深A股上市公司的数据,探索了产业政策、政治关联对企业创新产出效率的作用。【结论/发现】统计分析显示:(1)产业政策激励,拉升了受产业政策支持企业的专利产出;(2)但是,在加入政治关联因素后,上述功能被削弱;(3)影响机制探讨表明:财政利益激励能推动企业增加研发投资,然而,政治关联会弱化产业政策对研发投资的正面作用,并降低研发投资的专利产出弹性。在政府施策时,如何挖掘产业政策措施的积极作用,降低诸如政治关联非市场因素的消极影响,改良产业政策的效力提供了新的见解。

[Purpose/Significance]The world economy is undergoing a profound transformation,and the impact of industrial policies on enterprise innovation has been paid close attention by the industry and academia.However,the function and specific manifestation of industrial policy in enterprise innovation need further discussion.[Design/Methodology]This article uses the data of Shanghai and Shenzhen A-share listed companies during the"12th Five-Year Plan"period(2011-2015)to explore the effects of industrial policies and political connections on the efficiency of corporate innovation output.[Findings/Conclusions]The statistical analysis shows that:(1)Industrial policy incentives have boosted the patent output of enterprises supported by industrial policies;(2)However,after adding political related factors,the above-mentioned functions are weakened;(3)The discussion of the impact mechanism shows that financial interest incentives can promote enterprises to increase R&D investment.However,political connections will weaken the positive effect of industrial policies on R&D investment and reduce the patent output elasticity of R&D investment.The research in this article provides new insights into how the government can tap the positive effects of industrial policy measures,reduce the negative impact of non-market factors such as political linkages,and improve the effectiveness of industrial policies.