政府补贴、企业金融资产配置与技术创新效率

Government Subsidies, Corporate Financial Asset Allocation and Technological Innovation Efficiency

文章基于企业金融资产配置视角,选取中国2008—2017年1268家上市公司为样本,构建面板门限回归模型,研究了政府补贴、企业金融资产配置对技术创新效率的影响。结果显示:(1)企业金融资产配置率对技术创新效率具有非线性影响关系,在企业金融资产配置率较低时,可以促进企业技术创新效率的提高;在达到一定数值后,则表现出"替代效应",抑制了企业的技术创新效率。(2)随着企业金融资产配置率的变化,政府补贴和房产价格增长率对企业技术创新效率亦产生了非线性的影响。(3)不同所有权性质企业的金融资产配置对技术创新效率的影响存在异质性。

Based on the perspective of corporate financial asset allocation, this paper selects 1268 listed companies in China from 2008 to 2017 as samples to construct panel threshold regression model, and also studies the impact of government subsidies and enterprise financial asset allocation on technological innovation efficiency. The results show that 1) the allocation rate of enterprise financial assets has nonlinear influence on technological innovation efficiency, and when the allocation rate of enterprise financial assets is low, it can promote the improvement of technological innovation efficiency;after reaching a certain value, it shows "substitution effect", which restrains the technological innovation efficiency of enterprises. 2) With the change of financial asset allocation rate, government subsidies and real estate price growth rate also have a nonlinear impact on technological innovation efficiency of enterprises. 3) The influence of financial asset allocation on technological innovation efficiency of enterprises with different ownership properties is heterogeneous.