创新券是否能给民营中小企业带来新成长动能?

Could innovation vouchers promote private SMEs’growth?

在经济下行周期,何种政府支持能给中小企业成长带来动能是理论与事务领域共同关注的话题。以中小板与创业板842家民营中小企业的为样本,采用PSM方法分析创新券这一新型政府支持对企业成长的激励效果及影响路径。研究结果表明,创新券对中小企业的成长有较强的激励作用。其次,在融资约束低的企业和市场化程度低的地区,创新券对成长的促进作用更加明显。稳健性检验依旧证实了上述结论。影响路径方面,创新券通过激励产学研知识共享提高企业的创新绩效与创新效率以推动企业成长绩效的提升。拓展了政府宏观政策对民营中小企业行为的研究,提出了企业新成长动能演化的内在路径,有助于完善和指导政府决策。

Which kinds of government supports can promote the growth of small and medium-sized enterprises is a crucial topic for theory.In this study,842 private SMEs were selected as samples to analyze the influence of innovation vouchers,a new type of government support,on the growth of SMEs.The results show that innovation vouchers have a significantly positive effect on the growth of SMEs.Furthermore,with low financing constraints or with low marketization degree,the positive effect of innovation vouchers on SMEs’growth is more significant.The robustness test still confirmed the above conclusions.In terms of the mechanism of influence,innovation vouchers promote growth through innovation performance and innovation efficiency.This study expands the study of the government’s macro policies on the behavior of private SMEs and puts forward the mechanism that influences the evolution of SMEs,which will benefit the government’s decision-making.