相信协同的力量:央-地产业政策协同性与企业创新

Believing the Power of Synergy:Central-Local Industrial Policy Synergy and Enterprise Innovation

本文以2006—2017年沪深A股上市公司为研究样本,实证分析了产业政策协同性对企业创新绩效的影响及其内在影响机理。研究结果表明:(1)中央产业政策对企业创新绩效产生显著的促进作用,但地方产业政策对企业创新的正向促进效应并不显著。(2)考虑央-地分权关系发现,央-地产业政策协同对企业创新绩效产生显著的正向促进效应,且央-地产业政策不协同的两种情境对企业创新绩效产生负向抑制效应;企业研发投入、创新补贴与税收优惠在产业政策协同性与企业创新绩效之间产生中介效应。(3)异质性分析结果表明,产业政策协同性对企业创新绩效在非国有企业、高技术企业以及中西部与市场化环境较为滞后的区域中的激励效应更为明显。本文的研究结论丰富了审视产业政策有效性边界的逻辑框架,为政府充分发挥央-地产业政策协同对企业创新的特殊力量提供政策启示。

Based on Shanghai and Shenzhen A-share listed enterprises from 2006 to 2017,this paper analyzes the impact of industrial policy synergy on enterprise innovation and its mechanism.The results show that: The central industrial policy significantly promotes enterprise innovation,but the effect of local industrial policy is insignificant. Considering the decentralization between central and local governments,the synergy of central and local industrial policies significantly promotes enterprise innovation, while the two non-synergy situations have negative effects.Enterprise R&D investments,innovation subsidies and tax incentives generate intermediary effects between policy synergy and innovation performance. Heterogeneity analysis shows that the incentive effect of industrial policy synergy is more significant in non-state-owned enterprises,high-tech enterprises,and mid-west China. This research provides a new perspective to examine the effective boundary of industrial policy,and enlightens the government on how to explore the power of central-local policy synergy on enterprise innovation.