财政补贴促进了企业创新吗——基于产业生命周期的经验证据

Do Fiscal Subsidies Promote Firm Innovation?Based on the Empirical Evidence of Industry Life Cycle

创新是引领发展的第一动力,加快建设创新型国家是转变经济发展方式和优化经济结构的战略支撑。基于2007—2016年中国上市公司财务数据、统计年鉴和企业专利数据库,本文采用专利产出数量作为企业创新的代理变量,在微观层面检验财政补贴对企业创新的影响。实证结果显示:总体而言,作为企业重要的融资渠道,财政补贴显著提高了企业的专利产出数量。进一步以产业生命周期视角进行研究发现,政府补助显著促进了处于形成期和成长期产业生命周期中的企业创新,而对于成熟期和衰退期产业生命周期中的企业创新则影响较弱。通过运用工具变量回归法处理潜在的内生性问题,变更基本回归模型以及调整产业生命周期划分方法,从三个角度进行稳健性检验,检验结果显示以上结论均成立。本文研究结论有助于优化财政补贴的资源配置,提高财政部门对企业创新的补贴效率。

Innovation is the first driving force leading development,accelerating the construction of an innovative country is a strategic support for transforming the economic development mode and optimizing the economic structure.Based on the financial data of Chinese listed companies,statistical yearbooks and enterprise patent databases from 2007 to 2016,this paper uses the number of patent output as a proxy variable for firm innovation to test the impact of fiscal subsidies on firm innovation at the micro level.The empirical results show that in general,as an important financing channel for firms,fiscal subsidies have significantly increased the number of patent output of firms.Further research from the perspective of the industrial life cycle finds that government subsidies significantly promoted firm innovation in the industrial life cycle of the formation and growth phases.While the impact on firm innovation in the mature and declining industrial life cycles is weak.Through the use of instrumental variable regression method to deal with potential endogenous problems,change the basic regression model and adjust the industry life cycle division method,the robustness test from three angles,the test results show that the above conclusions are all valid.The research conclusions of this paper will help optimize the resource allocation of fiscal subsidies and improve the efficiency of subsidies for firm innovation by the fiscal sector.