政府补贴对企业研发投入的效应再检验

An Analysis of the Effect of Government Subsidies on Enterprises' R&D Investment

针对高新技术企业研发活动的政府补贴金额巨大,但在激励企业研发投入方面是否能“如其所愿”还未形成一致结论。文章基于陕西省2014—2018年1万多个高新技术企业的观测值,联合采用PSM与渐进DID法控制样本选择偏差引起的内生性后,研究发现:政府补贴激励了企业增加研发投入,但从研发投入来源的角度细分后发现,政府补贴“挤出”了自身研发投入。整体而言,政府补贴激励了高新技术企业提高研发投入总额,但在自身研发投入上并未有效发挥其应有的积极效应。由此,提出政策的制定者需要更多关注政策对企业自身研发投入的激励作用;尝试将事前激励转化为研发投入后补贴或奖励;并建立完善的产权保护机制与企业信息披露机制,积极发挥政府补贴的杠杆效应。

The amount of government subsidies for high-tech enterprises'R&D is huge,but whether the subsidies have met gover-nment's expectation in stimulating enterprises'R&D has not yet reached a consensus.Based on the observations of more than 10000 high-tech enterprises in Shaanxi Province from 2014 to 2018,combined with the Propensity Score Matching and Time-varying Difference in Difference to control the endogeneity caused by sample selection bias,the research shows that:First,government subsidies stimulate the total R&D investment of high-tech enterprises;Second,after further distinguishing the sources of R&D investment,it is found that government subsidies crowd out self-financing R&D investment.Overall,government subsidies encourage the total R&D investment of high-tech enterprises,but they do not play an effective role in self-financing R&D investment.Therefore,it is suggested that policy makers should pay more attention to the incentive effect of policies on enterprises'R&D investment;Try to transform the prior incentive into subsidies or rewards after R&D investment;And establish a sound property rights protection mechanism and enterprise information disclosure mechanism to actively play the leverage effect of government subsidies.