监督视角下政府创新补助对国有企业创新的影响研究

Research on the Impact of Government Innovation Subsidies on the Innovation of State-Owned Enterprises from the Perspective of Supervision

本文基于2009—2018年国有企业上市公司数据,研究政府创新补助对国有企业创新的影响以及政府监督、社会监督对两者关系的调节作用。研究发现:①政府创新补助会促进国有企业创新投入和实质性的创新产出;②从政府审计监督视角来看,政府审计在创新补助和国有企业创新之间发挥正向调节作用,能够提高创新补助的激励效果;③从社会监督视角来看,高资质审计师能够发挥正向调节作用,促进国有企业创新,而机构投资者监督的调节作用则不显著。进一步研究发现,政府审计、高资质审计师监督能够对企业创新产生叠加效应,共同对创新补助进行监督。本研究有助于理解监督在政府创新补助中的作用,对减少政府资源浪费、提高创新补助激励效果具有重要的理论和现实意义。

Based on the date of listed state-owned companies from 2009 to 2018,this paper studies the impact of government innovation subsidies on state-owned enterprise innovation and the effect of government supervision and social supervision on the relationship between the two.The study found the followings.①Government innovation subsidies will promote innovation input and substantial innovation output of state-owned enterprises.②From the perspective of government supervision audits,government audits play a positive moderating role between innovation subsidies and state-owned enterprise innovation,which can improve the incentive effect of innovation subsidies.③From the perspective of social supervision,highly qualified auditors can play a positive moderating effect and promote innovation in state-owned enterprises,while the regulatory role of institutional investor supervision is not significant.Further research found that government audits and supervision by highly qualified auditors can have a superimposed effect on corporate innovation.This research is helpful to understand the role of supervision in government innovation subsidies,and has important theoretical and practical significance for reducing waste of government resources and improving the incentive effect of innovation subsidies.