产业政策对企业绩效的影响及作用机制研究——来自中国光伏产业的经验数据

A Research on the Impact of Industrial Policy on Enterprise Performance and Its Mechanism:Empirical Data from China's Photovoltaic Industry

选取2009—2019年60家沪深上市光伏企业面板数据,以2009—2019年我国部委及以上部门颁布的243条光伏产业政策为研究对象,运用Stata15构建固定效应模型,检验产业政策对企业创新绩效和经济绩效的影响及其在不同区域创新环境和企业性质下的差异。结果表明,产业政策能够有效促进企业创新绩效提升,但会抑制企业经济绩效提升;企业经济绩效在光伏产业政策与企业创新绩效间发挥部分中介效应,其中在国有企业中表现为抑制作用,在非国有企业中表现为促进作用;区域创新环境在产业政策作用于企业创新绩效过程中起抑制作用。进一步区分企业所有制后发现,在光伏产业政策影响下,国有企业创新绩效不受区域创新环境影响,非国有企业创新绩效受到区域创新环境的负面影响;区域创新环境能够促进非国有企业经济绩效提升,但对国有企业经济绩效没有影响。研究结论可为我国政府合理制定光伏产业政策及光伏企业提高创新绩效提供启示。

This paper selects the panel data of 60 photovoltaic enterprises listed in Shanghai and Shenzhen stock exchanges from 2009 to 2019,and takes 243 photovoltaic industrial policies issued by ministries and departments in China from 2009 to 2019 as the research object.It uses stata15 to build a fixed effect model to test the impact of industrial policies on enterprise innovation performance and economic performance,And the differences in different regional innovation environment and different enterprise nature.The results show that:industrial policy can effectively promote the innovation performance of enterprises,but industrial policy can inhibit the economic performance of enterprises;The economic performance of enterprises plays a part of intermediary effect between photovoltaic industry policy and enterprise innovation performance.On the one hand,it is inhibition in state-owned enterprises,on the other hand,it is promotion in non-state-owned enterprises;Regional innovation environment plays a restraining role in the role of industrial policy and enterprise innovation performance.After further dividing the ownership of enterprises,it is found that:under the influence of photovoltaic industry policy,the innovation performance of state-owned enterprises is not affected by the regional innovation environment,while the innovation performance of non-state-owned enterprises is negatively affected by the regional innovation environment;The regional innovation environment can positively improve the economic performance of non-state-owned enterprises,but has no impact on the economic performance of state-owned enterprises.The research conclusions provide suggestions for Chinese government to formulate reasonable photovoltaic industry policies and photovoltaic enterprises to improve innovation performance.