政府补贴提升了企业创新效率吗?--来自战略性新兴产业上市公司的经验数据

Does Government Subsidies Improve the Efficiency of Enterprise Innovation?--Empirical Evidence from Listed Companies in Strategic Emerging Industries

选取中国战略性新兴产业上市公司数据,从行业层面实证检验了政府补贴对企业创新效率的影响。研究表明:政府补贴有助于企业创新效率的提升,政府补贴对不同产权性质、不同生命周期阶段企业创新效率的影响存在差异。政府补贴对国有企业创新效率的促进作用大于非国有企业。政府补贴对成熟期企业创新效率的促进作用大于成长期企业,对衰退期企业创新效率则表现为不显著的抑制作用。深化和拓展了政府补贴与创新效率关系的研究,可为政府部门制定补贴政策,提升补贴效率以及战略性新兴产业企业利用政府补贴实现创新效率提升提供借鉴和参考。

Government subsidies are an important measure taken by the government to facilitate the innovation and development of strategic emerging industries,and enterprise innovation efficiency is a key indicator to measure the effectiveness of the innovation and development of strategic emerging industries.The existing research conclusions on government subsidies and innovation efficiency are not consistent,lacking of attention to strategic emerging industries,and ignoring the influence of heterogeneous factors such as property rights and life cycle stages on the relationship between government subsidies and enterprise innovation efficiency.In order to clarify whether government subsidies really improve enterprise innovation efficiency,and to further reveal the influence of property rights and life cycle stages on the relationship between government subsidies and enterprise innovation efficiency,this paper selects the data of listed companies in China's strategic emerging industries from 2012 to 2017,using DEA methods and the ordinary least squares method,empirically tests the impact of government subsidies on enterprise innovation efficiency at the industry level,and deeply explores the differences in the relationship between government subsidies and enterprise innovation efficiency at different property rights and life cycle stages.The results show that:government subsidies are conducive to the improvement of enterprise innovation efficiency,and there are differences in the impact of government subsidies on enterprise innovation efficiency at different property rights and different life cycle stages.The role of government subsidies in promoting the innovation efficiency of state owned enterprises is greater than that of non-state-owned enterprises.The promoting effect of government subsidies on the innovation efficiency of mature enterprises is greater than that of growing enterprises,but it has no significant inhibitory effect on the innovation efficiency of enterprises in the recession period.Therefore,the government should pay attention to the rational use of government subsidies,increase support,optimize the allocation of R&D resources,improve enterprise innovation efficiency and actively guide enterprises in strategic emerging industries to increase R&D investment through the guidance and incentives of government subsidies.Give full play to the core position and role of enterprises in independent innovation,expand the sources of R&D and innovation funds,optimize the structure of R&D investment funds,and help enterprises improve innovation efficiency.However,when formulating government subsidy policies,the government should also consider the impact of different property rights and life cycle stages on the relationship between government subsidies and enterprise innovation efficiency.It should formulate differentiated subsidy policies according to property rights and life cycle stages of enterprises.In short,this article deepens and expands the research on the relationship between government subsidies and innovation efficiency,which can provide references and suggestions for government departments to formulate subsidy policies,improve government subsidies efficiency and strategic emerging industrial enterprises to use government subsidies to improve innovation efficiency.