政府补贴、风险承担与企业技术创新--以民营科技企业为例

Government Subsidies,Risk-Taking and Technological Innovation of Private Science and Technology Enterprises

以2010-2019年中国沪深A股上市民营科技企业为研究样本,从风险承担视角实证分析政府补贴与创新相关性的内在机理。结果表明:政府补贴通过提高企业风险承担水平促进企业技术创新,且对企业创新数量和质量均存在滞后激励效应,这种激励效应在制造业和小规模民营科技企业中尤为显著。进一步研究发现,外部独立审计在政府补贴与企业风险承担水平关系中发挥正向调节效应,客户集中度在企业风险承担与技术创新产出关系中发挥正向调节效应。该项研究成果对补贴政策的顶层设计和民营科技企业的创新发展具有重要的借鉴价值。

From the perspective of risk-taking,this paper empirically analyzes the internal mechanism of government subsidies and innovation correlation by taking Chinese A-share listed private science and technology enterprises in Shanghai and Shenzhen Stock Exchange from 2010 to 2019 as research samples.The results show that government subsidies promote technological innovation by improving the level of risk-taking,and there is a lag incentive effect on both the quantity and quality of innovation.This incentive effect is particularly significant in manufacturing and small private technology companies.Further research shows that external independent aud it has a positive moderating effect on the relationship between government subsidies and firms'risk-taking level,while customer concentration has a positive moderating effect on the relationship between firms'risk-taking and technological innovation output.The research results of this paper have important reference value for the top-level design of subsidy policy and the innovation and development of private science and technology enterprises.