地方财政政策支持能提升企业创新吗?

Can Local Fiscal Policy Support Promote Enterprise Innovation?

本文基于2006~2020年中国A股上市企业数据,考察了地方财政政策支持对企业创新的影响。研究发现,企业所在行业获得地方财政政策支持可以有效提升企业创新数量和质量;偏重硬件项目制的政府补贴能够缓解企业融资约束,但对高技能人才的倾斜相对不足,导致仅促进了创新数量的增长;偏向市场激励的税收优惠则可以同时克服资本和劳动力要素约束的负面影响以提升企业创新质量。进一步研究发现,当企业本身获得政府创新要素倾斜较多或所处地区制度环境较不稳定时,政策支持分别发挥“锻长板”和“补短板”的创新效应。本文厘清了地方财政政策支持与企业创新的关系,为创新驱动发展政策优化提供了参考。

Based on the data of Chinese A-share listed enterprises from 2006 to 2020,this paper examines the impact of Local Fiscal Policy Support(LFPS)on enterprise innovation.The research finds that LFPS for industry can promote enterprise innovation quantity and quality significantly.The government subsidy that prefers hardware project can ease the financing constraint of enterprises,but it is relatively insufficient to highly skilled talents,so it can only promote quantity.Tax incentives biased towards market can overcome the negative impact of capital and labor constraints to improve quality.Further analysis shows that LFPS builds the long board when the enterprises themselves are access to more government innovation factors.Also,LFPS reinforces the weak board when the regional institutional environment is more unstable.This paper clarifies the relationship between LFPS and enterprise innovation,providing reference for the optimization of innovation-driven development policy.