高新技术企业识别及激励政策有效性:数量激励导向下的效率损失

Identification of High-tech Enterprises and Effectiveness of Incentive Policies:Efficiency Loss Under Quantity Orientation

高新技术企业激励政策是落实创新驱动发展战略的重要举措,研究现行激励政策的特点及实施效果具有重要的现实意义。使用上市公司数据,观测高新技术企业激励政策在识别创新型企业方面的特点,并实证检验这些获得激励资格的企业在未来发展中是否表现出更强的创新能力与创新效率。结果表明:(1)在高新技术企业识别过程中,创新数量对资格认定有显著的正向影响,创新效率则对资格认定有显著的负向影响。(2)从政策效果上看,高新技术企业资格对创新效率有负向影响,但是随着时间推移,该影响逐渐减弱,转变为不显著,对创新数量则具有持续的正向影响。(3)高新技术企业资格对创新效率的负向影响具有一定异质性。分产权性质看,高新技术企业资格认定同时降低了非国有企业和国有企业的创新效率,但是总体上对国有企业的影响更大;分生命周期看,高新技术企业资格认定对成熟期和衰退期企业产生显著的负向影响,且对衰退期企业的负向影响要强于成熟期企业。

High-tech enterprise incentive policies are important measures to implement the strategy of innovation-driven development.It is important to study the characteristics of the current incentive policies and implementation effects.Using the data of listed companies to observe the characteristics of high-tech enterprises'incentive policies in identifying innovative enterprises,and empirical testing whether these companies that have obtained incentive qualifications show stronger innovation capabilities and innovation efficiency in the future development.The results show that:(1)During the identification of high-tech enterprises,the number of innovation has a significant positive impact on the qualification identification,and the efficiency of innovation has a significant negative impact on qualification identification.(2)From the perspective of policy effects,the qualifications of high-tech enterprises have a negative impact on technological innovation efficiency,but over time,the impact gradually weakens,and it becomes not significant.It has a continuous positive impact on the number of technological innovation.(3)The negative impact of the qualifications of high-tech enterprises on innovation efficiency has certain heterogeneity.In terms of property rights,the qualifications of high-tech enterprises have also reduced the innovation efficiency of non-state-owned enterprises and state-owned enterprises,but generally have a greater impact on state-owned enterprises.In terms of enterprise life cycle,the qualifications of high-tech enterprises have also reduced the innovation efficiency of recession enterprises and mature enterprises,but generally have a greater impact on recession enterprises.