政府创新补助提高了企业全要素生产率吗?——基于创新和非创新补助影响的比较研究

Do government innovation subsidies improve firms’total factor productivity?A comparative study on the impacts of innovation and non-innovation subsidies

企业提高全要素生产率是推进中国经济高质量发展的关键,而政府创新补助是引导和保障企业开展改善生产效率的创新活动、助力实体经济可持续增长最直接的方式。利用2008—2019年中国A股上市公司数据,比较分析政府创新补助和非创新补助对企业全要素生产率的影响及作用机制。研究发现,创新补助对企业全要素生产率具有负面影响,非创新补助则对企业全要素生产率具有倒U型影响,在进行一系列稳健性检验后结论依然成立。机制分析表明,寻租的遮掩效应和超额雇员工对研发资源的挤占以及创新补助释放的高风险消极信号,造成企业内部资源错配和外部资金减少,是创新补助产生负面效应的重要原因。进一步研究发现,两类补助对企业全要素生产率的影响在不同融资约束水平、市场竞争程度、所有制、地区知识产权保护力度等异质性企业间呈现显著差异。研究结论既有助于深化理解政府补助和企业生产效率间的内在联系,也为政府完善补助政策顶层设计、激活创新补助引导效应提供政策参考。

Improving enterprises’total factor productivity is key to the high-quality development of China’s economy,and government innovation subsidy policies are the most direct way to guide and guarantee enterprises to carry out innovation activities that improve production efficiency and promote sustainable growth of the real economy.To evaluate the policy effect of innovation subsidies,this paper makes a comparative analysis of the impacts of government innovation and non-innovation subsidies on enterprises’total factor productivity,using data on Chinese listed companies from 2008 to 2019.We find that innovation subsidies have a negative effect on total factor productivity,while non-innovation subsidies have an inverted U-shaped effect.The conclusion holds after a series of robustness tests.We find that rent seeking,redundant employees,and risk signals lead to the misallocation of internal resources and the reduction of external capital,leading innovation subsidies to have a negative impact on enterprise productivity.Further analysis shows that the two types of subsidies have significant different impacts on firms with different financing constraints,market competition conditions,ownerships,and regional intellectual property rights protections.This study not only deepens the understanding of the internal relationship between government subsidies and enterprise production efficiency but also serves as a reference for those seeking to improve the top-level design of subsidy policies and activate the guiding effect of innovation subsidies.