政府补贴会影响创新型中小企业的管理绩效吗?

Do Government Subsidies Affect the Management Performance of Small and Medium-sized Innovative Enterprises?

创新型中小企业是中国实施创新驱动发展战略的重要着力点和潜在增长点。本文从中国新三板企业中选取了符合条件的创新型中小企业,以2012—2018年的新三板面板数据构建动态系统GMM模型,实证研究了政府补贴对创新型中小企业管理绩效的影响。研究发现:(1)从整体上看,政府补贴对创新型中小企业管理绩效的影响并不显著,这主要与企业异质性和政府补贴结构有关。(2)基于企业异质性视角出发的分类回归显示,政府补贴对制造业和中西部及东北地区创新型中小企业管理绩效的提升产生了显著的促进作用,政府补贴对高研发强度企业和较低研发强度企业管理绩效的影响均不显著。(3)不论是直接补贴还是间接补贴,从整体上看对企业管理绩效提升的影响并不明显,但是直接补贴比例的提高明显不利于制造业企业管理绩效改善,却对中西部和东北地区企业产生积极影响。此外,政府补贴主要促进了管理水平较高的创新型中小企业管理绩效提升,大股东持股比例的提高有效促进了创新型中小企业管理绩效改善,而其他较大股东对大股东权利的制衡则不利于企业管理绩效提升。

Small and medium-sized innovative enterprises are an important focus and potential growth point of innovation-driven develop-ment in China.Based on the panel data of eligible small and medium-sized innovative enterprises selected from the new third board enter-prises,this paper constructs a Dynamic System GMM model using the panel data from 2012 to 2018,and empirically studies the impact of government subsidies on the management performance of small and medium-sized innovative enterprises.The study finds that:(1)On the whole,the impact of government subsidies on the management performance of small and medium-sized innovative enterprises is not significant,which is mainly due to the heterogeneity of enterprises and the structure of government subsidies.(2)The classified regres-sion based on the perspective of enterprise heterogeneity shows that government subsidies have a significant role in promoting the manage-ment performance of manufacturing industry and small and medium-sized innovative enterprises in the central,western and northeastern regions of China,and the impact of government subsidies on the management performance of high R&D intensity enterprises and low R&D intensity enterprises is not significant.(3)Whether direct subsidies or indirect subsidies,on the whole,the impact on the im-provement of enterprise management performance is not obvious,but the increase of the proportion of direct subsidies is obviously not conducive to the improvement of management performance of manufacturing enterprises,but has a positive impact on enterprises in the central,western and northeastern regions of China.In addition,government subsidies mainly promote the management performance of small and medium-sized innovative enterprises with high management level.Increase of the shareholding ratio of major shareholders effec-tively promotes the management performance of small and medium-sized innovative enterprises,while the counterbalance of major share-holders'rights by other main shareholders is not conducive to the improvement of enterprise management quality.