政府关注对企业技术创新重要吗?——基于企业面板数据的经验证据

Is It Important for Enterprises to Pay Attention to Technological Innovation?——Text mining and empirical evidence

现有文献关注政府政策干预对技术创新的激励作用,却普遍忽视政府行为诸如政府创新预期和创新关注可能对企业技术创新的影响。选择R语言文本挖掘方法,从2005—2017年地方政府工作报告中提取关键词,结合上市公司专利数据,探究政府创新关注度与企业技术创新的关联效应。研究发现,政府关注对技术创新和技术创新方向作用存在非一致性,政府关注未能正向激励技术创新和提高创新质量,却能有效改变技术创新方向,这应该源于政府关注的技术创新效应呈“U”型即门槛特征所决定;不同类型企业政府关注的技术创新效应迥异,其中国有与高盈利企业的发明创新均表现负向作用效应且对技术创新质量提升作用有限;政府关注度会通过影响企业研发资金配置改变企业创新激励,但政府关注度增加企业研发信贷的同时会挤出企业自有研发资金,引致技术创新方向转变而损害企业创新质量。

The existing literature focuses on the incentive effects of government policy interventions on technological innovation,but generally ignores the possible effects of government actions such as government innovation expectations and innovation attention on firms’technological innovation.In this paper,we choose R-language text mining method to extract keywords from local government work reports from 2005-2017 to construct government innovation attention,and combine the patent data of listed companies to explore the correlation effect of government innovation attention and enterprise technological innovation.Research shows:The effect of government attention on technological innovation and its direction is inconsistent.Government attention can’t positively stimulate technological innovation and improve the quality of innovation,but can effectively change the direction of technological innovation,which should be determined by the u-shaped threshold characteristic of the effect of government attention on technological innovation.Different types,regions and enterprises pay different attention to technological innovation effect.Among them,eastern,state-owned and high-profit enterprises all show negative effect and have limited effect on the improvement of technological innovation quality.Government attention can change the innovation incentive of enterprises by influencing the allocation of R&D funds.However,when government attention increases the R&D credit,it will crowd out firm’s R&D funds,leading to the change of technological innovation direction and damage the innovation quality of enterprises.