政府补助、经济政策不确定性与企业创新能力

On Government Subsidies, Uncertainty of Economic Policy and Corporate Innovation Ability

创新是引领高质量发展的第一动力。文章选取2007—2021年中国沪深A股上市公司作为研究对象,探讨了政府补助对企业创新能力的影响以及经济政策不确定性对其二者关系的调节作用。研究结果发现:政府补助通过缓解融资约束提升企业创新能力,企业创新投入、创新产出、创新效率与创新可持续性四个方面都得到了有效的提升,但经济政策不确定性弱化政府补助对企业创新能力的促进作用。进一步分析发现,政府补助对企业创新能力的促进作用在民营企业和高市场化区域企业更为显著。

Innovation is the first power to lead high-quality development.This paper selects Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as the research objects,and discusses the impact of government subsidies on enterprises'innovation capability,and the moderating effect of economic policy uncertainty on their relationship.The results show that government subsidies can improve the innovation ability of enterprises by easing financing constraints,and the four aspects of enterprise innovation input,innovation output,innovation efficiency and innovation sustainability have been effectively improved.However,the uncertainty of economic policy weakens the promotion of government subsidies on enterprises'innovation ability.Further analysis shows that the promotion of government subsidies on enterprise innovation ability is more significant in private enterprises and highly market-oriented regions.