何种补贴策略最利于激励企业创新?--单项补贴工具vs.补贴工具组合

What Kind of Subsidy Strategy is Most Beneficial to Stimulate Enterprise Innovation?——Subsidy Combination VS.Single Subsidy

基于中国A股上市企业数据,深入考察R&D补贴、非R&D补贴这两种单项补贴工具及其工具组合对企业创新的真实影响。研究发现:在激励企业提高创新数量方面,补贴工具组合优于R&D补贴;而在激励企业提升创新质量方面,R&D补贴优于补贴工具组合。“大龄”且处于“成熟期”的国有企业往往更易得到政府R&D补贴的垂青,而董监高研发背景以及低杠杆率也会提高企业获得R&D补贴支持的概率。政府倾向于为高新技术企业及获得风险投资的企业提供补贴组合支持。此外,企业在产权性质、生命周期、行业类别、地域区位等方面的差异会对不同补贴策略的实施效果起到显著调节作用。

Based on the data of Chinese A-share listed companies,this paper makes an in-depth study on the real impact of R&D subsidy and non-R&D subsidy on enterprise innovation.Results show that subsidy combination is superior to R&D subsidy in promoting the quantity of enterprise innovation output,while R&D subsidy is superior to subsidy combination in promoting the quality of enterprise innovation output.For enterprises with low or high R&D intensity,the incentive effect of R&D subsidy is obviously better than that of subsidy combination and non-R&D subsidy.The"older"and"mature"state-owned enterprises are often favored by government R&D subsidies.Directors,supervisors and executives with R&D background and low leverage ratio will also increase the support probability of enterprises receiving R&D subsidies.Government tends to provide subsidy combination support for high-tech enterprises and enterprises that have obtained venture capital.In addition,the differences in the nature of property rights,life cycle,industry category and geographical location of enterprises will play a significant role in regulating the implementation effect of different subsidy strategies.