政府补助对稀土新材料企业技术创新效率的影响——基于杠杆率的门槛效应

The Impact of Government Subsidies on Technological Innovation Efficiency of Rare Earth New Materials Enterprises:Based on the Threshold Effect of Leverage Ratio

稀土新材料是发展战略性新兴产业和建设国防科技工业不可或缺的关键材料,被世界各国列为战略性关键矿产资源,在国家中长期发展规划中被予以重点支持。本文以2012-2020年中国稀土新材料上市公司为研究样本,运用超效率DEA和面板门槛回归模型,实证检验政府补助对技术创新效率的影响以及杠杆率的门槛效应。研究发现:政府补助对稀土新材料企业技术创新效率具有显著的正向影响;相较于国有企业而言,政府补助对技术创新效率的正向影响在非国有稀土新材料企业中更为显著;杠杆率在政府补助与技术创新效率的正向关系中存在双重门槛效应,当杠杆率低于第二个门槛值时,政府补助对技术创新效率的正向影响逐渐减小,当杠杆率超过第二个门槛值时,政府补助对技术创新效率的正向影响不再显著。

Rare earth new materials are indispensable key materials for the development of strategic emerging industries and the construction of national defense science and technology industry,and are listed as strategic key mineral resources by countries all over the world and given key support in the national medium and long-term development plan.This paper empirically examines the impact of government subsidies on technological innovation efficiency and the threshold effect of leverage ratio using super-efficient DEA and panel threshold regression models for the research sample of Chinese rare earth new materials listed enterprises from 2012 to 2020.It is found that:government subsidies have a significant positive impact on technological innovation efficiency of rare earth new materials enterprises;The positive impact of government subsidies on technological innovation efficiency is more significant in non-state-owned rare earth new materials enterprises compared with state-owned enterprises;There is a double threshold effect of leverage ratio in the positive relationship between government subsidies and technological innovation efficiency,when the leverage ratio is lower than the second threshold,the positive effect of government subsidies on technological innovation efficiency decreases gradually,and when the leverage ratio exceeds the second threshold,the positive effect of government subsidies on technological innovation efficiency is no longer significant.