政府补贴对企业创新的影响——基于双边随机前沿模型的分析

The Impact of Government Subsidies on Enterprise Innovation:Analysis Based on Two-tier Stochastic Frontier Model

基于2015—2018年我国跨国制造业320家上市企业的微观数据,采用双边随机前沿模型分别测算了政府补贴对企业创新的激励效应、抑制效应与净效应。结果表明:政府补贴对企业创新的影响是其激励效应与抑制效应共同作用的结果,最终会导致企业创新水平负向偏离前沿创新水平;从分位数的角度来看,对于大部分企业来说,政府补贴会抑制其创新水平的提升,但部分企业仍能更多地受益于政府补贴的激励效应;从时间分布与地区差异的角度来看,政府补贴的净效应呈现逐年递减的趋势,且东部地区的抑制效应高于中西部地区。

Based on the micro data of China’s multinational manufacturing listed companies from 2015 to 2018,this paper uses the Two-tier Stochastic Model to measure the incentive effect,inhibition effect,and net effect of government subsidies on enterprise innovation.The results show that the impact of government subsidies on enterprise innovation is the result of the combination of incentive effect and inhibition effect,which will eventually lead to the negative deviation of enterprise innovation level from the frontier innovation level.From the perspective of quantile,for most enterprises,government subsidies will inhibit the improvement of their innovation level,but there are still some enterprises that can benefit more from the incentive of government subsidies.From the perspective of time distribution and regional differences,the net effect of government subsidies is decreasing year by year,and the inhibition effect of the eastern region is higher than that of the central and western regions.