产业政策、供应链溢出与下游企业创新

Industrial Policy,Supply Chain Spillover Effects and Downstream Innovation

创新驱动发展战略是实现高质量发展和中国式现代化的必由之路,如何更有效地发挥产业政策的创新激励效果在当前阶段尤其值得关注。文章基于中国上市公司供应链的独特场景,考察产业政策对企业创新的影响是否存在溢出效应及其作用机理。研究表明:首先,产业政策对企业创新的影响存在溢出效应,底线估计大致相当于产业政策直接效应的40%左右,以往研究只关注直接效应而忽视溢出效应在很大程度上低估了产业政策在推动企业创新方面的实际效果。其次,文章提出并识别了知识溢出效应和财务溢出效应两个潜在影响路径,进一步发现知识溢出对下游企业创新产出的影响更大,而财务溢出对下游企业创新投入的影响更大。再次,产业政策通过供应链溢出效应对下游企业创新的影响存在显著的异质性,在供应商-下游企业地理距离较近、供应商集中度较高以及地区制度质量较好的样本中更加显著,这进一步强化了文章的机制逻辑。最后,产业政策通过供应链溢出效应促进下游企业创新的效果主要体现在国家产业政策层面。文章从供应链溢出效应视角进一步丰富了产业政策与企业创新的相关研究,对更全面地评估并充分发挥产业政策创新激励效果进而实现高质量发展具有一定的启发价值。

Given that an innovation-driven development strategy is the only way to achieve high-quality development and Chinese-type modernization,how to give more effective play to the innovation incentive effect of industrial policies is particularly noteworthy.At the same time,the industrial chain and supply chain is the key to building a new development pattern of international and domestic double circulation,so it is necessary to incorporate the supply chain at the micro level into the research framework of industrial policy effects.Considering previous studies on the impact of industrial policy on firm innovation paid little attention to spillover effects.Based on a unique scenario of the supply chain of Chinese listed companies,this study examines whether industrial policy has spillover effects on firm innovation and its mechanism of action.The results show that,first,there are spillovers of industrial policy on firm innovation,and the bottom-line estimate is roughly equivalent to about 40%of the direct effect of industrial policy.Previous studies have focused only on the direct effect and ignored the spillover effects,which vastly underestimated the total effects of industrial policy on promoting firm innovation.Second,we propose and identify knowledge spillovers and financial spillovers as two potential mechanisms,and find that knowledge spillovers significantly impact downstream innovation output.In contrast,financial spillovers has a more significant impact on downstream innovation input.Third,there is significant heterogeneity in the spillover effects,which is more pronounced when suppliers are closer to downstream firms,when supplier concentration is higher,and where the regional institution is of better quality.Finally,the effect of industrial policy in promoting innovation among downstream enterprises through supply chain spillovers is mainly reflected at the level of national industrial policy.From the perspective of supply chain spillovers,this study further enriches the relevant research on industrial policy and enterprise innovation,which has specific enlightenment value for a more comprehensive evaluation and the entire play of the innovation incentive effect of industrial policy to achieve high-quality development.Compared with the previous research,the possible contribution margin is:first,from the perspective of supply chain spillover,this study further enriches the empirical evidence that industrial policy affects micro-firm innovation,which helps us to more comprehensively understand the impact of macro-industrial policy on micro-enterprise innovation more comprehensively.Second,this study further expands the related research on enterprise supply chain from the perspective of innovation.Considering that there may be huge differences between China's supply chain and that of the United States,this study incorporates the supply chain spillover effect from upstream to downstream into the theoretical framework of industrial policy affecting corporate innovation,and tests two specific influencing mechanisms of knowledge spillover and financial spillover based on empirical data.Third,this study further expands the supply chain data of Chinese enterprises from the data level by constructing a comprehensive database including all suppliers(listed companies and unlisted companies),which can more comprehensively reflect the situation of the supply chain of Chinese enterprises,thus making the research conclusions of this study on supply chain issues more general.