政府补助对企业创新绩效的影响分析

The Impact of Government Subsidies on Enterprise Innovation Performance

利用中国沪深A股市场2010-2019年230家上市公司平衡面板数据,实证分析政府补助对企业创新绩效的影响。研究发现:两者之间存在倒U型关系,即政府补助规模只有在合适范围内才能提高企业创新绩效。进一步的异质性检验结果显示:与国有企业相比,政府补助对民营企业的创新绩效促进作用更显著。门槛回归结果则表明:国有企业和民营企业均存在双重门槛,但在门槛效应上存在显著差异,当国有企业的固定资产增长率跨过门槛值后,政府补助对企业创新绩效的促进效应更强,而当民营企业的固定资产增长率跨过门槛值后,政府补助对企业创新绩效的促进效应减弱。基于研究结论提出政策建议,以期为政府完善补助政策提供有益的思路。

The balanced panel data of 230 listed companies in China's Shanghai and Shenzhen A-share markets from 2010 to 2019 is used to empirically analyze the impact of government subsidies on enterprise innovation performance.It is found that there is an inverted U-shaped relationship between the two,that is,the scale of government subsidies can only improve the innovation performance of enterprises within an appropriate range.Further heterogeneity test results show that the effect of promoting innovation performance of government subsidies on private enterprises is more significant than on state-owned enterprises.The threshold regression results show that both state-owned enterprises and private enterprises have double thresholds,but with significant differences in the threshold effect.When the growth rate of fixed assets of state-owned enterprises crosses the threshold,the promotion effect of government subsidies on enterprise innovation performance is stronger,while when that of private enterprises crosses,the promotion effect of government subsidies on enterprise innovation performance weakens.Based on the research results,some suggestions are put forward for the government to improve the subsidy policy.