政府数字化转型补贴的创新效应及其区域差异——来自A股上市公司的经验证据

The innovation performance of government digital transformation subsidies and its regional differences:Empirical evidences from A-share listed companies

基于技术跃迁理论视角,采用2007—2021年A股上市企业的数据,通过关键词筛选和人工比对相结合的方式确定政府数字化转型补贴及其补贴强度,运用面板负二项回归模型对数字化转型补贴与企业创新绩效的因果关系进行研究,得出以下结论:一是政府数字化转型补贴对企业创新绩效具有显著的正影响,且对策略性创新绩效的影响大于实质性创新绩效,存在更重数量的策略选择效应;二是数字化转型补贴的创新效应存在明显的区域差异,在中西部地区、大城市及以下规模城市中发挥更强的专利产出激励作用;三是企业数字化水平在数字化转型补贴与企业创新绩效的因果关系中发挥了部分中介效应,验证了企业数字化水平是数字化转型补贴与企业创新绩效之间的影响机制之一。

Based on the perspective of technological leapfrogging theory and using data from A-share listed companies during the period of 2007 to 2021,this study employs a combination of keyword screening and manual matching to determine the government digital transformation subsidies and their subsidy intensity.By applying panel negative binomial regression models,the causal relationship between digital transformation subsidies and enterprise innovation performance is investigated.The following conclusions are drawn:firstly,government digital transformation subsidies have a significant positive impact on enterprise innovation performance,with a greater influence on strategic innovation performance than substantive innovation performance,indicating a"quantity over quality"strategic selection effect.Secondly,the innovative effects of digital transformation subsidies exhibit noticeable regional disparities,with stronger incentives for patent output observed in the central and western regions,large cities,and cities of smaller scales.Thirdly,the degree of enterprise digital transformation plays a partial mediating role in the causal relationship between digital transformation subsidies and enterprise innovation performance,validating that the degree of enterprise digital transformation is one of the influencing mechanisms between digital transformation subsidies and enterprise innovation performance.