政府创新补贴的生产链传导效应

The Production Chain Transmission Effects of Government Innovation Subsidies

基于2009—2021年的中国上市公司数据,本文在企业层面检验了政府创新补贴的生产链传导效应。研究发现,生产链伙伴企业受到的政府创新补贴能够显著提高焦点企业的创新绩效,在使用倾向得分匹配法、工具变量法以及安慰剂检验缓解内生性问题后,上述结论仍保持稳健。机制分析表明,生产链伙伴企业受到的政府创新补贴一方面在生产链内促使焦点企业增加开发式创新活动,另一方面在生产链外缓解焦点企业的融资约束,两条影响渠道共同作用形成传导效应。异质性分析表明,政府创新补贴的传导效应在由供应商向客户传导、关键生产链伙伴间以及对高科技企业效果更强。本文拓展了生产链与政府补贴领域的研究视角,为客观评估政府创新补贴的综合效果提供了新的思路,具有重要的理论价值与现实意义。

Based on Chinese listed company data from 2009 to 2021,this study empirically examines the production chain transmission effects of government innovation subsidies at the firm level.The research findings indicate that government innovation subsidies received by production chain partner companies significantly enhance the innovation performance of focal firms.These conclusions remain robust even after mitigating endogeneity issues through propensity score matching,instrumental variable methods,and placebo tests.Mechanism analysis reveals that government innovation subsidies received by production chain partner companies,on the one hand,stimulate focal firms to engage in development-oriented innovation activities within the production chain.On the other hand,they alleviate the financing constraints of focal firms outside the production chain.These two channels work together to form the transmission effects.Heterogeneity analysis shows that the transmission effects of government innovation subsidies are stronger when transmitted from suppliers to customers,among critical production chain partners,and for high-tech enterprises.This study extends the research perspective in the fields of production chains and government subsidies,providing new insights for the objective evaluation of the comprehensive effects of government innovation subsidies.It holds significant theoretical and practical value.