公共创新政策更有利于成熟期企业创新?——一个A股上市公司的实证

Are Public Innovation Policies More Conducive to Innovation of Mature Enterprises:Evidence from an A-Share Listed Enterprise

以2012~2017年1 694家A股上市企业为研究样本,分析公共创新政策对处于不同生命周期阶段企业创新绩效的影响,并进一步利用分组回归的方法探讨了国有控股的调节效应。研究表明:公共创新政策对我国上市企业创新绩效具有显著激励效应,但并未形成协同激励效应;公共创新政策对成长期企业创新绩效具有协同激励效应,对成熟期企业创新绩效的协同激励效应不显著,但对衰退期企业创新绩效具有排斥效应。研究还发现,国有控股对公共创新政策组合与成长期、成熟期企业创新绩效关系具有显著调节作用。

This paper explored the effect of public innovation policy on the innovation performance of enterprises at different life cycle stages,using 1694 A-share listed enterprises from 2012 to 2017,and further explored the moderating effect of state-owned holdings using group regression.The result shows that the public innovation policy has a significant incentive effect on the innovation performance of Chinese listed enterprises,but it does not have a synergistic incentive effect.The public innovation policy has a synergistic incentive effect on the innovation performance of enterprises in the growing stage and a statistically insignificant synergistic incentive effect on the innovation performance of enterprises in the mature stage,but it has a repulsion effect on the innovation performance of enterprises in the declining stage.The result also shows that state-controlling has a significant moderating effect between public innovation policy synergy and the innovation performance of enterprises in the growing and mature stage.