在职消费激励、政府补贴与企业创新水平——基于政企协同效应的视角

On-the-Job Consumption Incentive,Government Subsidy and Enterprise Innovation Level:Based on the Perspective of Government-Enterprise Synergy Effect

立足于中国经济发展新阶段,从政企协同效应视角出发,以2016—2021年沪深A股上市公司为样本,实证检验在职消费激励、政府补贴与企业创新水平的关系。研究发现:(1)在职消费激励与政府补贴均能促进企业创新,且二者之间存在协同效应,能够共同提升企业创新水平;(2)内部控制质量与产品市场竞争均正向调节了在职消费激励、政府补贴对企业创新的促进作用;(3)在职消费激励与政府补贴的协同效应主要通过缓解融资约束、提高企业的风险承担水平来增强企业的创新水平。因此,企业应正视在职消费的激励效果,充分发挥政府补贴的积极效应,实现政企协同促进企业创新,推动国家经济发展。

Based on the new stage of China's economic development and from the perspective of government-enterprise synergy,this paper empirically examines the relationship between in-service consumption incentives,government subsidies and enterprise innovation level by taking Shanghai-Shenzhen A-share listed companies from 2016 to 2021 as samples.The results show that:(1)Both on-the-job consumption incentive and government subsidy can promote enterprise innovation,and there is a synergistic effect between them,which can jointly improve the enterprise innovation level;(2)Both internal control quality and product market competition positively regulate the promotion effects of on-the-job consumption incentives and government subsidies on enterprise innovation;(3)The synergistic effect of on-the-job consumption incentives and government subsidies mainly enhances the innovation level of enterprises by easing financing constraints and improving the level of risk taking of enterprises.Therefore,enterprises should face up to the incentive effect of on-the-job consumption,give full play to the positive effect of government subsidies,achieve government-enterprise coordination to promote enterprise innovation,and promote national economic development.