政府创新政策对数字企业技术创新激励效应研究

Research on the Incentive Effect of Government Innovation Policies on Technological Innovation of Digital Enterprises

本文选取2015—2020年沪深A股中数字经济核心产业上市公司数据,利用文本分析技术归纳企业年报中政府补贴部分的创新关键词,精确科学地度量政府创新补贴水平,并进一步分析两类政府创新政策如何影响数字企业自主创新投入。实证结果表明,创新补贴对数字企业的自主创新投入呈现U型效应,而税收优惠政策对数字企业自主创新投入产生抑制效应。交叉效应结果表明,两类政策工具对数字企业自主创新投入形成相互抑制的效应。渠道机制表明,政府创新政策能够在一定程度上增强市场对数字企业的正面预期,缓解数字企业融资约束同时提升数字企业价值,从而影响数字企业创新活动。本研究丰富了关于数字企业创新在微观层面的实证检验,为我国政府创新政策的精准施策提供理论参考。

This paper uses the data of A-share listed companies in China in the digital economy core industry from 2015—2020,and uses crawler technology to collect innovation keywords in government subsidy parts in corporate annual reports to accurately and scientifically measure the level of government innovation subsidies.It also makes an analysis of how two types of government innovation policies affect the independent innovation investment of Chinese digital enterprises.The study finds that government innovation subsidies have a U-shaped effect on the independent innovation investment of digital enterprises,while the preferential tax policies have an inhibitory effect on independent innovation investment of digital enterprises.From the perspective of cross effects,two types of government innovation policies have a mutually counteracting inhibitory effect on independent innovation investment of digital enterprises.The channel mechanism shows that government innovation policy strengthens the market’s positive expectations to a degree,which helps to alleviate the financing constraints of digital enterprises and enhance the value of digital enterprises,which in turn has an impact on digital enterprises innovation activities.The above empirical evidence adds micro verification to digital enterprise innovation research,and provides theoretical reference for the precise implementation of innovation policies by the Chinese government.