营商环境、研发补贴与国有企业实质性创新

Business environment,R&D subsidies,and substantive innovation in state-owned enterprises

在中国政府研发补贴持续加大的同时,企业创新产出数量可观但是质量低下,如何更好地实现实质性创新?本文选取沪深A股上市的“战略性新兴产业”中93家国有企业作为观测对象,通过固定效应模型进行实证检验。发现:(1)尽管研发补贴对于企业创新产出具有正向的促进作用。但企业为了获得研发补贴,更倾向于选择研发周期较短的策略性创新。因此,单纯增加补贴规模并不能提高实质性创新的产出。(2)与事前研发补贴相比,事后研发补贴的方式更有利于促进创新。(3)营商环境通过风险预期和盈利预期促进企业实质性创新。在创新收益风险低的高端装备制造企业中、竞争性较高的行业中和较完善的法制环境中,研发补贴能够促进企业实质性创新;而在由因官员变更带来创新预期收益不稳定的政务环境中,研发补贴不能促进企业实质性创新。这些结果揭示了营商环境是研发补贴助推企业实质性创新的条件及其作用机理,理清了研发补贴和营商环境两种政府行为对企业创新产出的不同影响结果,对研发补贴如何更有效地解决“卡脖子”难题具有启示意义。

Although the Chinese government's R&D subsidies continue to increase,enterprises'innovation output is considerable in quantity and low in quality.How to better achieve substantive innovation and solve the problem of"stranglehold"?Ninety-three state-owned enterprises in strategic emerging industries listed in Shanghai and Shenzhen A-shares from 2010 to 2017 were selected as the observation objects,and the fixed effect model was used for an empirical test.It was found from this study that:(1)R&D subsidies can promote enterprise innovation,but enterprises are more inclined to choose strategic innovation rather than substantive innovation.The increase in the scale of subsidies cannot solve the problem of"stranglehold".(2)Ex post R&D subsidies are more conducive to promoting innovation than ex post R&D subsidies.(3)The business environment promotes substantive innovation through risk expectation and profit expectation.In high-end equipment manufacturing industry with low risk of innovation return,competitive industry with high premium of innovative products and legal environment with stable expectation of innovation return,R&D subsidies can promote substantive innovation of enterprises.And in a government environment where the expected benefits of innovation are unstable due to official changes,R&D subsidies do not promote substantive innovation.It revealed further that the business environment is the condition and mechanism for R&D subsidies to promote the substantive innovation of enterprises.It clarified the impact of two kinds of government actions,namely granting R&D subsidies and optimizing business environment,on enterprises'innovation output.This research has policy implications for R&D subsidies to more effectively solve the problem of"stranglehold".