财政研发补贴的创新激励效应——来自中国规模种子企业的证据

The Innovation Incentive Effect of Fiscal Research and Development Subsidies:Evidence from Chinese large-scale seed enterprises

财政研发补贴政策作为激励企业科技创新的政策工具,在提升中国种子企业科技创新能力方面发挥着至关重要的作用。本文研究基于2014-2021年中国2074家规模种子企业的调查数据,实证考察财政研发补贴对中国规模种子企业研发投入的影响及其内在作用机制。研究结果表明:第一,财政研发补贴显著提升了规模种子企业的自主研发投资额与自主研发投资强度。多种计量方法的稳健性检验均支持这一结论。第二,财政研发补贴主要通过缓解企业的融资约束,促进规模种子企业增加其研发投入。第三,财政研发补贴对私有企业与非育繁推一体化企业的研发投资有显著正向影响,而对国有企业与育繁推一体化企业的影响则不显著。因此,本文研究认为,继续增加对规模种子企业的财政研发补贴将助力种子企业研发创新能力的提升,但需注意财政研发补贴对企业影响的异质性,制定更有针对性的政策,以更好地推动中国种业科技创新,并促进产业升级。

The fiscal research and development(R&D)subsidy policy,as a policy tool to stimulate technological innovation in enterprises,plays a crucial role in enhancing the technological innovation capabilities of seed enterprises in China.This study,based on a survey data of 2074 large-scale seed enterprises in China from 2014 to 2021,empirically examines the impact of fiscal R&D subsidies on R&D investment of Chinese large-scale seed enterprises and its underlying mechanisms.The findings indicate that,firstly,fiscal R&D subsidies significantly increase the amount and intensity of R&D investment of large-scale seed enterprises.The robustness tests using multiple econometric methods support this conclusion.Secondly,fiscal R&D subsidies primarily alleviate the financing constraints for enterprises to promote large-scale seed enterprises to increase their R&D investment.Thirdly,fiscal R&D subsidies have a significant positive impact on the R&D investment of private enterprises and non-integrated breeding and promotion enterprises,while the impact on state-owned enterprises and integrated breeding and promotion enterprises is not significant.Therefore,the findings of this study suggest that continuing to increase fiscal R&D subsidies for large-scale seed enterprises in China will help improve their R&D innovation capabilities.However,attention should be paid to the heterogeneity of the impact of fiscal R&D subsidies on enterprises,and more targeted policies are needed to better promote technological innovation in the Chinese seed industry and facilitate industrial upgrading.