政府采购与补助对企业创新的协同效应及作用机理探究

The Synergistic Effect and Mechanism of Government Procurement and Subsidies on Enterprise Innovation

加强政府创新政策之间的协同,是完善科技创新体系的重要举措。基于供给和需求相配合的视角,以2008—2021年沪深A股上市公司为研究样本,考察政府采购与补助对企业创新绩效的协同效应及其作用机制。研究发现,政府采购与补助对企业创新绩效呈现显著的协同效应,且协同效应主要通过缓解融资约束、提高风险承担水平和增强创新吸收水平来发挥作用。关于协同效应的异质性检验显示:在政府采购竞争程度较高的地区,协同效应更加显著;当政府补助多由研发相关补助构成时,政府采购与补助的协同效应更为显著;相较于策略性创新,政策组合能够更好地促进企业实质性创新;相较于战略性新兴产业,非战略性新兴产业组中政策协同效应更显著。

Strengthening the coordination between government innovation policies is an important aspect of improving the scientific and technological innovation system and solving the dilemma of China's scientific and technological innovation.Based on the perspective of combining supply and demand,this study takes A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 as research samples to examine the synergistic effect and mechanism of government procurement and subsidies on corporate innovation performance.Research has found that government procurement and subsidies have a significant synergistic effect on the innovation performance of enterprises,and the synergistic effect mainly plays a role in alleviating financing constraints,improving risk bearing levels,and enhancing innovation absorption levels.The heterogeneity test on synergistic effects shows that in regions with higher levels of competition in government procurement,synergistic effects are more significant.When government subsidies are mostly composed of R&D related subsidies,the synergistic effect of government procurement and subsidies is more significant.Compared to strategic innovation,policy combinations can better promote substantive innovation in enterprises.Compared to strategic emerging industries,policy synergies are more significant in non-strategic emerging industry groups.