经济政策不确定性、政府补助与涉农企业创新

Economic Policy Uncertainty,Government Subsidies and Innovation of Agriculture-related Enterprises

以2011—2021年我国A股涉农上市公司为样本,探究经济政策不确定性对涉农企业创新投入的影响及政府补助的调节效应。研究结果表明:经济政策不确定性正向激励涉农企业创新投入。异质性检验表明,这种激励作用在政府补助额度高、SA指数高、国有产权性质、南方地区、中部地区的涉农企业中更明显。政府补助负向调节经济政策不确定性与涉农企业创新投入之间的关系。异质性检验表明,这种调节效应在政府补助额度高、SA指数低、非国有产权性质、南方地区、东部地区涉农企业中尤为显著,但对政府补助额度低的涉农企业有显著的正向调节效应。研究结论可为政府适度调整经济政策以激励创新、适度减少政府补助以降低补助政策负外部性提供现实佐证。

Based on the sample of China′s A-share agriculture-related listed companies from 2011 to 2021,this paper explores the impact of economic policy uncertainty on the innovation investment of agriculture-related enterprises and the moderating effect of government subsidies.The study found that economic policy uncertainty is positively stimulating the innovation investment of agriculture-related enterprises.Heterogeneity test shows that this incentive effect is more obvious in agricultural enterprises with high government subsidies,high SA index,state-owned property rights,and location in southern and central regions;government subsidies negatively regulate the relationship between economic policy uncertainty and innovation investment of agriculture-related enterprises.The heterogeneity test shows that this moderating effect is particularly significant in agricultural enterprises with high government subsidy,low SA index,nonstate-owned property rights,southern and eastern regions,but has a significant positive moderating effect on agricultural enterprises with low government subsidy.The research conclusions can provide practical evidence for the government to adjust economic policies moderately to stimulate innovation,and moderately reduce government subsidies to reduce the negative externalities of subsidy policies.