政策“组合拳”更有效吗?我国创新政策组合对企业高质量创新的影响效应及其作用机制

Is a Policy Mix More Effective?The Effect of Innovation Policy Mix on High Quality Innovation in China and the Mechanism Underlying the Effect

基于我国2008—2018年的上市公司数据,本研究以研发补贴(供给侧政策)和政府采购(需求侧政策)为研究对象,运用双向固定效应模型检验了这两种政策及其组合对企业创新质量的影响作用,并通过构建中介效应模型探讨了其中的过程机理。研究结果显示,在剔除创新政策之间的隐藏作用之后,无论是研发补贴,还是政府采购,这两种政策并不能单独地提升企业创新质量,但是其组合却能行之有效,从而验证了“政策协同效应”假说。另外,这两种政策的组合会通过资源叠加机制(鼓励企业增加创新投入和开展探索式创新)与信号传递机制(提升企业风险承担水平和外界关注度)提高企业创新质量。最后,讨论了本研究的理论价值和政策建议。

Based on the data of listed companies in China from 2008 to 2018 and the findings regarding the effect of the R&D subsidy policies on the supply side and the government procurement policies on the demand side,this paper uses a fixed⁃effect model to examine the impact that each of the policies and their combination have on companies’innovation quality and builds a mediating effect model to verify the process mechanism underlying the impact.After eliminating the hidden treatment effect between the two kinds of policies,it is found that neither of the policies alone are able to improve companies’innovation quality,but their combination proves to be effective.This result is supportive of the hypothesis of Policy Synergy Effect.Furthermore,the policy mix can improve firms’innovation quality not only by encouraging them to increase input and conduct more exploratory activities,but also by improving their ability of risk⁃taking and eye⁃catching.Theoretical and practical implications are finally discussed.