创新激励政策对中小企业高质量发展影响研究——来自“专精特新”企业的经验证据

The Impact of Technological Incentive Policy on the High-quality Development of SMEs:Empirical Evidence from“Specialized,Refined,Special and New”SMEs

本文以2018年中国创新激励政策《关于培育专精特新“小巨人”的通知》为准自然实验,通过对2015—2021年上市企业相关数据的收集与分析,探讨该政策对专精特新“小巨人”企业(以下简称“小巨人”企业)在技术创新、融资约束等方面的具体影响,进而验证该政策对“小巨人”企业高质量发展的作用机制。结果表明:①该政策显著提高了“小巨人”企业的全要素生产率,且年度效应滞后一年后逐年递增;②进一步发现,该政策通过创新效应和认证效应两条途径作用于“小巨人”企业的高质量发展;③从异质性的角度出发,与国有企业相比,该政策在推动民营企业发展方面效果更为显著。本文深化了对创新激励政策效果的理解,为促进我国中小企业高质量发展提供了理论指导和实施方案。

Taking technological incentive policy,“notice on the cultivation of specialized,refined,special and new‘Lttle Giant’”in 2018,as a quasi-natural experiment,the data of listed enterprises from 2015 to 2021 was adopted to identify the impact of the policy on technological innovation and financing constraints of Little Giant,and then verified the mechanism of the policy on the high-quality development of Little Giant.The results show that the technological incentive policy significantly improves the TFP of Little Giant,with a noticeable time lag.Further analysis verifies that the policy primarily influences the TFP of Little Giant through the interaction of innovation effect and certification effect.Heterogeneity analysis show that the policy has a more significant promoting effect on private enterprises,which extends the microcosmic mechanism of Chinese technological incentive policy to offset financing constraints,deepens the understanding of the effect of incentive policies,and provides theoretical guidance and implementation plans for promoting the high-quality development of Chinese SMEs.