政府补助对新一代信息技术上市公司技术创新的激励效果研究

Study on the Incentive Effect of Government Subsidies on New Generation Information Technology Listed Companies

以2016—2020年新一代信息技术上市公司为样本,实证检验政府补助对新一代信息技术上市公司技术创新的激励效果及其作用机制,结果显示:政府补助具有技术创新投入效应和技术创新产出效应,事后补助更能激发高质量的技术创新产出;政府补助通过缓解融资约束促进技术创新投入,通过促进合作研发提高技术创新产出。扩展研究表明,上市公司自身知识吸收能力越强,政府补助对上市公司的合作研发意愿、合作研发数量以及合作研发质量的促进作用越显著;上市公司所在省份高校资源越丰富,上市公司所在地设有创新型产业集群,政府补助对上市公司的合作研发数量和质量的促进作用越显著。根据实证结论,提出优化和有效利用政府补助政策促进新一代信息技术上市公司技术创新的对策建议。

Taking Chinese A-share listed companies in the new generation of information technology(NGIT)industry as a sample,the incentive effect of government subsidies on technological innovation of NGIT listed companies was empirically tested from three dimensions:technological innovation inputs,technological innovation outputs,and technological innovation behaviors represented by cooperative R&D.The findings indicate that government subsidies promote technological innovation inputs,outputs,and cooperative R&D behaviors of NGIT listed companies.Ex-post subsidies are shown to be more effective in stimulating high-quality technological innovation output.The factors of heterogeneity in the relationship between government subsidies and cooperative R&D are further examined.Results demonstrate that stronger knowledge absorption capacity in listed companies enhances the effect of government subsidies on the willingness,quantity,and quality of cooperative R&D.Additionally,the presence of more colleges and universities in the province where the listed company is located leads to an increase in the quantity and quality of cooperative R&D.Government subsidies are also found to be more beneficial for improving the quality of cooperative R&D when the listed company is part of an innovative industry cluster.Suggestions are provided for optimizing and effectively utilizing government subsidy policies to promote technological innovation in NGIT listed companies.