异质性政府补贴对企业研发投入与研发产出的非对称影响

当代财经 ›› 2022, Vol. 0 ›› Issue (10): 40-51.

异质性政府补贴对企业研发投入与研发产出的非对称影响

姚林香¹, 彭瑞娟^1,2, 徐建斌¹

1.江西财经大学财税与公共管理学院,江西南昌 330013;
2.江西财经大学现代经济管理学院,江西九江 332020

收稿日期:2022-01-16 出版日期:2022-10-15 发布日期:2022-10-18
通讯作者: 徐建斌,江西财经大学副教授,博士,主要从事财政政策研究,联系方式pfinance_husttax@163.com。
作者简介:姚林香,江西财经大学教授,博士生导师,博士,主要从事财政理论与政策研究;彭瑞娟,江西财经大学博士研究生,江西财经大学现代经济管理学院讲师,主要从事财政政策研究。
基金资助:
研究阐释党的十九届六中全会精神江西省社科基金专项研究课题“巩固拓展我省脱贫攻坚成果与深入实施乡村振兴战略研究”（22ZXQH18）; 江西省社会科学基金项目“支持企业开展关键核心技术攻关的财税政策研究”（20YJ16）; 国家自然科学基金地区项目“地方政府财政压力与企业创新：影响因素、传导机制与应对策略”（72162021）; 江西省研究生创新专项资金项目“财政教育支出缓解相对贫困的效应测度与长效机制研究”（YC2022-B124）

The Asymmetric Impact ofHeterogeneous Government Subsidies on Enterprise R&D Input and R&D Output

YAO Lin-xiang¹, PENG Rui-juan^1,2, XU Jian-bin¹

1. Jiangxi University of Finance and Economics, Nanchang 330013;
2. College of Modern Economics & Management JUFE, Jiujiang 332020, China

Received:2022-01-16 Online:2022-10-15 Published:2022-10-18

摘要/Abstract

摘要： 提升企业创新能力是深入实施创新驱动发展战略的重要内容,而政府补贴是激励创新发展的重要手段。为此,在坚持创新驱动发展的背景下,从政府补贴的异质性视域探究企业创新绩效问题具有较大的现实意义。基于2012—2020年我国制造业企业的非平衡面板数据,实证分析了异质性政府补贴对企业研发投入与研发产出的非对称影响及作用机制。结果表明：创新补贴与非创新补贴均能够显著促进企业的研发投入,但创新补贴的影响效应明显大于非创新补贴;创新补贴对企业研发产出的影响显著为正,但非创新补贴对企业研发产出的影响效应并不显著。机制分析结果表明：创新补贴不仅能够直接降低企业的创新成本,而且能够显著影响企业风险投资的获取,进而促进企业创新。因此,为充分发挥政府补贴在提升企业技术创新能力方面的积极作用,需要优化政府补贴结构,逐步提高创新补贴规模与强度;完善补贴项目的甄选和评估机制,不断提高创新补贴效率;搭建创新补贴公共平台,充分发挥创新补贴的信号效应。

关键词: 异质性政府补贴, 研发投入, 研发产出, 制造业企业, 非对称效应

Abstract: Improving the innovation capability of enterprises is an important part of the in-depth implementation of the innovation driven development strategy, and government subsidies are an important means to stimulate innovation and development. Therefore, under the background of insisting on the innovation driven development, it is of greater realistic significance to explore the innovation performance of enterprises from the perspective of the heterogeneity of government subsidies. Based on the unbalanced panel data of Chinese manufacturing enterprises from 2012 to 2020, this paper empirically analyzes the asymmetric impact and the action mechanism of heterogeneous government subsidies on enterprise R&D input and R&D output. The results show that both innovation subsidy and non-innovation subsidy can significantly promote the R&D investment of enterprises, but the effect of innovation subsidy is significantly greater than that of non-innovation subsidy. The innovation subsidies have a significant positive impact on enterprise R&D output, but the impact of non-innovation subsidies on enterprise R&D output is not significant. The results of the mechanism analysis show that innovation subsidies can not only reduce the innovation cost of enterprisesdirectly, but also significantly affect their acquisition of venture capital, thus promoting enterprise innovation. Therefore, in order to give full play to the positive role of government subsidies in enhancing the enterprises' innovation capabilities, it is necessary to optimize the structure of government subsidies and gradually increase the scale and intensity of innovation subsidies; to improve the selection and evaluation mechanism for government subsidy projects and improve the efficiency of innovative subsidies continuously; and to build a public platform for innovation subsidies and give full play to the signaling effect of innovation subsidies.

Key words: heterogeneous government subsidies, R&D input, R&D output, manufacturing enterprises, asymmetric effect

中图分类号:

F812.4

姚林香, 彭瑞娟, 徐建斌. 异质性政府补贴对企业研发投入与研发产出的非对称影响[J]. 当代财经, 2022, 0(10): 40-51.

YAO Lin-xiang, PENG Rui-juan, XU Jian-bin. The Asymmetric Impact ofHeterogeneous Government Subsidies on Enterprise R&D Input and R&D Output[J]. Contemporary Finance & Economics, 2022, 0(10): 40-51.

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