政府债务如何影响高技术产业创新——基于调节效应与门槛效应的经验证据
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摘要
基于中国30个省级行政区域的面板数据,运用面板门槛模型等多种计量方法实证检验了政府债务对高技术产业创新的影响和市场化因素的调节作用。研究发现:政府债务对高技术产业创新具有显著的抑制效应;在高技术产业创新水平较高的地区,政府债务对高技术产业创新的抑制效应较强;市场化因素可以显著弱化政府债务对高技术产业创新的抑制效应,但会表现出显著的门槛特征,即只有在市场化因素跨过门槛值的地区,政府债务对高技术产业创新的抑制效应才会被弱化;在市场化因素未跨过门槛值的地区,政府债务对高技术产业创新的抑制效应仍然很强,且这种状况在短期内并不能得到明显改善。
Based on the panel data of 30 provinces in China,we applied kinds of measurement methods,like panel threshold model,to empirically examine the inhibitory effect of government debt on high-tech industry innovation and the moderating effect of market factors. We conclud that,government debt has a significant inhibitory effect on high-tech industry innovation,which is more pronounced in areas with stronger innovation ability of high-tech industry. Marketization factors can significantly weaken above inhibitory effect,but show significant threshold characteristics. That is to say,this inhibitory effect will be weakened only in areas where market factors cross the threshold,but the inhibitory effect is still strong in areas where marketization factors have not crossed the threshold,which phenomena would last in the short term.
Based on the panel data of 30 provinces in China,we applied kinds of measurement methods,like panel threshold model,to empirically examine the inhibitory effect of government debt on high-tech industry innovation and the moderating effect of market factors. We conclud that,government debt has a significant inhibitory effect on high-tech industry innovation,which is more pronounced in areas with stronger innovation ability of high-tech industry. Marketization factors can significantly weaken above inhibitory effect,but show significant threshold characteristics. That is to say,this inhibitory effect will be weakened only in areas where market factors cross the threshold,but the inhibitory effect is still strong in areas where marketization factors have not crossed the threshold,which phenomena would last in the short term.
引文
[1]戴魁早.技术市场发展对出口技术复杂度的影响及其作用机制[J].中国工业经济,2018(7):117-135.
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[11]Huang S. Effects of Innovative Education on Innovation Capability and Organizational Performance in High-Tech Industry[J].Eurasia Journal of Mathematics,Science and Technology Education,2018,14(3):777-784.
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[14]Liang Y S,Shi K,Wang L S,et al.Government Government Debt and Firm Leverage:Evidence from China[J]. Asian Economic Policy Review,2017,12(2):210-232.
[15]范剑勇,莫家伟.地方债务、土地市场与地区工业增长[J].经济研究,2014,49(1):41-55.
[16]刘伟,李连发.地方政府债务、任期与考核[J].江淮论坛,2018(1):5-10,2.
[17]张杰,周晓艳,李勇.要素市场扭曲抑制了中国企业R&D?[J].经济研究,2011,46(8):78-91.
[18]李平,季永宝.政策导向转化、要素市场扭曲与FDI技术溢出[J].南开经济研究,2014(6):125-137.
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[20]陈言,郭琪.融资约束影响企业行为的作用机制研究[J].理论学刊,2019(2):80-86.
[21]杨其静.企业成长:政治关联还是能力建设?[J].经济研究,2011,46(10):54-66,94.
[22]张杰,张培丽,黄泰岩.市场分割推动了中国企业出口吗[J].经济研究,2010,45(8):29-41.
[23]张卓元.发展当代中国马克思主义政治经济学三题[J].经济研究,2016,51(3):15-18.
[24]郝冰,陈岩,翟瑞瑞.所有制类型、情境调节与创新效率[J].管理学报,2015,12(5):719-726.
[25]袁建国,后青松,程晨.企业政治资源的诅咒效应——基于政治关联与企业技术创新的考察[J].管理世界,2015(1):139-155.
[26]戴魁早,刘友金.要素市场扭曲如何影响创新绩效[J].世界经济,2016,39(11):54-79.
[27]Shleifer A,Wolfenzon D. Investor Protection and Equity Markets[J]. Journal of Financial Economics,2002(66):3-27.
[28]郭华,张彼西,李后建.法制环境、信贷配给与企业研发投入[J].宏观经济研究,2016(9):118-129.
[29]褚剑,方军雄,秦璇.政府审计能促进国有企业创新吗?[J].审计与经济研究,2018,33(6):10-21.
[30]吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据[J].经济研究,2016,51(11):125-139.
[31]吴延兵.R&D与生产率——基于中国制造业的实证研究[J].经济研究,2006(11):60-71.
[32]陈启斐,王晶晶,岳中刚.研发外包是否会抑制我国制造业自主创新能力[J].数量经济技术经济研究,2015,32(2):53-69.
[33]吕健.政府债务对经济增长的影响分析——基于流动性的视角[J].中国工业经济,2015(11):16-31.
[2]Mukkala K. The Role of Regional Policies in Promoting Networking and Innovative Activity:Evidence from Small Finnish High-tech Firms[J]. European Planning Studies,2010,18(7):1057-1076.
[3]Jin H,Bing F,Wu Y. Do Government Grants Promote Innovation Efficiency in China's High-tech Industries[J].Technovation,2016(57):4-13.
[4]Ang J S,Cheng Y,Wu C. Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High-Tech Industry[J].Review of Economics and Statistics,2014,96(2):332-348.
[5]刘焕鹏,严太华.我国高技术产业R&D能力、技术引进与创新绩效——基于省际动态面板数据模型的实证分析[J].山西财经大学学报,2014,36(8):42-49.
[6]俞立平,王作功,胡林瑶.高技术产业创新速度的影响机制研究[J].科学学研究,2018,36(5):913-921.
[7]孙早,徐远华.信息基础设施建设能提高中国高技术产业的创新效率吗?——基于2002—2013年高技术17个细分行业面板数据的经验分析[J].南开经济研究,2018(2):72-92.
[8]李彦龙.税收优惠政策与高技术产业创新效率[J].数量经济技术经济研究,2018,35(1):60-76.
[9]Hou J,Chen J,Song H,et al. Are Non-R&D Innovation Activities Actually Effective for Innovation Sustainability? Empirical Study from Chinese High-Tech Industry[J].Sustainability,2019,11(1):1-14.
[10]Wu J,Ma Z,Zhuo S. Enhancing National Innovative Capacity:The Impact of High-Tech International Trade and Inward Foreign Direct Investment[J]. International Business Review,2017,26(3):502-514.
[11]Huang S. Effects of Innovative Education on Innovation Capability and Organizational Performance in High-Tech Industry[J].Eurasia Journal of Mathematics,Science and Technology Education,2018,14(3):777-784.
[12]Chen H,Hou J,Chen W. Threshold Effect of Knowledge Accumulation between Innovation Path and Innovation Performance:New Evidence from China’s High-tech Industry[J]. Science,Technology and Society,2018,23(1):163-184.
[13]项后军,巫姣,谢杰.政府债务影响经济波动吗[J].中国工业经济,2017(1):43-61.
[14]Liang Y S,Shi K,Wang L S,et al.Government Government Debt and Firm Leverage:Evidence from China[J]. Asian Economic Policy Review,2017,12(2):210-232.
[15]范剑勇,莫家伟.地方债务、土地市场与地区工业增长[J].经济研究,2014,49(1):41-55.
[16]刘伟,李连发.地方政府债务、任期与考核[J].江淮论坛,2018(1):5-10,2.
[17]张杰,周晓艳,李勇.要素市场扭曲抑制了中国企业R&D?[J].经济研究,2011,46(8):78-91.
[18]李平,季永宝.政策导向转化、要素市场扭曲与FDI技术溢出[J].南开经济研究,2014(6):125-137.
[19]李善同,侯永志,刘云中,等.中国国内地方保护问题的调查与分析[J].经济研究,2004(11):78-84,95.
[20]陈言,郭琪.融资约束影响企业行为的作用机制研究[J].理论学刊,2019(2):80-86.
[21]杨其静.企业成长:政治关联还是能力建设?[J].经济研究,2011,46(10):54-66,94.
[22]张杰,张培丽,黄泰岩.市场分割推动了中国企业出口吗[J].经济研究,2010,45(8):29-41.
[23]张卓元.发展当代中国马克思主义政治经济学三题[J].经济研究,2016,51(3):15-18.
[24]郝冰,陈岩,翟瑞瑞.所有制类型、情境调节与创新效率[J].管理学报,2015,12(5):719-726.
[25]袁建国,后青松,程晨.企业政治资源的诅咒效应——基于政治关联与企业技术创新的考察[J].管理世界,2015(1):139-155.
[26]戴魁早,刘友金.要素市场扭曲如何影响创新绩效[J].世界经济,2016,39(11):54-79.
[27]Shleifer A,Wolfenzon D. Investor Protection and Equity Markets[J]. Journal of Financial Economics,2002(66):3-27.
[28]郭华,张彼西,李后建.法制环境、信贷配给与企业研发投入[J].宏观经济研究,2016(9):118-129.
[29]褚剑,方军雄,秦璇.政府审计能促进国有企业创新吗?[J].审计与经济研究,2018,33(6):10-21.
[30]吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据[J].经济研究,2016,51(11):125-139.
[31]吴延兵.R&D与生产率——基于中国制造业的实证研究[J].经济研究,2006(11):60-71.
[32]陈启斐,王晶晶,岳中刚.研发外包是否会抑制我国制造业自主创新能力[J].数量经济技术经济研究,2015,32(2):53-69.
[33]吕健.政府债务对经济增长的影响分析——基于流动性的视角[J].中国工业经济,2015(11):16-31.
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