财政补助、外部融资与企业自主研发投入——基于2016年全国企业调查数据
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摘要
采用2016年全国企业调查数据分析了财政补助对企业自主研发投入的影响,并且检验了长期信贷、股权融资的中介效应与调节效应。结果发现,财政补助增加了长期信贷、股权融资和企业研发投入,其对东部企业的研发激励效应比中西部企业更显著,对非战略性新兴产业的研发激励效应比战略性新兴产业更显著,对国有企业、私有企业、外资企业的研发激励效应依次减弱,对小微企业的研发激励效应比大中型企业更显著。
Based on the survey data of national association in 2016, we made a research on the effect of financial aid on enterprise independent R&D investment, and tested the mesomeric effect and moderating effect of long-term credit and equity financing.Then we know that financial subsidies have attracted more long-term credit and equity financing into enterprise R&D, which is more obvious in eastern enterprises than that in Midwestern enterprises.And financial subsidies have stimulated non-strategic emerging industries more strongly than strategic emerging industries. Moreover, the incentive effect of financial subsidies reveals a declining tendency among state-owned enterprises, private enterprises and foreign-funded enterprises in turn, and it is more effective in micro and small enterprises than that in large and medium-sized enterprises.
Based on the survey data of national association in 2016, we made a research on the effect of financial aid on enterprise independent R&D investment, and tested the mesomeric effect and moderating effect of long-term credit and equity financing.Then we know that financial subsidies have attracted more long-term credit and equity financing into enterprise R&D, which is more obvious in eastern enterprises than that in Midwestern enterprises.And financial subsidies have stimulated non-strategic emerging industries more strongly than strategic emerging industries. Moreover, the incentive effect of financial subsidies reveals a declining tendency among state-owned enterprises, private enterprises and foreign-funded enterprises in turn, and it is more effective in micro and small enterprises than that in large and medium-sized enterprises.
引文
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[18]赵璨,王竹泉,杨德明等.企业迎合行为与政府补贴绩效研究——基于企业不同盈利状况的分析[J].中国工业经济,2015(7):130-145.
[2]Gorodnichenko Y,Schnitzer M.Financial Constraints Innovation:Why Poor Countries Don't Catch Up[J].Journal of the European Economic Association,2013,11(5):1115-1152.
[3]Martin S,Scott J T.The Nature of Innovation Market Failure and the Design of Public Support for Private Innovation[J].Cie Discussion Papers,2000,29(4-5):437-447.
[4]Becker B.Public R&D Policies and Private R&D Investment:A Survey of the Empirical Evidence[J].Journal of Economic Surveys,2015,29(5):917-942.
[5]王明海,李小静.政府干预、外部投资与企业自主创新——基于信号传递视角的研究[J].上海经济研究,2017(2):9-16.
[6]Filipe Silva,Carlos Carreira.Do Financial Constraints Threat the Innovation Process?Evidence from Portuguese Firms[J].Gemf Working Papers,2012,21(8):701-736.
[7]熊彼特.经济发展理论[M].北京:商务印书馆出版社,1991.
[8]Song Z,Storesletten K,Zilibotti F.Growing(with Capital Controls)like China[J].IMF Economic Review,2014,62(3):327-370.
[9]Hans L觟觟f.Additionality or Crowding Out On the Effectiveness of R&D Subsidies[R].New York:Working Paper,2004.
[10]Lopesbento C.Innovation Subsidies:Does the Funding Source Matter for Innovation Intensity and Performance?Empirical Evidence from Germany[J].Industry&Innovation,2014,21(5):380-409.
[11]张凯,林小玲.财政分权、金融发展与全要素生产率提升[J].经济与管理评论,2019,210(1):13-23.
[12]Blanes J V,Busom I.Who Participates in R&D Subsidy Programs?The Case of Spanish Manufacturing Firms[J].Research Policy,2004,33(10):1459-1476.
[13]郑妍妍,戴晓慧,魏倩.融资约束与企业研发投资——来自中国工业企业的微观证据[J].中央财经大学学报,2017(5):58-66.
[14]孙晓华,郭旭,王昀.政府补贴、所有权性质与企业研发决策[J].管理科学学报,2017,20(6):18-31.
[15]Koski H,Tuuli J.Business Subsidies in Finland:The Dynamics of Application and Acceptance Stages[R].ETLA Discussion Papers,2010:3-11.
[16]Kleer R.Government R&D Subsidies as a Signal for Private Investors[J].Research Policy,2010,39(10):1361-1374.
[17]李新功.政府R&D资助、金融信贷与企业技术创新[J].管理评论,2016,28(12):54-62.
[18]赵璨,王竹泉,杨德明等.企业迎合行为与政府补贴绩效研究——基于企业不同盈利状况的分析[J].中国工业经济,2015(7):130-145.