政府科技补贴对企业技术创新投入的影响——基于市场需求和融资约束视角
|
摘要
以2009~2015年A股非金融类上市公司为研究样本,从企业技术创新的内在动力和外部融资约束两个方面检验了政府科技补贴对企业技术创新投入的影响。研究结果表明,市场需求和融资约束对政府科技补贴效应起到调节作用,市场需求规模越高,融资约束强度越大,政府科技补贴对企业技术创新投入的激励效应越强。进一步引入产权性质后发现,相比国有企业,市场需求规模和融资约束强度对非国有企业政府科技补贴效应的正向调节作用更大。研究为政府合理分配资源,提高政府科技补贴利用效率,提升我国企业技术创新投入水平具有重要意义。
This paper draws upon the data of Chinese A-share non-financial companies listed during the period from 2009 to 2015, studies the effect of government science and technology subsidy on an enterprise's R&D innovation from two aspects of the internal driving force and external financing constraints of R&D. It is found that market demand and financing constraints play a moderating role in the government's technology subsidy effect. Government science and technology subsidy has a positive effect in R&D and the effect is especially more remarkable in the environment where market demand scale is larger and financing constraints is stronger. Further research shows that, compared with the non-state enterprises, the market demand and financing constraints have a greater role in regulating the government's government subsidy effect. The re-search of this paper is of great significance to improve the effect of government science and technology subsidy and enhance the input level of tech-nological innovation in Chinese enterprises.
This paper draws upon the data of Chinese A-share non-financial companies listed during the period from 2009 to 2015, studies the effect of government science and technology subsidy on an enterprise's R&D innovation from two aspects of the internal driving force and external financing constraints of R&D. It is found that market demand and financing constraints play a moderating role in the government's technology subsidy effect. Government science and technology subsidy has a positive effect in R&D and the effect is especially more remarkable in the environment where market demand scale is larger and financing constraints is stronger. Further research shows that, compared with the non-state enterprises, the market demand and financing constraints have a greater role in regulating the government's government subsidy effect. The re-search of this paper is of great significance to improve the effect of government science and technology subsidy and enhance the input level of tech-nological innovation in Chinese enterprises.
引文
[1]BROWN J R,FAZZARI S.and PETERSEN B C.Financing Innovation and Growth:Cash Flow,External Equity,and the 1990s R&D Boom[J].Journal of Finance,2009,64(1):151-185.
[2]HALL B H.Investment and Research and Development at the Firm Level:Does the Source of financing Matter?[R].NBER,Working Paper,1992.
[3]ROMER P.Endogenous Technological Change[J].Journal of Political Economy.1990,98(5):71-102.
[4]NOLA HETITT DUNDAS S R.Output additionally of Public Support for Innovation:Evidence for Irish Manufacturing Plants[J].European Planning Studies,2010(1):107-122.
[5]朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响——上海市的实证研究[J].经济研究,2003(6):45-53.
[6]解维敏,唐清泉,陆姗姗.政府R&D资助,企业R&D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009(6):86-99.
[7]白俊红.中国的政府R&D资助有效吗?——来自大中型工业企业的经验证据[J].经济学(季刊),2011(4):1375-1400.
[8]李永,叶伟娜,王振宇.政府对企业R&D资助效应:互补还是挤出——对上海大中型工业企业的实证研究[J].科技管理研究,2013(5):62-66.
[9]刘文惠.政府研发补助对企业研发投入的影响——基于创业板上市公司经验数据的分析[J].现代商贸工业,2014(06):32-34.
[10]TOKILA A.,HAAPANEN M.,RITSLA J.Evaluation of investment su-bsidies:when is deadweight zero?[J].International Review of Applied Economics,2008,22(5):585-600.
[11]KLETTE T J,MΦEN J,GRILICHES Z.Do subsidies to commercial R&D reduce market failures?Microeconometric evaluation studies 1[J].Research Policy,1999,29(4):471-495.
[12]SCHMOOKLER J.Invention and Economic Growth[J].Economic History Review,1966,20(1):135.
[13]孙冰.企业技术创新动力研究[D].哈尔滨:哈尔滨工程大学,2003.
[14]范红忠.有效需求规模假说、研发投入与国家自主创新能力[J].经济研究,2007(3):33-44.
[15]傅家骥,程源.面对知识经济的挑战,该抓什么?——再论技术创新[J].中国软科学,1998(7):36-39.
[16]厉以宁.中国经济双重转型之路[M].北京:中国人民大学出版,2013:52-74.
[17]顾元媛,沈坤荣.地方政府行为与企业研发投入——基于中国省际面板数据的实证分析[J].中国工业经济,2012(10):77-88.
[18]董晓庆,等.国有企业创新效率损失研究[J].中国工业经济,2014(2):97-99.
[19]刘胜强,林志军,孙芳城,陈汉文.融资约束、代理成本对企业R&D投资的影响——基于我国上市公司的经验证据[J].会计研究,2015(11):62-68.
[20]HALL B H.The Financing of Research and Development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[21]HIMMERLBERG C.and Petersen,B.R&D and internal finance:A Panel Study of Small Firms in High-tech Industries[J].Review of Economics and Statistics,1994(76):38-51.
[22]HIRTH S,VISWANATHA M.Financing constraints,cash-flow risk,and corporate investment[J].Journal of Corporate Finance,2011,17(5):1496-1509.
[23]ALMEIDA L P D,ALVARENGA A A D,CASTRO E M D,et al.Crescimento inicial de plantas de Cryptocaria aschersoniana Mez.submetidas a níveis de radiacǎsolar Early growth of plants of Cryptocaria aschersoniana Mez.submitted to radiation solar levels[J].Ciência Rural,2004,34(1):83-88.
[24]LI D.Financial Constraints,R&D Investment,and Stock Returns[J].Review of Financial Studies,2011,24(9):2974-3007.
[25]TAKALO T,TANAYAMA T.Adverse selection and financing of innovation:is there a need for R&D subsidies?[J].The Journal of Technology Transfer,2010,35(1):16-41.
[26]CHOW C K W,FUNG M K Y.Ownership Structure,Lending Bias,and Liquidity Constraints:Evidence from Shanghai's Manufacturing Sector[J].Journal of Comparative Economics,1998,26(2):301-316.
[27]邓川,孙金金.QFII持股、产权性质与企业融资约束[J].管理世界,2014(5):180-181.
[28]L BRANDT,H LI.Bank discrimination in transition economies:ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[29]GORDON R H,LI W.Government as a discriminating monopolist in the financial market:the case of China[J].Journal of Public Economics,2003,87(2):283-312.
[30]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.
[2]HALL B H.Investment and Research and Development at the Firm Level:Does the Source of financing Matter?[R].NBER,Working Paper,1992.
[3]ROMER P.Endogenous Technological Change[J].Journal of Political Economy.1990,98(5):71-102.
[4]NOLA HETITT DUNDAS S R.Output additionally of Public Support for Innovation:Evidence for Irish Manufacturing Plants[J].European Planning Studies,2010(1):107-122.
[5]朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响——上海市的实证研究[J].经济研究,2003(6):45-53.
[6]解维敏,唐清泉,陆姗姗.政府R&D资助,企业R&D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009(6):86-99.
[7]白俊红.中国的政府R&D资助有效吗?——来自大中型工业企业的经验证据[J].经济学(季刊),2011(4):1375-1400.
[8]李永,叶伟娜,王振宇.政府对企业R&D资助效应:互补还是挤出——对上海大中型工业企业的实证研究[J].科技管理研究,2013(5):62-66.
[9]刘文惠.政府研发补助对企业研发投入的影响——基于创业板上市公司经验数据的分析[J].现代商贸工业,2014(06):32-34.
[10]TOKILA A.,HAAPANEN M.,RITSLA J.Evaluation of investment su-bsidies:when is deadweight zero?[J].International Review of Applied Economics,2008,22(5):585-600.
[11]KLETTE T J,MΦEN J,GRILICHES Z.Do subsidies to commercial R&D reduce market failures?Microeconometric evaluation studies 1[J].Research Policy,1999,29(4):471-495.
[12]SCHMOOKLER J.Invention and Economic Growth[J].Economic History Review,1966,20(1):135.
[13]孙冰.企业技术创新动力研究[D].哈尔滨:哈尔滨工程大学,2003.
[14]范红忠.有效需求规模假说、研发投入与国家自主创新能力[J].经济研究,2007(3):33-44.
[15]傅家骥,程源.面对知识经济的挑战,该抓什么?——再论技术创新[J].中国软科学,1998(7):36-39.
[16]厉以宁.中国经济双重转型之路[M].北京:中国人民大学出版,2013:52-74.
[17]顾元媛,沈坤荣.地方政府行为与企业研发投入——基于中国省际面板数据的实证分析[J].中国工业经济,2012(10):77-88.
[18]董晓庆,等.国有企业创新效率损失研究[J].中国工业经济,2014(2):97-99.
[19]刘胜强,林志军,孙芳城,陈汉文.融资约束、代理成本对企业R&D投资的影响——基于我国上市公司的经验证据[J].会计研究,2015(11):62-68.
[20]HALL B H.The Financing of Research and Development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[21]HIMMERLBERG C.and Petersen,B.R&D and internal finance:A Panel Study of Small Firms in High-tech Industries[J].Review of Economics and Statistics,1994(76):38-51.
[22]HIRTH S,VISWANATHA M.Financing constraints,cash-flow risk,and corporate investment[J].Journal of Corporate Finance,2011,17(5):1496-1509.
[23]ALMEIDA L P D,ALVARENGA A A D,CASTRO E M D,et al.Crescimento inicial de plantas de Cryptocaria aschersoniana Mez.submetidas a níveis de radiacǎsolar Early growth of plants of Cryptocaria aschersoniana Mez.submitted to radiation solar levels[J].Ciência Rural,2004,34(1):83-88.
[24]LI D.Financial Constraints,R&D Investment,and Stock Returns[J].Review of Financial Studies,2011,24(9):2974-3007.
[25]TAKALO T,TANAYAMA T.Adverse selection and financing of innovation:is there a need for R&D subsidies?[J].The Journal of Technology Transfer,2010,35(1):16-41.
[26]CHOW C K W,FUNG M K Y.Ownership Structure,Lending Bias,and Liquidity Constraints:Evidence from Shanghai's Manufacturing Sector[J].Journal of Comparative Economics,1998,26(2):301-316.
[27]邓川,孙金金.QFII持股、产权性质与企业融资约束[J].管理世界,2014(5):180-181.
[28]L BRANDT,H LI.Bank discrimination in transition economies:ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[29]GORDON R H,LI W.Government as a discriminating monopolist in the financial market:the case of China[J].Journal of Public Economics,2003,87(2):283-312.
[30]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.