政府补贴对企业创新绩效作用效应与门槛效应研究——基于电子信息产业沪深两市上市公司数据
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摘要
本文采用电子信息产业上市公司(2011～2016年)的年报数据,实证分析政府补贴对企业创新绩效的促进作用效应与门槛效应。结果发现,政府补贴对电子信息产业的创新绩效存在着积极促进效应,但因企业性质不同而存在着差异,政府补贴当期对国有企业创新绩效的促进作用效应明显大于民营企业,但政府补贴对民营企业创新绩效的促进作用的滞后效应明显优于国有企业。实证还发现,民营企业的创新绩效与政府补贴强度之间存在着门槛效应,但国有企业的创新绩效与政府补贴强度之间尚未发现门槛效应。论文探讨了原因和对策建议,以期为我国政府完善补贴政策提供新思路。
Based on the annual report data of listed companies in electronic information industry(2011～2016), this paper empirically analyzes the promotion effect and threshold effect of government subsidies on enterprise innovation performance. The results show that the government subsidies have positive effects on the innovation performance of the electronic information industry, but there are differences because of the nature of the enterprises. The effect of the government subsidies on the innovation promotion of the state-owned enterprises is obviously greater than that of the private enterprises, but it lags one year, and the effect of the government subsidies on the innovation of the private enterprises is obvious. It should be superior to state-owned enterprises. The empirical results also show that there is a threshold effect between the innovation performance of private enterprises and the intensity of government subsidies. However, no threshold effect has been found between the innovation performance of state-owned enterprises and the intensity of government subsidies. The paper discusses the reasons and countermeasures, in order to provide new ideas for the government's precise subsidy policy.
Based on the annual report data of listed companies in electronic information industry(2011～2016), this paper empirically analyzes the promotion effect and threshold effect of government subsidies on enterprise innovation performance. The results show that the government subsidies have positive effects on the innovation performance of the electronic information industry, but there are differences because of the nature of the enterprises. The effect of the government subsidies on the innovation promotion of the state-owned enterprises is obviously greater than that of the private enterprises, but it lags one year, and the effect of the government subsidies on the innovation of the private enterprises is obvious. It should be superior to state-owned enterprises. The empirical results also show that there is a threshold effect between the innovation performance of private enterprises and the intensity of government subsidies. However, no threshold effect has been found between the innovation performance of state-owned enterprises and the intensity of government subsidies. The paper discusses the reasons and countermeasures, in order to provide new ideas for the government's precise subsidy policy.
引文
[1]Kang K N,Park H.Influence of government R&D support and inter-firm collaborations on innovation in Korean biotechnology SMEs[J].Technovation,2012,32(1):68-78.
[2]雷鹏,梁彤缨,陈修德,等.融资约束视角下政府补助对企业研发效率的影响研究[J].软科学,2015,29(3):38-42.
[3]陈玲,杨文辉.政府研发补贴会促进企业创新吗?——来自中国上市公司的实证研究[J].科学学研究,2016,34(3):433-442.
[4]Guo D,Guo Y,Jiang K.Government-subsidized R&D and firm innovation:Evidence from China[J].Research Policy,2016,45(6):1129-1144.
[5]林菁璐.政府研发补贴对中小企业研发投入影响的实证研究[J].管理世界,2018,34(3):180-181.
[6]康志勇.政府补贴促进了企业专利质量提升吗?[J].科学学研究,2018,36(1):69-80.
[7]伍健,田志龙,龙晓枫,等.战略性新兴产业中政府补贴对企业创新的影响[J].科学学研究,2018,36(1):158-166.
[8]李万福,杜静,张怀.创新补助究竟有没有激励企业创新自主投资——来自中国上市公司的新证据[J].金融研究,2017(10):130-145.
[9]吴俊,黄东梅.研发补贴、产学研合作与战略性新兴产业创新[J].科研管理,2016,37(9):20-27.
[10]李晓钟,吴振雄,张小蒂.政府补贴对物联网企业生产效率的影响研究——基于沪深两市2010-2013年公司数据的实证检验[J].中国软科学,2016(2):105-113.
[11]Yu F,Guo Y,Le-Nguyen K,et al.The impact of government subsidies and enterprises’ R&D investment:A panel data study from renewable energy in China[J].Energy Policy,2016,89:106-113.
[12]闫志俊,于津平.政府补贴与企业全要素生产率——基于新兴产业和传统制造业的对比分析[J].产业经济研究,2017(1):1-13.
[13]Wu A.The signal effect of government R&D subsidies in China:Do ownership matter?[J].Technological Forecasting & Social Change,2016,117:339-345.
[14]吴利华,申振佳.产业生产率变化:企业进入退出、所有制与政府补贴——以装备制造业为例[J].产业经济研究,2013(4):30-39.
[15]李健,杨蓓蓓,潘镇.政府补助、股权集中度与企业创新可持续性[J].中国软科学,2016(6):180-192.
[16]张辉,刘佳颖,何宗辉.政府补贴对企业研发投入的影响——基于中国工业企业数据库的门槛分析[J].经济学动态,2016(12):28-38.
[17]戴小勇,成力为.研发投入强度对企业绩效影响的门槛效应研究[J].科学学研究,2013,31(11):1708-1716+1735.
[18]李晓钟,徐怡.政府补贴与电子信息产业全要素生产率研究——基于沪深两市上市公司数据[J].杭州电子科技大学学报(社会科学版),2018(2):1-8.
[19]Bruce S.Tether.Who co-operates for innovation,and why:An empirical analysis[J].Research Policy,2002,31(6):947-967.
[20]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015(1):75-86+98+188.
[21]Liang X,Lu X,Wang L.Outward internationalization of private enterprises in China:The effect of competitive advantages and disadvantages compared to home market rivals[J].Journal of World Business,2012,47(1):134-144.
[22] Child J,Pleister H.Governance and management in China’s private sector[J].Management International,2003(07):13-24.
[23]Luo Y,Zhao H,Wang Y,et al.Venturing abroad by emerging market enterprises[J].Management International Review,2011,51(4):433.
[24]张家平,程名望,潘烜.互联网对经济增长溢出的门槛效应研究[J].软科学,2018(9):1-4.
[25]郭步超,王博.政府债务与经济增长:基于资本回报率的门槛效应分析[J].世界经济,2014,37(9):95-118.
[26]王宇,汤家红,江静.补贴门槛调整与战略性新兴产业发展[J].中国经济问题,2018(4):38-50.
[27]王一卉.政府补贴、研发投入与企业创新绩效——基于所有制、企业经验与地区差异的研究[J].经济问题探索,2013(7):138-143.
(1)中国高技术产业统计年鉴(2012、2017)。
(2)感谢南开大学王群勇老师提供的门槛回归指令,http://bbs.pinggu.org/thread-3690732-1-1.html。
(3)根据数学基本原理可知:y=ax2+bx+c,x=-b/2a为二次函数单调性的转折点。本文通过Eviews软件可以计算出a、b,从而计算出对应的转折点。
[2]雷鹏,梁彤缨,陈修德,等.融资约束视角下政府补助对企业研发效率的影响研究[J].软科学,2015,29(3):38-42.
[3]陈玲,杨文辉.政府研发补贴会促进企业创新吗?——来自中国上市公司的实证研究[J].科学学研究,2016,34(3):433-442.
[4]Guo D,Guo Y,Jiang K.Government-subsidized R&D and firm innovation:Evidence from China[J].Research Policy,2016,45(6):1129-1144.
[5]林菁璐.政府研发补贴对中小企业研发投入影响的实证研究[J].管理世界,2018,34(3):180-181.
[6]康志勇.政府补贴促进了企业专利质量提升吗?[J].科学学研究,2018,36(1):69-80.
[7]伍健,田志龙,龙晓枫,等.战略性新兴产业中政府补贴对企业创新的影响[J].科学学研究,2018,36(1):158-166.
[8]李万福,杜静,张怀.创新补助究竟有没有激励企业创新自主投资——来自中国上市公司的新证据[J].金融研究,2017(10):130-145.
[9]吴俊,黄东梅.研发补贴、产学研合作与战略性新兴产业创新[J].科研管理,2016,37(9):20-27.
[10]李晓钟,吴振雄,张小蒂.政府补贴对物联网企业生产效率的影响研究——基于沪深两市2010-2013年公司数据的实证检验[J].中国软科学,2016(2):105-113.
[11]Yu F,Guo Y,Le-Nguyen K,et al.The impact of government subsidies and enterprises’ R&D investment:A panel data study from renewable energy in China[J].Energy Policy,2016,89:106-113.
[12]闫志俊,于津平.政府补贴与企业全要素生产率——基于新兴产业和传统制造业的对比分析[J].产业经济研究,2017(1):1-13.
[13]Wu A.The signal effect of government R&D subsidies in China:Do ownership matter?[J].Technological Forecasting & Social Change,2016,117:339-345.
[14]吴利华,申振佳.产业生产率变化:企业进入退出、所有制与政府补贴——以装备制造业为例[J].产业经济研究,2013(4):30-39.
[15]李健,杨蓓蓓,潘镇.政府补助、股权集中度与企业创新可持续性[J].中国软科学,2016(6):180-192.
[16]张辉,刘佳颖,何宗辉.政府补贴对企业研发投入的影响——基于中国工业企业数据库的门槛分析[J].经济学动态,2016(12):28-38.
[17]戴小勇,成力为.研发投入强度对企业绩效影响的门槛效应研究[J].科学学研究,2013,31(11):1708-1716+1735.
[18]李晓钟,徐怡.政府补贴与电子信息产业全要素生产率研究——基于沪深两市上市公司数据[J].杭州电子科技大学学报(社会科学版),2018(2):1-8.
[19]Bruce S.Tether.Who co-operates for innovation,and why:An empirical analysis[J].Research Policy,2002,31(6):947-967.
[20]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015(1):75-86+98+188.
[21]Liang X,Lu X,Wang L.Outward internationalization of private enterprises in China:The effect of competitive advantages and disadvantages compared to home market rivals[J].Journal of World Business,2012,47(1):134-144.
[22] Child J,Pleister H.Governance and management in China’s private sector[J].Management International,2003(07):13-24.
[23]Luo Y,Zhao H,Wang Y,et al.Venturing abroad by emerging market enterprises[J].Management International Review,2011,51(4):433.
[24]张家平,程名望,潘烜.互联网对经济增长溢出的门槛效应研究[J].软科学,2018(9):1-4.
[25]郭步超,王博.政府债务与经济增长:基于资本回报率的门槛效应分析[J].世界经济,2014,37(9):95-118.
[26]王宇,汤家红,江静.补贴门槛调整与战略性新兴产业发展[J].中国经济问题,2018(4):38-50.
[27]王一卉.政府补贴、研发投入与企业创新绩效——基于所有制、企业经验与地区差异的研究[J].经济问题探索,2013(7):138-143.
(1)中国高技术产业统计年鉴(2012、2017)。
(2)感谢南开大学王群勇老师提供的门槛回归指令,http://bbs.pinggu.org/thread-3690732-1-1.html。
(3)根据数学基本原理可知:y=ax2+bx+c,x=-b/2a为二次函数单调性的转折点。本文通过Eviews软件可以计算出a、b,从而计算出对应的转折点。