摘要
国家产业投资基金结合了政府补贴和金融资本的优势,成为扶持行业发展的重要产业投资方式。文章借助2014年中国国家集成电路产业投资基金建立这一政策实践,利用2009-2019年中国上市公司数据,采用双重差分的方法评估了产业基金对企业创新的影响。研究发现:产业基金显著提升了企业创新投入水平,同时对创新产出也有明显的影响。这种效应集中体现在大型企业、资金和技术密集型行业以及人力资本高的城市。而国家产业投资基金作用于企业创新的路径依赖于委托代理关系,可以通过机构持股方式对企业代理人实施创新投资激励,既引导了资金流向又提高了国有资本效率,从而实现了企业技术升级。文章的研究既为持续推进产业投资基金发展提供了经验证据,也为高技术行业破解国际困局和实现高质量发展提供了政策选择。
As an external capital source of innovation,government subsidies are inefficient due to the lack of effective supervision.How to improve the efficiency of government innovation funds is a major issue that academia and policy-makers care about.It is not yet clear whether the National Industrial Investment Fund combines government subsidies with financial capital and conducts market-oriented operations to improve the efficiency of capital and thereby promote corporate innovation.Based on the establishment of this policy practice by the China National Integrated Circuit Industry Investment Fund in 2014,this paper uses the data of listed companies in China’s manufacturing and service industry from 2009 to 2019,and evaluates the impact of industrial funds on corporate innovation using the DID method.The research finds that the National Industrial Investment Fund has significantly increased the level of innovation input by enterprises,and also has a significant impact on innovation output.This effect is concentrated in large enterprises,capital-intensive and technology-intensive industries and cities with high human capital.The role of the National Industrial Investment Fund on corporate innovation depends on the principalagent relationship.The National Industrial Investment Fund exerts innovative incentives on corporate agents through institutional shareholding,which not only guides the flow of funds,but also improves the efficiency of state-owned capital,thereby achieving corporate technology upgrades.The marginal contribution of this paper is as follows:(1)For the first time,this paper evaluates the effect of the National Industrial Investment Fund on corporate innovation,and provides a new policy idea to solve the inefficiency of government subsidies,that is,to achieve effective supervision and operation through stateowned capital investment in the form of industrial funds.(2)This paper provides empirical evidence for enterprises to improve their governance through institutional shareholding.Through the logical c
作者
张果果
郑世林
Zhang Guoguo;Zheng Shilin(Shanghai Academy,School of Economics,Shanghai University,Shanghai 200444,China;Institute of Quantitative and Technical Economics,Chinese Academy of Social Sciences,Beijing 100732,China;School of Business,University of Chinese Academy of Social Sciences,Beijing 102488,China)
出处
《财经研究》
CSSCI
北大核心
2021年第6期76-91,共16页
Journal of Finance and Economics
关键词
国家产业投资基金
创新
机构持股
双重差分
National Industrial Investment Fund
innovation
institutional shareholding
DID
