摘要
以深圳中小板上市公司为样本,选取2008年～2011年四年间的面板数据实证检验税收优惠、研发补贴、金融支持、产权保护及人才激励五项创新促进政策的实施效果,并研究风险投资与中小企业创新投入的相关性问题。研究发现税收优惠及人才激励政策显著促进企业的研发投入;研发补贴对企业研发投入具有挤出效应———政府的研发补贴显著地减少了企业研发投入;金融支持政策效没有显著地促进企业加大研发投入。风险投资从总体上对企业的研发投入没有非常显著影响;有风险投资的企业研发产出高于无风险投资的企业;风险投资的持股比例对企业的研发行为没有显著影响。
This paper evaluates the impact of national innovation policy on small and medium enterprises with the sample of companies listed on Shenzhen Stock Exchange and discusses the relevance between venture capital and corporate R＆D in- vestment. Our data start from 2008 and end with 2011. The empirical analysis shows that： （ 1 ） tax incentives and talent truly promote corporate R＆D investment; （2） subsidies show a crowding - out effect to corporate R＆D investment, instead of a positive effect as we assume （ 3 ） financial support do not show any significant effect if we use a whole sample. But when we get our sample into two parts according to market - oriented degree, financial support has a crowding - out effect on low - market - oriented degree of region and a positive effect on high - market - oriented degree of region ; （4） inteUec- rive property right is vital to encourage corporate R＆D activities. However in this paper enterprises in cities which are fa- mous for intellective property right protect do not invest more money on R＆D activities than those in other cities; （5） ven- ture capital has a significant effect on corporate R＆D investment. Those enterprises which get some venture capital will pay more money to do research, but how much venture capital enterprises get don＇ t affect corporate research significantly.
出处
《科技管理研究》
CSSCI
北大核心
2013年第16期9-14,共6页
Science and Technology Management Research
基金
广东省软科学项目"创新激励政策与企业创新行为的相关性研究--以广东省为例"(2012B070300061)
汕头大学学术创新团队建设项目"中小企业管理创新研究"(ITC10004)
关键词
创新激励政策
创新投入
风险投资
金融支持
知识产权
innovation policy, R＆D investment, venture capital, financial support, intellective property right
