摘要
文章基于2012-2017年沪深A股上市公司数据,实证分析研发补贴对企业创新投入、产出的影响效应及其作用机制。研究发现,直接研发补贴和间接研发补贴均具有增强企业风险承担、缓解融资约束以及增加企业现金流的作用,对企业研发投入、产出提升具有显著正向影响,但直接研发补贴的正向作用效果更显著;异质性分析发现,政府创新激励政策对市场化水平较高地区、非国有及大规模企业的研发创新具有显著激励作用。进一步研究发现,研发补贴显著提高了企业绩效,且形成政府创新激励政策—企业研发投入—创新产出—企业全要素生产率—企业绩效的影响路径。
Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2017,this paper empirically analyzes the impact of R&D subsidies on R&D investment and innovative output as well as its mechanism.It is found that both direct R&D subsidy and indirect R&D subsidy can enhance enterprise risk taking,alleviate financing constraints and increase enterprise cash flow,and have a significant positive effect on the increase of enterprise R&D investment and innovative output,which is more significant in the direct R&D subsidy.The heterogeneity analysis shows that the government innovation incentive policy has a significant positive effect on the regions with higher marketization level,non-state-owned enterprises and large-scale enterprises.Further research shows that R&D subsidies significantly improve firm performance,and form the impact path of government innovation incentive policy-firm R&D investment-innovative output-firm total factor productivity-firm performance.
作者
郑梓茵
宋生瑛
何晴
ZHENG Ziyin;SONG Shengying;HE Qing(Finance and Economics College,Jimei University,Xiamen,Fujian 361021)
出处
《上海立信会计金融学院学报》
2021年第2期108-119,共12页
Journal of Shanghai Lixin University of Accounting and Finance
基金
福建省社科研究基地重大项目“地方财政基本公共服务支出绩效指标体系与评价方法研究”(FJ2018JDZ012)。
关键词
研发补贴
研发投入
创新产出
全要素生产率
R&D subsidies
R&D investment
Innovation output
Total factor productivity
