政府补助对企业技术创新的影响机制--基于战略性金融投资和投机性金融投资的中介效应分析被引量：5

The Influence Mechanism of Government Subsidies on Enterprise Technological Innovation--Based on the Analysis of the Intermediary Effect of Strategic Financial Investment and Speculative Financial Investment

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摘要本文以我国2009~2020年制造业A股上市公司样本数据,战略性金融投资和投机性金融投资为中介变量,建立并利用单步多重中介模型分析政府补助对企业创新投入和产出的中介效应。实证表明政府补助对企业创新投入有显著“挤入”作用,战略性金融投资和投机性金融投资在其中承担重要中介渠道,且战略性金融投资比投机性金融投资中介作用更强;政府补助对企业的创新产出无显著影响,战略性金融投资对政府补助与企业创新产出间作用起遮掩效应;政府补助在中介模型下对不同规模企业作用差异显著。本文为政府补助发放后在企业内部通过不同类别金融投资配置渠道作用于企业创新投资的微观机制研究提供经验证据,并对政府创新鼓励政策和补助发放对象选择有一定参考作用。 Based on the sample data of my country's manufacturing A-share listed companies from 2009 to 2020,strategic financial investment and speculative financial investment are used as intermediary variables,a single-step multiple intermediary model is established and used to analyze the intermediary effect of government subsidies on enterprise innovation input and output.The empirical evidence shows that government subsidies have a significant“crowding in”effect on enterprise innovation investment.Strategic financial investment and speculative financial investment assume important intermediary channels,and strategic financial investment has a stronger intermediary role than speculative financial investment;government subsidies have a stronger effect on corporate innovation investment.There is no significant impact on the innovation output of enterprises.Strategic financial investment has a masking effect on the effect of government subsidies and enterprise innovation output;under the intermediary model,the effect of government subsidies on enterprises of different sizes is significantly different.This article provides empirical evidence for the research on the micro-mechanism of enterprise innovation investment through different types of financial investment allocation channels within the enterprise after the issuance of government subsidies,and has a certain reference role for government innovation encouragement policies and the selection of subsidy recipients.

作者曹平梁琼芬 Cao Ping;Liang Qiongfen(School of Business Administration,Guangxi University,Nanning 530004,China)

机构地区广西大学工商管理学院

出处《工业技术经济》北大核心 2022年第4期19-27,共9页 Journal of Industrial Technological Economics

基金国家自然科学基金项目“中国的选择性产业政策有效吗:一个技术创新绩效视角的经验研究”(项目编号:71764002) 广西哲学社会科学基金项目“新冠疫情背景下广西企业绿色创新能力发展研究”(项目编号:20FGL032)。

关键词政府补助企业技术创新战略性金融投资投机性金融投资中介作用遮掩效应 government subsidies enterprise technological innovation strategic financial investment speculative financial investment intermediation cover effect

分类号 F273.1 [经济管理—企业管理] F830.59 [经济管理—国民经济]