摘要
充分发挥政府创新支持政策的积极效果、实现促进企业创新的理想目标,需要科学把握政府支持影响企业创新的效应及其作用机制。基于2017-2020年我国1760家A股上市企业的面板数据,构建计量模型,实证分析税收返还和政府补贴两类重要的政府支持政策对企业创新投入的影响效应以及金融环境在其中的调节作用,结果发现:(1)在全国层面,政府支持对企业创新投入会产生较强的促进效应。税收返还每增加1%,企业研发支出增加0.0411%;政府补助每增加1%,企业研发支出增加0.0939%。(2)金融环境发展水平越高,企业的科研支出越多,且良好的金融环境可以强化政府支持对企业创新投入的正向效应。(3)制造业企业相对于其他类型的企业而言,更愿意将资金投入到科技研发当中。(4)政府支持、金融环境对企业创新投入的影响存在区域异质性。政府支持对企业创新投入的促进效应在西部地区最大,中部次之,东部最小;金融环境改善对政府支持促进效应的强化效果同样在西部地区最为明显。基于此,可以从打造现代金融枢纽、加强政府支持力度、平衡区域间创新支持资源等方面着手,持续推动企业增加创新投入,提升创新能力。
To give full play to the government innovation support policy and push for corporate innovation, it is necessary to reasonably understand the effect and mechanism of the government support on corporate innovation. Based on the panel data of 1760 A-share listed companies in China from 2017 to 2020, this paper constructs an econometric model to empirically analyze the impact of two types of government support policies, tax rebate and government subsidy, on corporate innovation input and the regulation of financial environment. The findings are as follows:(1)At national level, the government support gives a strong impetus to corporate innovation input: 1% increase in tax rebates results in 0.0411%increase in corporate R&D expenditures;1% increase in government subsidies results in 0.0939% corporate R&D expenditures.(2)The more advanced the financial environment, the more research expenditure of enterprises. A good financial environment enhances the positive effect of government support on corporate innovation input.(3)Compared with other types of enterprises, manufacturing enterprises are more willing to invest in scientific research and development.(4)There is regional disparity in the impact of government support and financial environment on corporate innovation input.The promotion effect of government support on enterprise innovation investment is the largest in the western region,followed by the central region and the smallest in the eastern region. The effect of financial environment on the government policy is also the most obvious in western China. In view of this, we should keep pushing enterprises to increase innovation investment and improve innovation capability by building a modern financial hub, increasing government support, and balancing innovation support resources among regions.
作者
姚金海
钟国辉
YAO Jin-hai;ZHONG Guo-hui(Department of Economics,Party School of CPC Jiangxi Provincial Committee,Nanchang,Jiangxi,330108;Department of Public Administration,Party School of CPC Jiangxi Provincial Committee,Nanchang,Jiangxi,330108)
出处
《深圳大学学报（人文社会科学版）》
CSSCI
北大核心
2022年第4期64-73,共10页
Journal of Shenzhen University：Humanities & Social Sciences
基金
国家社科基金一般项目“共享发展理念下我国养老社会保障中的政府责任研究”(16BKS049)
上饶市加速发展大工业专项课题“推进上饶工业中部走前列发展战略研究”(21SRSK1-02)。
关键词
税收返还
政府补助
企业创新投入
金融环境
区域异质性
行业异质性
tax rebate
government subsidies
corporate innovation investment
financial environment
regional differences
industrial differences
