过犹不及:财政补贴对企业创新的多重作用机制分析
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摘要
基于附加效应视角和效率视角,旨在探讨财政补贴对企业创新的作用机制。使用全国高新区高成长企业数据库中4年面板数据检验假设,并通过倾向性得分匹配及工具变量二阶段回归控制内生性问题。结果发现,补贴对企业创新投入的影响不显著,但显著正向影响创新合作。同时,补贴负向调节创新投入与产出的关系;但正向调节创新合作与产出的关系。综合以上,补贴与创新产出之间是倒U型关系。
Based on the concept of additionality, the study intends to explore the influence mechanism of subsidies on firms' innovation. The study applies the PSM method and two-stage IVs regression to test the hypotheses. The analysis shows that subsidy has no significant effects on input additionality, while it positively affects innovation cooperation(cooperation additionality). Meanwhile, subsidies negatively moderate the relationship between firms' R&D input and output, and positively moderate the relationship between firms' innovation cooperation and output. Furthermore, the study finds an inverted U-shaped relationship between subsidies and output additionality.
Based on the concept of additionality, the study intends to explore the influence mechanism of subsidies on firms' innovation. The study applies the PSM method and two-stage IVs regression to test the hypotheses. The analysis shows that subsidy has no significant effects on input additionality, while it positively affects innovation cooperation(cooperation additionality). Meanwhile, subsidies negatively moderate the relationship between firms' R&D input and output, and positively moderate the relationship between firms' innovation cooperation and output. Furthermore, the study finds an inverted U-shaped relationship between subsidies and output additionality.
引文
安同良,周绍东,皮建才.2009.R&D补贴对中国企业自主创新的激励效应[J].经济研究,(10):87-120.
陈剑平,盛亚.2013.创新政策激励机理的多案例研究:以利益相关者权利需求为中介[J].科学学研究,31(7):1109-1159.
戴小勇,成力为.2014.财政补贴政策对企业研发投入的门槛效应[J].科研管理,(6):68-76.
党兴华,弓志刚.2013.多维邻近性对跨区域技术创新合作的影响:基于中国共同专利数据的实证分析[J].科学学研究,(10):1590-1600.
丁小义,潘申彪,余红娜.2007.政府直接资助与浙江省企业R&D投入分析[J].科学学研究,25(2):248-253.
辜胜阻,肖鼎光.2007.完善中小企业创业创新政策的战略思考[J].经济管理,29(7):25-31.
黎文靖,李耀淘.2014.产业政策激励了公司投资吗?[J].中国工业经济,(5):122-134.
李晨光,张永安.2014.区域创新政策对企业创新效率影响的实证研究[J].科研管理,35(9):25-35.
李传宪,干胜道.2013.政治关联、补贴收入与上市公司研发创新[J].科技进步与对策,(13):102-105.
刘学元,丁雯婧,赵先德.2016.企业创新网络中关系强度、吸收能力与创新绩效的关系研究[J].南开管理评论,(1):30-42.
柳光强.2014.财税激励政策优化研究[D].武汉:武汉大学.
吕晓军.2015.政府补贴对企业技术创新的影响研究[D].武汉:武汉大学.
马玉琪,扈瑞鹏,赵彦云.2016.税收优惠、财政补贴与中关村企业创新投入:基于倾向得分匹配法的实证研究[J].科技管理研究,(19):1-6.
唐书林,肖振红,苑婧婷.2016.上市公司自主创新的国家激励扭曲之困:是政府补贴还是税收递延?[J].科学学研究,(5):744-756.
吴俊,黄东梅.2016.研发补贴、产学研合作与战略性新兴产业创新[J].科研管理,(9):20-27.
郑文平,张冬洋.2016.全国文明城市与企业绩效:基于倾向性匹配倍差法的微观证据[J].产业经济研究,(5):37-46.
周江华,李纪珍,刘子諝,等.2017.政府创新政策对企业创新绩效的影响机制[J].技术经济,(1):57-65.
Amezcua A S,Grimes M G,Bradley S W,Wiklund J.2013.Organizational sponsorship and founding environments:A contingency view on the survival of business-incubated firms,1994-2007[J].Academy of Management Journal,56(6):1628-1654.
Antonioli D,Marzucchi A,Montresor S.2012.Regional innovation policy and innovative behaviour:Looking for additional effects[J].European Planning Studies,22(1):64-83.
Autio E,Kanninen S,Gustafsson R.2008.First-and second-order additionality and learning outcomes in collaborative R&Dprograms[J].Research Policy,37(1):59-76.
Baum C F,Schaffer M E,Stillman S.2002.Instrumental variables and GMM:Estimation and testing[J].Stata Journal,3(1):1615-1636.
Beck M,Lopes-Bento C,Schenker-Wicki A.2016.Radical or incremental:Where does R&D policy hit?[J].Research Policy,45(4):869-883.
Bianchi M,Croce A,Dell'Era C,Benedetto C A,Frattini F.2016.Organizing for inbound open innovation:How external consultants and a dedicated R&D unit influence product innovation performance[J].Journal of Product Innovation Management,33(4):492-510.
Bronzini R,Piselli P.2016.The impact of R&D subsidies on firm innovation[J].Research Policy,45(2):442-457.
Clarysse B,Wright M,Mustar P.2009.Behavioural additionality of R&D subsidies:A learning perspective[J].Research Policy,38(10):1517-1533.
Clausen T H.2009.Do subsidies have positive impacts on R&D and innovation activities at the firm level?[J].Structural Change and Economic Dynamics,20(4):239-253.
David P A,Hall B H,Toole A A.2000.Is public R&D a complement or substitute for private R&D?A review of the econometric evidence[J].Research Policy,29(4):497-529.
Dehejia R H,Wahba S.2002.Propensity score-matching methods for nonexperimental causal studies[J].Review of Economics and Statistics,84(1):151-161.
Dixit A.1997.Power of incentives in private versus public organizations[J].American Economic Review,87(2):378-382.
Greenberg D F.2004.Applied longitudinal data analysis:Modeling change and event occurrences[J].Sociological Methods&Research,33(2):305-308.
Guan J,Yam R.2015.Effects of government financial incentives on firms'innovation performance in China:Evidences from Beijing in the 1990s[J].Research Policy,44(1):273-282.
Guo D,Guo Y,Jiang K.2016.Government-subsidized R&D and firm innovation:Evidence from China[J].Research Policy,45(6):1129-1144.
Haans R F J,Pieters C,He Z-L.2016.Thinking about U:Theorizing and testing U-and inverted U-shaped relationships in strategy research[J].Strategic Management Journal,37(7):1177-1195.
Jourdan J,Kivleniece I.2017.Too much of a good thing?The dual effect of public sponsorship on organizational performance[J].Academy of Management Journal,60(1):55-77.
Lazzarini S G.2015.Strategizing by the government:Can industrial policy create firm‐level competitive advantage?[J].Strategic Management Journal,36(1):97-112.
Lee C-Y.2011.The differential effects of public R&D support on firm R&D:Theory and evidence from multi-country data[J].Technovation,31(5-6):256-269.
Li X.2009.China's regional innovation capacity in transition:An empirical approach[J].Research Policy,38(2):338-357.
Marino M,Lhuillery S,Parrotta P,Sala D.2016.Additionality or crowding-out?An overall evaluation of public R&D subsidy on private R&D expenditure[J].Research Policy,45(9):1715-1730.
Meuleman M,De Maeseneire W.2012.Do R&D subsidies affect SMEs'access to external financing?[J].Research Policy,41(3):580-591.
Montmartin B,Herrera M.2015.Internal and external effects of R&D subsidies and fiscal incentives:Empirical evidence using spatial dynamic panel models[J].Research Policy,44(5):1065-1079.
Narayanan V K,Pinches G E,Kelm K M,Lander D M.2000.The influence of voluntarily disclosed qualitative information[J].Strategic Management Journal,21(7):707-722.
Podolny J.Networks as the pipes and prisms of the market[J].American Journal of Sociology,2001,107(1):33-60.
Radas S,Ani I-D,Tafro A,Wagner V.2015.The effects of public support schemes on small and medium enterprises[J].Technovation,(38):15-30.
Ramaswamy K,Li M,Veliyath R.2002.Variations in ownership behavior and propensity to diversify:A study of the Indian corporate context[J].Strategic Management Journal,23(4):345-358.
Rao R S,Chandy R K,Prabhu J C.2008.The fruits of legitimacy:Why some new ventures gain more from innovation than others[J].Journal of Marketing,72(4):58-75.
Rosenbaum P R,Rubin D B.1983.The central role of the propensity score in observational studies for causal effects[J].Biometrika,70(1):41-55.
Rubin D B.1977.Assignment to treatment group on the basis of a covariate[J].Journal of Educational Statistics,2(1):1-26.
Wanzenb?ck I,Scherngell T,Fischer M M.2013.How do firm characteristics affect behavioural additionalities of public R&D subsidies?Evidence for the Austrian transport sector[J].Technovation,33(2-3):66-77.
Wu A.2017.The signal effect of government R&D subsidies in China:Does ownership matter?[J].Technological Forecasting and Social Change,(117):339-345.
Wu J,Chen X.2012.Leaders'social ties,knowledge acquisition capability and firm competitive advantage[J].Asia Pacific Journal of Management,29(2):331-350.
Zahra S A,George G.2002.Absorptive capacity:A review,reconceptualization,and extension[J].Academy of Management Review,27(2):185-203.
Zheng W,Singh K,Mitchell W.2014.Buffering and enabling:The impact of interlocking political ties on firm survival and sales growth[J].Strategic Management Journal,36(11):1615-1636.
Zhou K Z,Gao G Y,Zhao H.2017.State ownership and firm innovation in China:An integrated view of institutional and efficiency logics[J].Administrative Science Quarterly,62(2):375-404.
陈剑平,盛亚.2013.创新政策激励机理的多案例研究:以利益相关者权利需求为中介[J].科学学研究,31(7):1109-1159.
戴小勇,成力为.2014.财政补贴政策对企业研发投入的门槛效应[J].科研管理,(6):68-76.
党兴华,弓志刚.2013.多维邻近性对跨区域技术创新合作的影响:基于中国共同专利数据的实证分析[J].科学学研究,(10):1590-1600.
丁小义,潘申彪,余红娜.2007.政府直接资助与浙江省企业R&D投入分析[J].科学学研究,25(2):248-253.
辜胜阻,肖鼎光.2007.完善中小企业创业创新政策的战略思考[J].经济管理,29(7):25-31.
黎文靖,李耀淘.2014.产业政策激励了公司投资吗?[J].中国工业经济,(5):122-134.
李晨光,张永安.2014.区域创新政策对企业创新效率影响的实证研究[J].科研管理,35(9):25-35.
李传宪,干胜道.2013.政治关联、补贴收入与上市公司研发创新[J].科技进步与对策,(13):102-105.
刘学元,丁雯婧,赵先德.2016.企业创新网络中关系强度、吸收能力与创新绩效的关系研究[J].南开管理评论,(1):30-42.
柳光强.2014.财税激励政策优化研究[D].武汉:武汉大学.
吕晓军.2015.政府补贴对企业技术创新的影响研究[D].武汉:武汉大学.
马玉琪,扈瑞鹏,赵彦云.2016.税收优惠、财政补贴与中关村企业创新投入:基于倾向得分匹配法的实证研究[J].科技管理研究,(19):1-6.
唐书林,肖振红,苑婧婷.2016.上市公司自主创新的国家激励扭曲之困:是政府补贴还是税收递延?[J].科学学研究,(5):744-756.
吴俊,黄东梅.2016.研发补贴、产学研合作与战略性新兴产业创新[J].科研管理,(9):20-27.
郑文平,张冬洋.2016.全国文明城市与企业绩效:基于倾向性匹配倍差法的微观证据[J].产业经济研究,(5):37-46.
周江华,李纪珍,刘子諝,等.2017.政府创新政策对企业创新绩效的影响机制[J].技术经济,(1):57-65.
Amezcua A S,Grimes M G,Bradley S W,Wiklund J.2013.Organizational sponsorship and founding environments:A contingency view on the survival of business-incubated firms,1994-2007[J].Academy of Management Journal,56(6):1628-1654.
Antonioli D,Marzucchi A,Montresor S.2012.Regional innovation policy and innovative behaviour:Looking for additional effects[J].European Planning Studies,22(1):64-83.
Autio E,Kanninen S,Gustafsson R.2008.First-and second-order additionality and learning outcomes in collaborative R&Dprograms[J].Research Policy,37(1):59-76.
Baum C F,Schaffer M E,Stillman S.2002.Instrumental variables and GMM:Estimation and testing[J].Stata Journal,3(1):1615-1636.
Beck M,Lopes-Bento C,Schenker-Wicki A.2016.Radical or incremental:Where does R&D policy hit?[J].Research Policy,45(4):869-883.
Bianchi M,Croce A,Dell'Era C,Benedetto C A,Frattini F.2016.Organizing for inbound open innovation:How external consultants and a dedicated R&D unit influence product innovation performance[J].Journal of Product Innovation Management,33(4):492-510.
Bronzini R,Piselli P.2016.The impact of R&D subsidies on firm innovation[J].Research Policy,45(2):442-457.
Clarysse B,Wright M,Mustar P.2009.Behavioural additionality of R&D subsidies:A learning perspective[J].Research Policy,38(10):1517-1533.
Clausen T H.2009.Do subsidies have positive impacts on R&D and innovation activities at the firm level?[J].Structural Change and Economic Dynamics,20(4):239-253.
David P A,Hall B H,Toole A A.2000.Is public R&D a complement or substitute for private R&D?A review of the econometric evidence[J].Research Policy,29(4):497-529.
Dehejia R H,Wahba S.2002.Propensity score-matching methods for nonexperimental causal studies[J].Review of Economics and Statistics,84(1):151-161.
Dixit A.1997.Power of incentives in private versus public organizations[J].American Economic Review,87(2):378-382.
Greenberg D F.2004.Applied longitudinal data analysis:Modeling change and event occurrences[J].Sociological Methods&Research,33(2):305-308.
Guan J,Yam R.2015.Effects of government financial incentives on firms'innovation performance in China:Evidences from Beijing in the 1990s[J].Research Policy,44(1):273-282.
Guo D,Guo Y,Jiang K.2016.Government-subsidized R&D and firm innovation:Evidence from China[J].Research Policy,45(6):1129-1144.
Haans R F J,Pieters C,He Z-L.2016.Thinking about U:Theorizing and testing U-and inverted U-shaped relationships in strategy research[J].Strategic Management Journal,37(7):1177-1195.
Jourdan J,Kivleniece I.2017.Too much of a good thing?The dual effect of public sponsorship on organizational performance[J].Academy of Management Journal,60(1):55-77.
Lazzarini S G.2015.Strategizing by the government:Can industrial policy create firm‐level competitive advantage?[J].Strategic Management Journal,36(1):97-112.
Lee C-Y.2011.The differential effects of public R&D support on firm R&D:Theory and evidence from multi-country data[J].Technovation,31(5-6):256-269.
Li X.2009.China's regional innovation capacity in transition:An empirical approach[J].Research Policy,38(2):338-357.
Marino M,Lhuillery S,Parrotta P,Sala D.2016.Additionality or crowding-out?An overall evaluation of public R&D subsidy on private R&D expenditure[J].Research Policy,45(9):1715-1730.
Meuleman M,De Maeseneire W.2012.Do R&D subsidies affect SMEs'access to external financing?[J].Research Policy,41(3):580-591.
Montmartin B,Herrera M.2015.Internal and external effects of R&D subsidies and fiscal incentives:Empirical evidence using spatial dynamic panel models[J].Research Policy,44(5):1065-1079.
Narayanan V K,Pinches G E,Kelm K M,Lander D M.2000.The influence of voluntarily disclosed qualitative information[J].Strategic Management Journal,21(7):707-722.
Podolny J.Networks as the pipes and prisms of the market[J].American Journal of Sociology,2001,107(1):33-60.
Radas S,Ani I-D,Tafro A,Wagner V.2015.The effects of public support schemes on small and medium enterprises[J].Technovation,(38):15-30.
Ramaswamy K,Li M,Veliyath R.2002.Variations in ownership behavior and propensity to diversify:A study of the Indian corporate context[J].Strategic Management Journal,23(4):345-358.
Rao R S,Chandy R K,Prabhu J C.2008.The fruits of legitimacy:Why some new ventures gain more from innovation than others[J].Journal of Marketing,72(4):58-75.
Rosenbaum P R,Rubin D B.1983.The central role of the propensity score in observational studies for causal effects[J].Biometrika,70(1):41-55.
Rubin D B.1977.Assignment to treatment group on the basis of a covariate[J].Journal of Educational Statistics,2(1):1-26.
Wanzenb?ck I,Scherngell T,Fischer M M.2013.How do firm characteristics affect behavioural additionalities of public R&D subsidies?Evidence for the Austrian transport sector[J].Technovation,33(2-3):66-77.
Wu A.2017.The signal effect of government R&D subsidies in China:Does ownership matter?[J].Technological Forecasting and Social Change,(117):339-345.
Wu J,Chen X.2012.Leaders'social ties,knowledge acquisition capability and firm competitive advantage[J].Asia Pacific Journal of Management,29(2):331-350.
Zahra S A,George G.2002.Absorptive capacity:A review,reconceptualization,and extension[J].Academy of Management Review,27(2):185-203.
Zheng W,Singh K,Mitchell W.2014.Buffering and enabling:The impact of interlocking political ties on firm survival and sales growth[J].Strategic Management Journal,36(11):1615-1636.
Zhou K Z,Gao G Y,Zhao H.2017.State ownership and firm innovation in China:An integrated view of institutional and efficiency logics[J].Administrative Science Quarterly,62(2):375-404.
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