财政补贴、生命周期和企业研发创新  

Government Subsidy,Firm Life Cycle and Innovations

作　　者：童锦治[1] 刘诗源[1] 林志帆 Tong Jinzhi;Liu Shiyuan;Lin Zhifan

机构地区：[1]厦门大学经济学院财政系 [2]厦门大学王亚南经济研究院

出　　处：《财政研究》2018年第4期33-47,共15页Public Finance Research

基　　金：厦门大学经济学院财政系研究生科研创新项目"财税政策;生命周期与企业研发创新"资助

摘　　要：本文使用2012-2016年中国上市公司数据,从企业生命周期的角度对财政补贴与企业研发创新间的关系进行实证检验。结果表明:总体而言,财政补贴对企业研发创新的影响虽为正,但不显著;区分企业生命周期阶段发现,财政补贴显著激励了成熟期企业的研发创新,对成长期和衰退期企业的影响较小;进一步细分样本研究揭示,财政补贴对成熟期的非国有企业、高科技企业、非制造业企业和非垄断企业的研发创新存在显著的激励效应,对其他类别的企业无显著影响。将被解释变量替换为各类专利申请、变更企业生命周期划分标准、运用工具变量回归处理潜在的内生性问题,研究结论均稳健成立。本文的研究结论有助于优化财政补贴的配置,提高财政补贴的使用效率。This paper uses R＆D and patent data of Chinese listed companies from 2012 to 2016 to study the heterogeneous effect of government subsidies on firm innovation at different stages of firm life cycle. The result shows that, on average, government subsidies do not exert significant crowing-in effect on firm innovation; but separating different life cycle stages, we find that government subsidies significantly stimulate innovations when the firm is at the mature stage, but the impact is not significant when firms are at young or old stages. Sub-sample regressions show that, government subsidies have significant crowding-in effect on innovation only for non-state owned enterprises, high-tech enterprises, non-manufacturing enterprises and non-monopoly enterprises at the mature stage. Our findings remain robust under various sensitivity checks. The conclusions of this paper provide a useful reference for more efficient allocation of R＆D funding resources in China.

关 键 词：财政补贴 研发创新 企业生命周期 

分 类 号：F812.45[经济管理—财政学]