财政补贴、研发投入与企业创新绩效——制度差异下有调节的中介效应模型检验  

Financial Subsidies, R&D Investment and Enterprise Innovation Performance: A Model Test of Regulatory Mediator Effect under Institutional Differences

作　　者：梅冰菁 罗剑朝[1] MEI Bingjing;LUO Jianchao(School of Economics and Management,Northwest Agricultural and Forestry University,Yangling 712100,China)

机构地区：[1]西北农林科技大学经济管理学院

出　　处：《经济经纬》2020年第1期167-176,共10页Economic Survey

基　　金：教育部2011年度“长江学者和创新团队发展计划”创新团队项目(IRT1176);国家自然科学基金项目(71573210);国家自然科学基金项目(71873100)

摘　　要：基于西北农林科技大学科技型企业专项数据库,利用有调节的中介效应模型探究财政补贴对企业创新绩效的激励效应,以及研发投入的中介效应和制度差异的调节效应。研究发现:财政补贴显著提高企业创新绩效,并对非国有企业有更高的激励效应;研发投入规模是财政补贴对企业创新绩效产生影响的中介因素;制度差异对研发投入规模的中介路径中产生了前半路径为正和后半路径为负的调节效应,即由财政补贴到研发规模路径中财政补贴对非国有企业研发规模激励效应强于国有企业;由研发规模到企业创新绩效路径中国有企业研发规模的扩张可以创造更多的创新绩效。This paper uses data from 862 enterprises above designated size in Bengbu City, Anhui Province(2015-2017) to explore whether there is an incentive effect of financial subsidies on corporate innovation performance. And it establishes a regulated mediation effect model to examine the mediating effect of R&D investment and the adjustment effect of institutional differences in the path of financial subsidies which affect enterprise innovation performance. The study finds that financial subsidies can significantly improve the innovation performance of enterprises and have higher incentive effects for non-state-owned enterprises;the scale of R&D investment is the intermediary factor that affects the innovation performance of enterprises;the institutional differences have a positive regulatory effect on the first half and negative regulatory effect on the second half of the intermediary path of R&D investment scale, that is "financial subsidies → research and development scale" path in Finance. The incentive effect of government subsidies on R&D scale of non-state-owned enterprises is stronger than that of state-owned enterprises;the expansion of enterprise R&D scale can create more innovation performance;combined with the direct path and the intermediary path, the overall use of government subsidies by non-state enterprises will result in higher innovation performance.

关 键 词：财政补贴 研发投入 创新绩效 有调节的中介效应模型 

分 类 号：F832.35[经济管理—金融学]