R&D补贴对企业技术创新影响的有效性和条件性分析  

The Effective and Conditional Analysis of R&D Subsidy Impact on Firm Technological Innovation

作　　者：刘玉洪 LIU Yu-hong

机构地区：[1]中国社会科学院大学(研究生院)工业经济系

出　　处：《经济论坛》2020年第7期5-19,共15页Economic Forum

摘　　要：R&D补贴既不存在最优政策也不存在通用模式,其有效性是存在边界条件的。本文将企业、产业和制度文化相关的因素纳入到统一框架中,以2007-2018年中国制造业上市公司的R&D补贴为样本,实证检验了R&D补贴的有效性和条件性。研究表明,R&D补贴激励了企业增加R&D投入和创新产出;R&D补贴配置给创新能力强、行业竞争强度高和融资约束强的企业,效应更显著;R&D补贴显著激励大企业的R&D投入和促进小企业的创新产出;相比非国有企业,R&D补贴对国有企业的R&D投入和创新产出效应更显著;相比非技术密集型企业,R&D补贴对技术密集型企业的R&D投入和产出效应更显著。对政策而言,满足一定条件的具有竞争性的R&D补贴配置和完善的融资制度,更能够发挥R&D补贴的政策效应。There is neither optimal nor general pattern for R&D subsidy policy and there exists conditionity for its effectiveness.This paper brings related factors with firm level,industrial level and institutional and culture into a comprehensive framework to empirically evaluate the effectiveness and conditionity of R&D subsidy policy based on data of listed manufacturing companies in China from 2007 until 2018.The results indicate that R&D subsidy stimulates increases in firm R&D investment and output;it is statistically significant if allocating R&D subsidy to companies with high innovative capabilities,high competitive intensity and high financial constraints;R&D subsidy signicantly spurs increases in R&D investment for larger firms and in R&D output for smaller firms;comparing with nonstate-owned entreprises,R&D subsidy signicantly encourages R&D investment and output of state-owned entrepris⁃es;comparing with non-technology-intensive entreprises,R&D subsidy signicantly promotes R&D investment and output of technology-intensive enterprises.For R&D subsidy policy perse,it will have more statistically significant effects if allocating to companies satisfying certain conditionities,if allocating fairly to companies in more competitive industries,and if perfect finance markets developed.

关 键 词：R&D补贴 技术创新 资源配置 有效性 条件性 

分 类 号：F832.51[经济管理—金融学] F425F273.1