政策解读能力如何促进民营企业创新投资  

How Does Policy Interpretation Ability Stimulate Private Enterprises'Innovation Investment?The Empirical Evidence from China's Private Enterprises Survey

作　　者：于文超[1] Yu Wenchao(School of Economics,Southwest University of Political Science&Law,Chongqing 401120,China)

机构地区：[1]西南政法大学经济学院、制度经济学研究中心,401120

出　　处：《南开经济研究》2021年第1期205-224,共20页Nankai Economic Studies

基　　金：国家自然科学基金青年项目(72003159);重庆市教委科学技术研究项目(KJQN 202000307);西南政法大学校级重点项目(2019XZZD-05);西南政法大学强化公共卫生法治保障专项课题(2020)的资助。

摘　　要：有效的政策解读能力可以通过丰富创新资源和增进创新意愿来促进民营企业创新。本文利用2012年中国民营企业调查数据,系统评估政策解读能力对民营企业创新投资的影响及其机制。研究发现,良好的政策解读能力会促使民营企业新增更多创新投资。这一结论在控制内生性偏误与一系列稳健性检验后依然成立。进一步研究表明,政策解读能力可以帮助企业获得更多银行贷款等政策性资源并提高企业的政策熟悉度,这是政策解读能力促进民营企业创新投资的重要机制。本文不仅为理解市场主体政策解读能力的经济效应提供了全新微观证据,更为完善民营企业创新发展的制度环境提供了政策启示。Effective policy interpretation ability can stimulate the innovation of private enterprises significantly through enriching innovation resource and increasing innovative willingness.Using China's Private Enterprises Survey Data in 2012 as sample,this paper studies the influence and influence mechanisms that policy interpretation ability(PIA)affects private enterprises'innovation investment.The results suggest that,PIA has significantly positive effect on private enterprises'innovation investment.This conclusion still holds after controlling endogenous bias and carrying out robust tests.Further study suggests that,PIA helps the enterprise obtain more policy resources such as bank loan and improve the enterprise's familiarity with government policies,which are important mechanisms that PIA stimulates private enterprises'innovation investment.This paper provides not only new micro-evidence to understand the economic effect of PIA of market entities,but also the policy suggestions to perfect the institution of promoting innovative development of private enterprises.

关 键 词：政策解读能力 民营企业创新投资 外部融资 政策熟悉度 

分 类 号：F276.5[经济管理—企业管理] F273.1[经济管理—国民经济]