产业政策对研发投资的激励是否一视同仁——投资增长效应与行业内部差距  

Does industrial policy stimulate R&D investment equally?——Investment growth effect and intra-industry gaps

作　　者：刘井建[1] 徐一琪 李惠竹 LIU Jing-jian;XU Yi-qi;LI Hui-zhu(School of Economics and Management,Dalian University of Technology,116024 Dalian,China;School of Finance,Dongbei University of Finance and Economics,116024 Dalian,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024 [2]东北财经大学金融学院,辽宁大连116025

出　　处：《科学学研究》2021年第7期1176-1187,共12页Studies in Science of Science

基　　金：国家社会科学基金重大项目(18ZDA95);教育部人文社科规划青年基金项目(19YJC790082)。

摘　　要：以2008-2019年沪深上市公司为研究对象,实证研究发现:受产业政策支持企业的研发投资强度更高,并且研发投资增长速度快于未受支持企业;受政策支持的行业内部企业研发投资差距增大,出现了研发投资分化的"马太效应"。产业政策的支持偏向性分析显示,研发投资强度大、研发人员密集度高以及高新技术企业的研发投资增长更快,在产业政策支持行业内部资源配置存在择优汰劣的选择机制。进一步发现,财政补贴和税收优惠在产业政策和研发投资之间发挥部分中介效应,存在一定程度的引致性研发投资增长,财政补贴是加剧研发投资行业内部差距的主要因素,而税收优惠促进研发投资共同增长但不会增大研发投资差距。The literature provides conflicting evidence on the effect of industrial policy on firm’s R&D investment.On the one hand,industrial policy promotes R&D investment by easing financial constraints and promoting credit levels.On the other hand,selective industrial policy tends to encourage strategic innovation.For example,firms increase the quantity innovation to obtain the support of some industrial policy,while the quality has not been significantly improved,and even some stop R&D activities after receiving policy support.Such being the case,it is not conducive to form a long-term growth mechanism on R&D investment,the source of competitive advantage.It is the crux whether industrial policy can form a spontaneous growth on R&D investment,but most of the existing studies only focus on the intensity of R&D investment supported by industrial policy.Our first question it to resolve how industrial policy promotes R&D investment growth,and to reveal whether the growth is spontaneous or for a long time.The implementation of industrial policy depends on the support of local governments,and choosing better firms within an industry to support is a routine practice.Due to the scarcity and crowding effect of the capital resources,the intervention may aggravate the innovation gaps within an industry.However,there are still no relevant tests on how the government resources from the same policy influence the distributions of firms’R&D investments within an industry.We should make clear whether the gaps of R&D investments within an industry will increase,namely,whether the industrial policy treats every firm equally or not.Taking Shanghai and Shenzhen listed companies from 2008 to 2019 as the research objects,we empirically test the effects of industrial policy on R&D investment growth and gaps by using the differential model,semi-logarithmic and lag model.Furthermore,the mediating effect model is conducted to test the induced effect of industrial policy on the growth of R&D investment through fiscal subsidies and tax incenti

关 键 词：产业政策 研发投资 财政补贴 税收优惠 

分 类 号：F272[经济管理—企业管理]