政府补贴对企业研发投入的门槛效应——基于融资约束差异的视角  

The Threshold Effect of Government Subsidies on Firms’R&D Investment:Based on Perspective of Different Financial Constraints

作　　者：于建忠 陈燕红[2] Yu Jianzhong;Chen Yanhong(Institute of International Economics,University of International Business and Economics,Beijing 100029;School of Humanities and Social Sciences,North China Electric Power University,Beijing 102206)

机构地区：[1]对外经济贸易大学国际经济研究院,北京100029 [2]华北电力大学人文与社会科学学院新金融法学研究中心,北京102206

出　　处：《浙江社会科学》2021年第10期12-22,155,共12页Zhejiang Social Sciences

基　　金：北京市社会科学青年基金项目“国际比较视角下北京经济高质量发展的指标体系及路径优化研究”(19YJC038)。

摘　　要：文章基于中国制造业1040家上市企业的微观数据,实证检验政府补贴对企业研发投入的影响,结果发现,政府补贴对企业研发投入的影响具有门槛效应,而且其在不同融资约束企业中存在差异:当补贴规模较小时,政府补贴对低融资约束企业研发投入具有促进作用,但对高融资约束企业没有产生促进作用;当补贴规模跨越一定门槛后,政府补贴对高融资约束企业研发投入具有显著的促进作用,而且大于对低融资约束企业的促进作用。本文还发现,低融资约束企业获得的政府补贴显著多于高融资约束企业,这表明补贴规模与激励效应大小之间存在一定错配。因此,政府对补贴企业筛选与评估时需要考虑企业融资约束,并实行有针对性和差异化的补贴额度,以提升政府补贴的效果。Based on the data of 1040 Chinese listed firms,this paper examines the threshold effect of government subsidies on firms’R&D investment,and discusses the difference of threshold effects in firms with different financial constraints.The empirical results show that government subsidies have a threshold effect on firms’R&D investment.Furthermore the threshold effects of government subsidies on firms with different financial constraints is different,when the subsidy scale is small,the government subsidies do have a positive effect on R&D investment of firms with low financing constraints,while there is no significant effect on R&D investment of firms with high financing constraints.When the subsidy scale crosses a certain threshold,government subsidies have a significant and positive effect on the R&D of firms with high financing constraints,which is greater than the effect on firms with low financing constraints.This paper also finds that the government subsidies obtained by firms with low financing constraints is greater than that of firms with high financing constraints,which indicates that there is a mismatch between the subsidy scale and the size of its effect.This paper believes that improvement in the screening criteria and evaluation system for government-funded targets,as well as the implementation of targeted and differentiated project subsidies amount,will help improve the performance of government subsidy policies.

关 键 词：政府补贴 企业研发投入 门槛效应 融资约束 

分 类 号：F273.1[经济管理—企业管理] F425[经济管理—国民经济] F812.45F832.51