央地产业政策协同、外资参股与国有企业研发投入水平  

Industrial policy coordination between central and local governments,foreign equity participation,and the R&D investment level of state-owned companies

作　　者：狄灵瑜 步丹璐[2] 石翔燕 DI Lingyu;BU Danlu;SHI Xiangyan(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China;School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018 [2]西南财经大学会计学院,四川成都611130

出　　处：《产业经济研究》2021年第5期83-96,共14页Industrial Economics Research

基　　金：国家社会科学基金后期资助项目一般项目(19FGLB045);浙江理工大学科研启动项目(21092120-Y)。

摘　　要：结合混合所有制改革,实证分析了外资股东参股对国有企业研发投入水平的影响及央地产业政策协同对两者相关关系的调节作用。研究发现:第一,外资股东参股可以显著提升国有企业的研发投入水平,尤其是当外资来源地相对发达、外资股东以战略合作为主要入股动机时,其参股后提高国有企业研发投入水平的效果更为显著。而央地产业政策协同有助于进一步强化外资参股股东对国有企业研发投入水平的正向作用。第二,机制分析表明,央地产业政策协同可通过提高引资企业创新意愿、增加引资企业创新资源的内在渠道,有效提升引资企业的研发投入水平。第三,进一步地,从地区环境出发,当地区对中央的财政依赖度越高、地方重要官员无中央任职经历时,央地产业政策协同的正向调节效果会越显著;从国有企业自身特点出发,当企业层级越低时,央地产业政策协同的正向调节效果越显著。实证分析结论丰富了国有企业创新的影响因素研究,并为政府充分发挥央地产业政策协同的积极效应提供了政策启示。This paper selects state-owned listed companies in Shanghai and Shenzhen as examples,to analyze the impact of foreign shareholder participation on the R&D investment level of enterprises and the moderating effect of central and local policy coordination.The results show three key areas:First,the participation of foreign shareholders can significantly improve the level of R&D investment in state-owned enterprises,especially when foreign shareholders come from relatively developed countries and the main motive of foreign shareholders is strategic cooperation,the effect will be more significant.Furthermore,the coordination of central and local policy can further strengthen this positive effect of foreign shareholders.Second,mechanism analysis shows that coordination of central and local policy promotes the level of R&D investment in state-owned enterprises by raising innovation willingness and by providing more innovative resources,such as government subsidy and tax preference.Third,further analysis shows that in cases where local governments rely more heavily on central finance and local key officials have no central office experience,the policy coordination between the central government and the local government will play a more significant role in positive regulation;moreover,the lower the level of state-owned enterprise,the more significant the policy coordination between the central and the local government will be.The conclusion of this paper enriches the research on the influencing factors of enterprise R&D investment,and provides policy enlightenment for the government to give full play to the special power of central-local policy coordination on enterprise innovation performance.

关 键 词：外资参股 研发投入水平 央地产业政策协同 风险承担水平 政府补助 税收优惠 

分 类 号：F062.9[经济管理—政治经济学]