专用性投资与研发补贴政策效果——来自中国高端制造业的证据  

Specific Investment and the Effect of R&D Subsidies——Evidence From China.s High-end Manufacturing

作　　者：姚海琳[1,2] 陈琪康 王文强 Yao Hailin;Chen Qikang;Wang Wenqiang(Business School,Central South University,Changsha 410083,China;Center for Industrial Development Strategy Research,Central South University,Changsha 410083,China)

机构地区：[1]中南大学商学院,长沙410083 [2]中南大学产业发展战略研究中心,长沙410083

出　　处：《工业技术经济》2022年第5期90-100,共11页Journal of Industrial Technological Economics

基　　金：国家社会科学基金一般项目“关键战略材料企业技术创新的政策作用机制及影响效应研究”(项目编号:19BJY039);湖南省教育厅项目“新材料技术创新政策与企业创新突破:机制、路径及效应研究”(项目编号:19K098)。

摘　　要：自进入高质量发展阶段,中国制造企业的专用性投资行为成为学界关注的焦点,而专用性投资如何影响研发补贴政策的实施效果则值得进一步探讨。本研究基于2015~2020年中国高端制造业724家上市公司的面板数据,采用具有固定效应的负二项回归方法,实证检验了专用性投资对研发补贴政策实施效果的影响。研究表明:专用性投资是研发补贴促进企业技术创新的重要中介渠道,并在此过程中起到部分中介效应;专用性投资在研发补贴和企业技术创新关系间起到非线性调节效应,其作用强度具有“U型”演化特征。研究结论能为研发补贴政策的优化以及相关配套政策的完善提供重要参考。Since entering the stage of high-quality development,the specific investment behavior of Chinese manufacturing enterprises has become the focus of academic attention,and how specific investment affects the implementation effect of R&D subsidy policy is worth further exploring. Based on the panel data of 724 listed companies in China.s high-end manufacturing industry from 2015 to 2020,this study empirically tests the impact of specific investment on the implementation effect of R&D subsidy policies by using the negative binomial regression method with fixed effects. The results show that specific investment is an important mediating channel for R&D subsidy to promote technological innovation,and plays a part of mediating effect in this process. Specific investment plays a nonlinear moderating effect on the relationship between R&D subsidy and technological innovation,and its effect intensity is u-shaped. The research results can provide important reference for the optimization of R&D subsidy policies and the improvement of relevant supporting policies.

关 键 词：专用性投资 研发补贴 技术创新 高端制造 负二项回归 “U”型演化特征 

分 类 号：F273.7[经济管理—企业管理] F420[经济管理—国民经济]