粤港澳大湾区建设促进了企业创新吗?  

Does the Guangdong-Hong Kong-Macao Greater Bay Area Promote Corporate Innovation?

作　　者：陈昭[1] 陈钊泳 CHEN Zhao;CHEN Zhao-yong(School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou,China,510006)

机构地区：[1]广东外语外贸大学经济贸易学院,广东广州510006

出　　处：《财经理论研究》2022年第5期77-89,共13页Journal of Finance and Economics Theory

基　　金：教育部哲学社会科学研究重大课题攻关项目(16JZD018);广东省人文社科重点研究基地项目(2018YGA006)。

摘　　要：文章以粤港澳大湾区建设作为一项“准自然实验”,基于2013—2019年A股上市公司数据,采用双重差分倾向得分匹配(PSM-DID)的分析方法,实证评估了粤港澳大湾区建设对企业创新的影响。结果表明:粤港澳大湾区建设显著促进了企业的创新发展,并通过改变被解释变量、安慰剂检验、反事实检验对实证结果进行稳健性检验。就企业规模和企业性质异质性而言,粤港澳大湾区建设对大规模企业、非国有企业的创新影响程度更大。文章同时使用中介效应分析模型,采取逐步回归分析方法检验企业的融资约束与政府补贴在粤港澳大湾区建设与企业创新之间的关系,得到粤港澳大湾区建设通过融资约束与政府补贴的中介途径显著促进了企业创新的结论,提出了政府应继续加强粤港澳大湾区的协同发展建设,为企业的创新活动提供外部支撑并多方位拓宽企业的融资渠道,缓解企业的融资约束的政策建议。Taking the construction of Guangdong-Hong Kong-Macao Greater Bay Area as the subject of a "quasi-natural experiment", based on the data of A-share listed companies from 2013 to 2019, this paper used the analysis method of Propensity Score Matching and Difference-in-Differences(PSM-DID) to empirically evaluate the impact of the construction of Guangdong-Hong Kong-Macao Greater Bay Area on corporate innovation. The results show that the construction of Guangdong-Hong Kong-Macao Greater Bay Area has significantly promoted the innovation and development of enterprises. The robustness of the empirical results is tested by changing the explained variables, the placebo test and the counterfactual test. As far as the heterogeneity of enterprise scale and nature is concerned, the construction of Guangdong-Hong Kong-Macao Greater Bay Area has a greater impact on the innovation of large enterprises and non-state-owned enterprises. At the same time, using the intermediary effect analysis model, this paper adopted the stepwise regression analysis method to test the relationship between enterprise financing constraints and government subsidies in Guangdong-Hong Kong-Macao Greater Bay Area and corporate innovation, and drew the conclusion that the construction of Guangdong-Hong Kong-Macao Greater Bay Area has significantly promoted corporate innovation through the intermediary of financing constraints and government subsidies. Finally, this paper put forward policy suggestions that the government should continue to strengthen the coordinated development of Guangdong-Hong Kong-Macao Greater Bay Area, provide external support for corporate innovation activities, broaden the financing channels of enterprises in various ways, and ease the financing constraints of enterprises.

关 键 词：粤港澳大湾区 双重差分 企业创新 融资约束 政府补贴 

分 类 号：F127[经济管理—世界经济] F273