政府投资基金对企业创新的动态效应研究  

Research on the Dynamic Effect of Government Investment Funds on Enterprise Innovation

作　　者：陈鑫鑫 陈中天 罗福凯[2] Xinxin Chen;Zhongtian Chen;Fukai Luo(Finance College,Anhui University of Financeand Economics,Bengbu Anhui 233030,China;Management College,Ocean University of China,Qingdao Shandong 266100,China)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030 [2]中国海洋大学管理学院,山东青岛266100

出　　处：《会计与经济研究》2022年第6期20-37,共18页Accounting and Economics Research

基　　金：国家自然科学基金面上项目(72172144);山东省自然科学基金面上项目(ZR2019MG011)。

摘　　要：随着基金规模的扩大和投资领域的拓展,作为促进战略新兴技术发展和企业创新的推动力,政府投资基金资助企业创新的效果究竟如何尚待进一步验证。基于理论基础、传导机制和时间序列方法,文章选取2013年1月至2020年1月政府投资基金投资额与职业发明专利申请数进行实证检验,研究发现:政府投资基金与企业创新之间存在双向时变的因果关系效应,该效应与多种政策、理论机制和管理因素对变量的综合影响存在关联。政府投资基金对于企业创新的影响在政府投资基金发展初期呈现正效应,在产业资助饱和后出现负效应和无效应,并在忽视专利信号反馈和延续静态资助的过程中出现强负效应;企业创新对政府投资基金的影响呈现出显著的时变性和复杂性,表明政府投资基金虽然能够弱化专利信号效应中营利性驱动的影响,但未能对企业的创新产出给予足够关注,资助的动态反馈和绩效评价尚需完善。因此,政府投资基金管理体系应构建动态化的产业信息反馈和创新资助机制,以强化双向因果关系的正向效应,规避负效应和无效应。With the expansion of the fund scale and the investment fields, as a driving force for promoting the development of strategic emerging technologies and enterprise innovation, the effect of government investment funds supporting for enterprise innovation needs to be further verified. Based on the theoretical basis, transmission mechanism and time series method, this paper tests the relationship between the government investment funds investment and the number of occupational invention patent applications from January 2013 to January 2020. The empirical results show that there is a twoway time-varying causal effect between government investment funds and enterprise innovation. This effect is related to the comprehensive influence of various policies, theoretical mechanisms and management factors on variables. The effect of government investment funds on enterprise innovation is positive at the initial stage of its development.Negative effect and non-effect appear after the saturation of industrial support, and strong negative effect appears in the process of ignoring patent signal feedback and continuing static support. The impact of enterprise innovation on government investment funds shows significant time-varying and complexity, which indicates that although government investment funds can weaken the impact of profitability drive in patent signal effect,they fail to pay enough attention to the innovation output of enterprises, and the dynamic feedback and performance evaluation of subsidies need to be improved. Therefore, the government investment fund management system should build a dynamic industrial information feedback and innovative funding mechanism to strengthen the positive effect in two-way causality and avoid negative effect and non-effect.

关 键 词：政府投资基金 企业创新 滚动窗口拔靴因果关系检验 时变分析 

分 类 号：F810.4[经济管理—财政学]