科技金融政策能提升科技企业研发投入吗?——来自试点政策的经验证据  

Can the technology and financial policy improve the R&D investment of science and technology enterprises?——Empirical evidence from the pilot policy

作　　者：任曙明[1] 王梦娜 REN Shu-ming;WANG Meng-na(School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024

出　　处：《科学学研究》2024年第5期977-990,1052,共15页Studies in Science of Science

基　　金：国家自然科学基金面上项目(72173014);辽宁省社会科学规划基金重点项目(L20AJY014);中央高校基本科研业务费专项资金资助项目(DUT21RW210)。

摘　　要：将“促进科技和金融结合”试点政策的冲击视为一项“准自然实验”,基于信号传递理论,分析了该试点政策影响科技企业研发投入的内在机理,并基于2009-2020年中小板和创业板上市企业的微观数据,运用渐进DID模型评估了该试点政策对企业研发投入的效应。研究结果表明:该试点政策显著提升了科技企业研发投入,且这一政策效应具有持续性。此外,政策的研发投入效应在不同生命周期、不同所有制以及不同规模的企业间存在差异。机制检验表明,该试点政策通过财政补贴效应、信贷支持效应和机构投资集聚效应对科技企业研发投入产生影响,其中信贷支持效应贡献度最高,机构投资集聚效应贡献度次之,财政补贴效应的贡献度最低。拓展分析发现,试点政策显著促进了科技企业的创新产出,并提高了科技企业的创新质量。本文的研究结论为充分发挥科技金融结合试点政策的研发投入效应提供了政策启示。Technological innovation with enterprise R&D as the main body is an important force to promote economic growth, and thehigh-tech enterprises emphasizing R&D are the micro subjects with the most innovative vitality. Due to technological externalities, high risks and limited financing channels, the actual R&D expenditures of enterprises are always lower than the maximum level of social welfare. In view of this, governments usually implement public policies to improve the phenomenon of under-investment in research and development. In this paper, the impact of the pilot policy of “promoting the combination of technology and finance” is regarded as a “quasi-natural experiment”. This paper firstly analyzes the theoretical mechanism of the policy on R&D in science and technology enterprises(S&T enterprises), and then uses the staggered difference-in-difference model to evaluate the impact of the policy on R&D based on the microdata of listed companies from 2009 to 2020. Firstly, we find that the pilot policy has significantly improved the R&D investment intensity of S&T enterprises, and the implementation of the policy has increased the R&D investment intensity of S&T enterprises in the pilot cities by about 22% on average, and this policy effect is sustainable. This finding remains robust after dealing with sample selection bias, pilot policy impact time, other policy interference, sample screening, and indicator selection. This indicates that the pilot policy is conducive to promoting firms' R&D. Secondly, the heterogeneity analysis shows that the impact of this pilot policy on R&D investment of S&T enterprises is different among enterprises with different life cycles, different ownership and different sizes. Thirdly, the mechanism tests show that the pilot policy affects the R&D investment intensity of S&T enterprises through the effect of financial subsidy, credit support and institutional investment agglomeration, among which the contribution of credit support effect is the highest, followed by the effect o

关 键 词：科技金融结合试点政策 研发投入 准自然实验 科技企业 

分 类 号：F427[经济管理—产业经济]