政府创新补贴对企业研发投入的影响  

The Impact of Government Innovation Subsidies on Corporate R & D Input

作　　者：李翔 卜标标 王瑞 LI Xing;BU Biaobiao;WANG Rui(School of Economics,Xinjiang University of Finance and Economics,Urumpi 830000,China)

机构地区：[1]新疆财经大学经济学院,新疆乌鲁木齐830000

出　　处：《经济论坛》2025年第3期129-140,共12页Economic Forum

基　　金：国家社会科学基金项目“丝绸之路经济带建设背景下新疆产业结构升级的路径研究”(19BJL129)。

摘　　要：政府“有形之手”在扶持提升企业创新能力方面厥功至伟。为探究政府创新补贴对企业研发投入的影响,文章基于2015—2020年中国A股726家上市企业数据,手工将政府创新补贴与政府补贴加以区分,运用双向固定效应模型,以企业社会责任为调节变量进行实证分析。研究发现:一是政府创新补贴与企业研发投入显著正相关,经过一系列稳健性检验后,结果依然显著;二是政府创新补贴在激励企业研发投入的过程中,企业社会责任起“U”型调节作用;三是异质性分析发现,相对于国有企业、劳动密集型企业和资本密集型企业,政府创新补贴对民营企业和技术密集型企业研发投入的促进作用更强。The tangible hand of the government plays a pivotal role in supporting and enhancing the corporate innovation capabilities.To explore the impact of government innovation subsidies on corporate R&D input,this study is based on the data from 726 listed companies on the A-share market in China from 2015 to 2020.Government innovation subsidies are manually distinguished from general government subsidies,and a two-way fixed effects model is employed for empirical analysis,with corporate social responsibility serving as a moderating variable.The study findings are as follows:First,government innovation subsidies are significantly positively correlated with corporate R&D input,and the results remain significant after a series of robustness tests;second,in the process of government innovation subsidies incentivizing corporate R&D input,corporate social responsibility plays a‘Ushaped’moderating role;third,a heterogeneity analysis reveals that,compared to state-owned enterprises,laborintensive enterprises,and capital-intensive enterprises,government innovation subsidies have a stronger stimulating effect on R&D input in private enterprises and technology-intensive enterprises.

关 键 词：政府创新补贴 研发投入 企业社会责任 “U型”调节 

分 类 号：F812.45[经济管理—财政学] F272