摘要
创新是推动经济高质量发展,促成“双循环”新发展格局的重要引擎,如何实施产业政策以提高企业的创新能力受到社会各界的广泛关注。有鉴于此,本文基于2011-2018年中国上市公司数据,从政策工具——政府补贴和税收优惠组合实施视角探讨促进企业创新的产业政策选择问题。研究发现,政府补贴与税收优惠的组合实施显著地降低了企业的创新能力。机制分析发现,出现上述结果的原因在于,二者的组合实施强化了政企之间的“逆向选择”问题和寻租行为,从而对企业的研发资金配置产生了双重“挤出效应”。进一步地,本文还考察了市场竞争对政府补贴和税收优惠影响企业创新能力的调节效应。结果显示,市场竞争越激烈,政府补贴和税收优惠越能提高企业的创新能力。之所以如此,其原因在于市场竞争可以显著提高企业的研发资金配置效率。本文不仅补充了产业政策影响企业创新的相关研究,而且为政府后续产业政策的调整与转型提供了重要的经验参考。
Innovation is an important engine that promotes high-quality economic development and the“dual circulation”development pattern.How to implement industrial policies to improve the innovation ability of enterprises has been widely concerned by all communities.In light of this,using the data of China s listed companies(2011-2018),the paper discusses how the selection of industrial policies affects enterprise innovation in terms of the combination of policy tools,i.e.government subsidies and tax incentives.The findings show that the combination of government subsidies and tax incentives significantly reduces the innovation ability of enterprises.Mechanism analysis finds the combination of the two tools intensifies the“adverse selection”and rent-seeking behavior between the government and enterprises.This generates a double“crowding-out effect”on the capital allocation of enterprises R&D.Furthermore,this paper also examines the moderating effect of market competition on the influence of government subsidies and tax incentives on innovation ability of enterprises.The results illustrate that the intensity of market competition enhances the positive effect of government subsidies and tax incentives on improving the innovation ability of enterprises.The reason is that market competition significantly improves the allocation efficiency of R&D capital enterprises.This paper not only effectively supplements the research on the effect of industrial policies on enterprise innovation ability,but also provides policy implications for the adjustment and transformation of subsequent industrial policies.
作者
王桂军
张辉
WANG Guijun;ZHANG Hui(Peking University,Beijing,China)
出处
《经济学动态》
CSSCI
北大核心
2020年第10期12-27,共16页
Economic Perspectives
基金
教育部哲学社会科学研究重大课题攻关项目(18JZD029)
国家自然科学基金项目(71764002)
中国博士后科学基金项目(2019M660339)资助。
关键词
产业政策工具
企业创新能力
政府补贴
税收优惠
市场竞争
Industrial Policy Tools
Enterprise Innovation Ability
Government Subsidies
Tax Incentives
Market Competition
