创新补助究竟有没有激励企业创新自主投资--来自中国上市公司的新证据

发布时间：2018-06-10 07:17

本文选题：政府补助 + 企业创新　；参考：来自中国上市公司的新证据

【摘要】：政府"扶持之手"在RD"市场失灵"中发挥着重要作用,然而,政府创新补助在激励企业创新自主投资方面究竟"如其所愿"还是"事与愿违"?尚缺乏一致和有说服力的经验证据。本文通过剔除非RD补助噪音,并对企业创新自主投资与政府创新补助加以区分,为该问题提供了来自中国上市公司研发投资的新证据。研究发现,尽管政府创新补助与企业总体RD投资正相关,但政府直接给予企业的创新补助每增加1单位,带来的RD投资增量显著小于1;随着政府创新补助的增加,企业创新自主投资在减少。这表明,创新补助总体而言并未有效激励企业创新自主投资。进一步研究发现,企业行业属性、内部控制水平及外部环境会显著影响创新补助的激励效应,对于高科技、内部控制水平较高或所处经营法制环境较好的企业而言,创新补助确实"如其所愿"地发挥了激励效应。
[Abstract]:Government "support hand" plays an important role in Rd "market failure". However, is the government innovation subsidy "as desired" or "counterproductive" in encouraging enterprises to invest independently? There is a lack of consistent and convincing empirical evidence. By eliminating the noise of non-R D subsidies and distinguishing innovation independent investment from government innovation subsidy, this paper provides new evidence from R & D investment of listed companies in China. The study found that, although the government innovation subsidy is positively related to the overall R D investment of the enterprise, the increase in R D investment for every one unit of innovation subsidy directly given by the government to the enterprise is significantly less than 1 unit, and with the increase of the government innovation subsidy, Independent investment in innovation is decreasing. This shows that innovation subsidies in general have not been effective incentives for independent investment in innovation. Further research shows that the industry attributes, the level of internal control and the external environment will significantly affect the incentive effect of innovation subsidies. For enterprises with high technology, high level of internal control or a better legal environment, Innovation subsidies do have an incentive effect "as they wish".
【作者单位】：南京财经大学会计学院;中山大学管理学院;新加坡南洋理工大学商学院;
【基金】：国家自然科学基金项目(71472047、71572038、71332004) 财政部会计名家培养工程项目(财会[2016]15号) 国家社会科学基金项目(15BGL060) 江苏高校优势学科建设工程资助项目(PAPD) 江苏省“青蓝工程”项目江苏省高校哲社基金项目(2014SJB126) 福建省社科规划重大项目(2016JDZ028)的资助
【分类号】：F273.1;F275;F832.51

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