北京邮电大学学报(社会科学版) ›› 2021, Vol. 23 ›› Issue (1): 51-59.doi: 10.19722/j.cnki.1008-7729.2020.0265

• 经济与管理 • 上一篇    下一篇

财政补贴总是能够促进企业创新吗?——一项准自然实验

高静(1981—),女,江苏徐州人,博士,教授   

  1. 西南大学 经济管理学院,重庆400715
  • 收稿日期:2020-09-21 出版日期:2021-02-28 发布日期:2021-03-07
  • 通讯作者: 高静(1981—),女,江苏徐州人,博士,教授
  • 作者简介:高静(1981—),女,江苏徐州人,博士,教授

Can Financial Subsidies Always Promote Corporate Innovation? —A Quasi-natural Experiment

  1. School of Economics and Management, Southwest University, Chongqing 400715, China
  • Received:2020-09-21 Online:2021-02-28 Published:2021-03-07

摘要:  利用中国工业企业数据库数据,以倾向值得分匹配双重差分法的准自然实验方法,分情境实证财政补贴对企业创新的效应。研究发现,政府财政补贴对企业创新具有显著促进效应,分情境讨论发现,财政补贴每增加1%,企业创新产出分别增加5.4%,5.7%和5.2%。本研究综合了政府干预理论、预算软约束理论以及寻租理论探讨财政补贴对企业创新的作用路径;采用准自然实验方法,降低了可能的样本选择性偏差造成的内生偏误;采用新产品产值衡量创新绩效,凸显企业创新的市场转化能力,为政府优化财政补贴政策和企业开展创新活动提供了实证支持。


关键词:  , 财政补贴;企业创新;倾向得分双重差分法PSM-DID;促进效应

Abstract:  By using the database of Chinese industrial enterprises and adopting the quasi-natural experimental method of propensity score matching-difference in differences (PSM-DID), the effect of financial subsidies on corporate innovation was demonstrated in different scenarios. The results show that financial subsidies have significantly promoted corporate innovation. For each 1% increase in financial subsidies, corporate innovation output increases by 5.4%, 5.7% and 5.2%, respectively. The contribution of this research is that it integrates government intervention theory, soft budget constraint theory, and rent-seeking theory into the exploration of the role of financial subsidies on corporate innovation; that the use of quasi-natural experimental method reduces endogenous bias caused by potential sample selectivity bias; that using the output value of new products to measure innovation performance highlights the market transformation ability of enterprise innovation. The research provides empirical support for the government to optimize financial subsidy policies and for enterprises to carry out innovation activities.


Key words:  , financial subsidy, enterprise innovation, propensity score matching-difference in differences, promoting effect

中图分类号: