指引促进还是“锦上添花”？——我国财政补贴对企业创新投入的因果关系的再检验

摘要/Abstract

摘要：

在我国现行的制度环境下，探讨政府为了促进科技创新而针对企业直接进行的财政补贴到底有何效果，无论在理论还是政策方面都极具意义。纵观国际实证经验，学界对此并未形成统一意见，而我国之前的研究，由于方法的差异和内生性问题，也众说纷纭，近年来微观计量方法的发展，为我们系统检验这一"因果推断"提出了新的可能。本文基于中国工业企业数据库，使用倾向得分匹配与双重差分（PSM-DID）的微观计量方法，同时对比传统面板回归，证明了财政补贴对于企业后续创新投入具有显著促进作用而非"挤出效应"，相比之前文献采取传统回归方法所得到的"双向促进"（即企业的研发投入也能够显著增加其后续获得的补贴收入），本文发现这种因果关系表现出强烈的"单向性"，企业研发行为对于其后续获得的补贴收入并不会产生显著影响。间接说明我国财政补贴具有显著"带动"微观企业研发投入的指引作用，而非简单"锦上添花"式的奖励，更没有所谓挤出企业研发投入的"挤出效应"。同时，通过异质性分析我们还发现，财政补贴政策对于私人企业、东部和西部企业、非高新企业的研发投入具有相对更高的促进效果。

关键词: 财政补贴, 企业创新, 倾向得分匹配, 双重差分

Abstract:

Under current system environment in China, it is of both theoretical and policy significance to discuss the effect of government's direct financial subsidy on enterprises in order to promote technology innovation. There are no unified opinions about the effect in academic field based on international empirical researches. Also, opinions in previous researches in China vary from each other due to method difference and endogeneity. In recent years, the development of micro-econometric method contributes to a new possibility for us to systematically test the "causal inference". On the basis of Chinese industrial enterprises database, the PSM-DIM method is used in the thesis which, comparing with traditional panel regression, proves that financial subsidy has significant positive effect rather than the "crowding-out effect" on the subsequent innovation input of enterprises. Previous literatures adopted traditional regression method and proved that there is a "bidirectional promotion" relationship between the two parts, which is the R&D input of enterprises can in turn greatly help them to gain more subsidy income later. On the contrast, the thesis finds out the causal relationship features a strong unidirectionality, namely, the R&D behavior of enterprises can't greatly impact enterprises on obtaining follow-up subsidy income. That indicates that government's financial subsidy plays a guiding role in inspiring micro-enterprises to enlarge R&D input, rather than a "icing-on-the-cake" bonus nor the so-called crowding-out effect. In addition, it is found according to heterogeneity analysis that financial subsidy policy has a relatively stronger promotion effect on enlarging R&D input of private enterprises, enterprises in Eastern and Western China and non-high-tech enterprises.

Key words: financial subsidy, enterprise innovation, propensity score matching(PSM), difference-in-difference

姚东旻, 朱泳奕. 指引促进还是“锦上添花”？——我国财政补贴对企业创新投入的因果关系的再检验[J]. , 2019, 31(6): 77-90.

Yao Dongmin, Zhu Yongyi. Guiding for Promotion or “Icing on the Cake”: Reexamine Causal Relationship between China Government's Financial Subsidy and Enterprises' R&D Input[J]. , 2019, 31(6): 77-90.

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