Do Government Subsidies Affect the Management Performance of Small and Medium-sized Innovative Enterprises?

Abstract

Abstract: Small and medium-sized innovative enterprises are an important focus and potential growth point of innovation-driven development in China. Based on the panel data of eligible small and medium-sized innovative enterprises selected from the new third board enterprises, this paper constructs a Dynamic System GMM model using the panel data from 2012 to 2018, and empirically studies the impact of government subsidies on the management performance of small and medium-sized innovative enterprises. The study finds that: (1) On the whole, the impact of government subsidies on the management performance of small and medium-sized innovative enterprises is not significant, which is mainly due to the heterogeneity of enterprises and the structure of government subsidies. (2) The classified regression based on the perspective of enterprise heterogeneity shows that government subsidies have a significant role in promoting the management performance of manufacturing industry and small and medium-sized innovative enterprises in the central, western and northeastern regions of China, and the impact of government subsidies on the management performance of high R&D intensity enterprises and low R&D intensity enterprises is not significant. (3) Whether direct subsidies or indirect subsidies, on the whole, the impact on the improvement of enterprise management performance is not obvious, but the increase of the proportion of direct subsidies is obviously not conducive to the improvement of management performance of manufacturing enterprises, but has a positive impact on enterprises in the central, western and northeastern regions of China. In addition, government subsidies mainly promote the management performance of small and medium-sized innovative enterprises with high management level. Increase of the shareholding ratio of major shareholders effectively promotes the management performance of small and medium-sized innovative enterprises, while the counterbalance of major shareholders’ rights by other main shareholders is not conducive to the improvement of enterprise management quality.

Key words: small and medium-sized innovative enterprises, government subsidies, management performance, enterprise heterogeneity

Xu Zhiyong, Yang Qingwei, Peng Yun, Zhang Endao. Do Government Subsidies Affect the Management Performance of Small and Medium-sized Innovative Enterprises?[J]. Management Review, 2022, 34(9): 120-133.

References

[1] Lee N., Sameen H., Cowling M. Access to Finance for Innovative SMEs Since the Financial Crisis[J]. Research Policy, 2015,44(2):370-380
[2] 李广子,熊德华,刘力. 中小银行发展如何影响中小企业融资?——兼析产生影响的多重中介效应[J]. 金融研究, 2016,(12):78-94
[3] Johnson, Matthew P. Knowledge Acquisition and Development in Sustainability-oriented Small and Medium-sized Enterprises: Exploring the Practices, Capabilities and Cooperation[J]. Journal of Cleaner Production, 2016,142(4):3769-3781
[4] 王洪生,刘德胜. 企业家背景特征、竞争战略与中小企业成长——基于中小制造业上市公司实证[J]. 北京理工大学学报(社会科学版), 2014,16(3):75-82
[5] Mcgreal S., Adair A., Webb J. R. Optimal Diversification in U.S./U.K. Private Real Estate Only Portfolios: The Good, the Bad, and the Uncertain[J]. Journal of Real Estate Portfolio Management, 2009,15(1):87-93
[6] 曹裕,李青松,胡韩莉. 不同政府补贴策略对供应链绿色决策的影响研究[J]. 管理学报, 2019,16(2):297-305
[7] 应千伟,何思怡. 政府研发补贴下的企业创新策略:“滥竽充数”还是“精益求精”[J]. 南开管理评论, 2022,25(2):57-69
[8] 张笑,赵明辉,张路蓬. 政府创新补贴、高管关系嵌入与研发决策——WSR方法论视角下制造业上市公司的实证研究[J]. 管理评论, 2021,33(5):194-207
[9] Amezcua A. S., Grimes M. G., Bradley S. W., et al. Organizational Sponsorship and Founding Environments: A Contingency View on the Survival of Business-incubated Firms, 1994-2007[J]. Academy of Management Journal, 2013,56(6): 1628-1654
[10] 任曙明,吕镯. 融资约束、政府补贴与全要素生产率——来自中国装备制造企业的实证研究[J]. 中国管理科学, 2021,29(12):53-67
[11] 余娟娟,余东升. 政府补贴、行业竞争与企业出口技术复杂度[J]. 财经研究, 2018,44(3):112-124
[12] 谢光华,韩丹妮,郝颖,等. 政府补贴、资本投资与经济增长质量[J]. 管理科学学报, 2020,23(5):24-53
[13] 徐志伟,郭树龙. 政府补贴、市场进入与企业盈利——兼评政府补贴的技术效应与反竞争效应[J]. 当代财经, 2018,(1):99-110
[14] 刘满芝,杜明伟,刘贤贤. 政府补贴与新能源企业绩效：异质性与时滞性视角[J]. 科研管理, 2022,43(3):17-26
[15] 朱金生,朱华. 政府补贴能激励企业创新吗?——基于演化博弈的新创与在位企业创新行为分析[J]. 中国管理科学, 2021,29(12):53-67
[16] 李世奇,朱平芳,廖辉. 政府研发补贴能否带动企业研发投入?——基于企业规模和属性的双视角异质性分析[J]. 系统工程理论与实践, 2022,42(6):1591-1600
[17] 吴伟伟,张天一. 非研发补贴与研发补贴对新创企业创新产出的非对称影响研究[J]. 管理世界, 2021,37(3):137-160
[18] 钱明辉,李天明,何滨舟. 我国中央企业上市公司薪酬差距与管理绩效关系研究[J]. 软科学, 2017,31(4):37-41
[19] 秦江波,王宏起. 基于AHP法的银行信贷风险管理绩效评价模型的构建[J]. 金融理论与实践, 2009,(1):12-15
[20] 蔡蔚,余宇新. 中国制造业企业管理效率影响因素分析[J]. 上海经济研究, 2012,24(12):87-94
[21] 孙浦阳,侯欣裕,盛斌. 服务业开放、管理效率与企业出口[J]. 经济研究, 2018,53(7):136-151
[22] 盛光华,张志远. 补贴方式对创新模式选择影响的演化博弈研究[J]. 管理科学学报, 2015,18(9):34-45
[23] 杨亭亭,罗连化,许伯桐. 政府补贴的技术创新效应:“量变”还是“质变”?[J]. 中国软科学, 2018,(10):52-61
[24] Edler J., Ebersberger B., Lo V. Improving Policy Understanding by Means of Secondary Analyses of Policy Evaluation[J]. Research Evaluation, 2008,17(3):175-186
[25] Duhautois R., Redor D., Desiage L. Long Term Effect of Public Subsidies on Start-up Survival and Economic Performance: An Empirical Study with French Data[J]. Revue D conomie Industrielle, 2015,(149):11-41
[26] 张慧,江民星,彭璧玉. 经济政策不确定性与企业退出决策:理论与实证研究[J]. 财经研究, 2018,44(4):116-129
[27] 曲红宝. 政治联系、财政补贴与企业绩效[J]. 现代财经(天津财经大学学报), 2018,38(12):60-71
[28] 朱庆华,窦一杰. 基于政府补贴分析的绿色供应链管理博弈模型[J]. 管理科学学报, 2011,14(6):86-95
[29] 李晓钟,吴振雄,张小蒂. 政府补贴对物联网企业生产效率的影响研究——基于沪深两市2010-2013年公司数据的实证检验[J]. 中国软科学, 2016,(2):105-113
[30] 郭晓丹,何文韬,肖兴志. 战略性新兴产业的政府补贴、额外行为与研发活动变动[J]. 宏观经济研究, 2011,(11):63-69
[31] 周方召,仲深,王雷. 财税补贴、风险投资与高新技术企业的生产效率——来自中国物联网板块上市公司的经验证据[J]. 软科学, 2013,27(3):100-105
[32] 邵敏,包群. 政府补贴与企业生产率——基于我国工业企业的经验分析[J]. 中国工业经济, 2012,(7):70-82
[33] 李刚,侯青川,张瑾. 政府补助与公司投资效率——基于中国制度背景的实证分析[J]. 审计与经济研究, 2017,32(4):74-82
[34] 苑德宇,李德刚,宋小宁. 产业集聚、企业年龄与政府补贴[J]. 财贸经济, 2018,39(9):39-56
[35] 尚洪涛,黄晓硕. 政府补贴、研发投入与创新绩效的动态交互效应[J]. 科学学研究, 2018,36(3):446-455
[36] 戴一鑫,李杏,冉征. 研发补贴不平等与企业创新效率[J]. 财贸研究, 2019,30(7):63-78
[37] 薛安伟. 跨国并购对企业管理效率的影响研究——基于倾向得分匹配方法的实证分析[J]. 国际贸易问题, 2018,(3):24-36