政府补贴时点选择对中国企业创新的影响——基于中国企业生命周期视角的检验

The Impact of Government Subsidy Timing on Innovation in Chinese Enterprises: An Examination from the Perspective of the Corporate Life Cycle

摘要:

科学的财政科技经费分配使用机制可以有效激发企业创新活力,对培育发展新质生产力具有重要意义。以2010—2023年A股非金融类上市公司为样本,将政府创新补贴区分为事前补贴与事后激励,并基于企业生命周期视角,实证检验补贴时点对企业创新“量” 与“质” 的异质效应。研究发现:事前补贴对成长期、成熟期和衰退期企业创新均产生显著正向影响,且在成熟期效果最强;事后激励仅显著提升衰退期企业的创新数量,却导致其创新质量下降。机制检验表明,增加研发投入是事前补贴和事后激励促进企业创新的重要作用渠道;此外,事后激励还可以通过抑制企业金融化、吸引研发人力资本间接促进企业创新。进一步分析显示,事前补贴更能激励成熟期、衰退期企业提高单位研发投入强度,而事后激励易诱发成长期、成熟期企业的策略性创新;国有企业仅在接受事后激励时对高质量创新有显著正向反应。根据实证结论,构建“ 时点精准、生命周期适配、产权分类” 的补贴体系,为提高财政资金使用效率提供实践启示。

Abstract:

A scientific mechanism for the allocation and use of government science and technology funds can effectively stimulate corporate innovation vitality, which is significant for cultivating new quality productive forces. A-share non-financial listed companies from 2010 to 2023 were used as the sample. Government innovation subsidies were divided into pre-event subsidies and post-event incentives. Based on the enterprise life cycle perspective, the heterogeneous effects of subsidy timing on the quantity and quality of enterprise innovation were empirically tested. It is found that pre-event subsidies have a significant positive impact on innovation in enterprises in the growth, maturity, and decline stages, with the strongest effect observed in the maturity stage. Post-event incentives incentives significantly increase the quantity of innovation only in declining enterprises but lead to a decline in innovation quality. Mechanism tests show that increasing R&D investment is an important channel through which both pre-event subsidies and post-event incentives promote corporate innovation. Additionally, post-event incentives can indirectly promote innovation by curbing corporate financialization and attracting R&D human capital. Further analysis reveals that pre-event subsidies are more effective in motivating mature and declining enterprises to increase R&D intensity per unit, while post-event incentives tend to induce strategic innovation in growing and mature enterprises. State-owned enterprises show a significant positive response to high-quality innovation only when receiving post-event incentives. Based on the empirical findings, a subsidy system characterized by precise timing, life cycle adaptation, and ownership classification is proposed. It provides practical insights for improving the efficiency of fiscal fund utilization