政府补贴有利于企业创新效率提升吗 ——基于门槛模型的实证检验

选取我国2015-2017年沪深A股上市企业数据，在考察政府补贴对企业创新效率影响的基础上，构建面板门槛模型，探讨政府补贴对企业创新效率的门槛效应，并依据企业产权、所属行业和所在地区异质性进行分组检验。研究发现：①政府补贴对企业创新效率存在显著抑制作用；②政府补贴对企业创新效率的影响存在明显的双重门槛效应，且当政府补贴力度介于0~0.000 5之间时，补贴效果最优；③基于企业产权、所属行业和所在地区的异质性分组检验发现，政府补贴仍对企业创新效率存在抑制作用，但门槛效应差异较大。

Are Government Subsidies Conducive to Improving the Innovation Efficiency of Enterprises

This paper selects the data of China's A-share listed companies in Shanghai and Shenzhen from 2015 to 2017,and builds a panel threshold model on the basis of investigating the impact of government subsidies on the innovation efficiency of enterprises, to explore the threshold effect of government subsidies on the innovation efficiency of enterprises, and makes a grouping test according to the enterprise property right, industry and regional heterogeneity.The empirical study finds that government subsidies have a significant inhibitory effect on the innovation efficiency of enterprises; there is a significant double threshold effect on the impact of government subsidies on the innovation efficiency of enterprises, and the effect is the best when the government subsidy is between 0 and 0.000 5; based on the heterogeneity grouping test of enterprise property right, industry and region, it is found that government subsidies still have an inhibitory effect on enterprise innovation efficiency, but the threshold effect is quite different.