国家创新型企业政策对企业绩效的影响——“信号”抑或“扶持”作用？

创新型企业建设是我国创新型国家体系建设的重要保障。文章通过手工收集整理国家创新型企业中的上市公司名录，以2003-2017年A股上市公司为样本，采用处理效应-三重差分模型，分析政策对企业绩效的作用效果及其影响机理。结果表明：国家创新型企业政策不仅短期内促进企业创新和经济绩效增长，且表现为长期增长效应，亦不受高新技术企业政策干扰。机制分析中，政策"扶持"作用下的创新人才投入、政府补助支持以及重点实验室平台建设作用依次减弱，其次为政策"信号"作用下的信贷融资约束压力缓解和市场竞争力提升，效果最弱的为"扶持"作用下的税收优惠举措，说明政策作用下的直接创新要素资源供给效应最为有效，间接的税收优惠举措和信号作用促进效应相比有所不足。

The Impact of National Innovative Enterprise Policies on Enterprise Performance: “Signal” or “Support” Role?

The construction of innovative enterprises is an important guarantee for the construction of an innovative national system in my country. The article manually collects and sorts out the list of listed companies in the national innovative enterprises, and uses the 2003-2017 A-share listed companies as a sample, and uses the processing effect-triple difference model to analyze the effect of policies on corporate performance and its impact mechanism. The results show that the national innovation-oriented enterprise policy not only promotes the growth of enterprise innovation and economic performance in the short term, but also exhibits a long-term growth effect, which is not interfered by high-tech enterprise policies. In the mechanism analysis, the role of innovative talent input, government subsidy support, and key laboratory platform construction under the effect of policy "support" weakened in turn, followed by the relief of pressure on credit financing constraints and improvement of market competitiveness under the effect of policy "signals", with the most effective The tax incentives under the effect of weak "support" indicate that the direct innovation factor resource supply effect under the effect of policy is the most effective, while the indirect tax incentives are insufficient compared with the signal promotion effect.