政府研发补贴促进企业创新了吗

政府补贴能否促进企业创新一直存在争议。与以往从资源视角探讨政府补贴与企业创新关系的研究不同，基于信号理论视角，以2012—2016年沪深A股非金融类上市公司为研究样本，通过剔除非研发补贴的噪音并控制样本自选择偏误，实证检验中国转型经济背景下，政府研发补贴对企业创新的微观政策效应，以及企业层面制度因素（产权性质）和区域层面制度因素（制度环境）对该效应的调节作用。研究发现，政府研发补贴释放的积极信号能够帮助企业获取外部创新资源，有效促进企业创新；相比于国有企业，政府研发补贴对非国有企业创新的激励效应更强；制度环境越好，政府研发补贴对企业创新的激励效应越强。研究理论丰富了科技创新政策有效性和信号理论相关研究。同时，研究发现，政府应继续加大对企业创新活动的补贴额度，不断深化所有制改革，为企业创新营造良好的外部制度环境；另外，企业还应充分发挥政府研发补贴信号的杠杆效应，拓宽外部创新资源获取渠道。

Do Government Subsidies Stimulate Enterprises' Innovation

Whether government research and development subsidies promote innovation has long been controversial.With previous government subsidies from a resource perspective and the findings of a study of enterprise innovation,this article is based on signal theory angle of view,in 2012-2016 Shanghai and Shenzhen A-share non-financial listed companies as research samples,through eliminating the noise of the R&D subsidy and control samples from selection bias,the empirical test under the background of the transformation of Chinese economy,the government R&D subsidy policy on enterprise innovation of micro effects,institutional factors and the enterprise level (property rights) and regional level of institutional factors (institutional environment) on the effect of the adjustment.It is found that the positive signals released by government R&D subsidies can help enterprises to obtain external innovation resources and effectively promote enterprise innovation.Compared with state-owned enterprises,government R&D subsidies have a stronger incentive effect on innovation of non-state-owned enterprises.The better the institutional environment,the stronger the incentive effect of government R&D subsidies on enterprise innovation.This paper enriches the research on the effectiveness of scientific and technological innovation policy and signal theory.At the same time,the conclusion shows that the government should continue to increase subsidies for enterprise innovation activities,deepen ownership reform,and create a good external institutional environment for enterprise innovation.Enterprises should give full play to the leverage effect of government R&D subsidy signals and broaden the access channels of external innovation resources.