政府补贴的技术创新激励效应——来自农业上市公司的证据

本文以2007—2016年沪深A股农业类上市公司为样本,研究政府补贴对企业未来技术创新的影响。本文将政府补贴方式分为事前补贴和事后补贴两大类。实证结果表明:第一,事前补贴不利于农业类上市公司未来技术创新。事前补贴挤出了未来创新投入,也无法提高企业未来的创新产出和创新效率。第二,事后补贴有利于农业类上市公司未来技术创新。事后补贴虽然不能显著提高企业未来的创新投入,却显著提升了企业未来的创新产出和创新效率。第三,机构投资者对二者关系起着显著的调节作用,机构投资者削弱了事前补贴对技术创新的负向影响,同时增强了事后补贴对技术创新的正向影响。总之,本文发现通过事后补贴政策激励农业类上市公司技术创新的效果优于事前补贴政策,值得相关部门采纳。

The Technological Innovation Incentive Effect of Government Subsidies——Evidence from Listed Agricultural Companies

This paper studies the influence of government subsidies on future technological innovation of agricultural listed companies of the A-share market from 2007 to 2016.This paper divides the government subsidy into two categories:government subsidies beforehand and government subsidies afterward.The empirical results show that:firstly,government subsidies beforehand are not conducive to technological innovation of agricultural listed companies.Government subsidies beforehand crowded out innovation input,and can’t improve innovation output and innovation efficiency.Secondly,government subsidies afterward are conducive to future technological innovation of agricultural listed companies.Government subsidies afterward can’t significantly enhance the innovation input,but significantly improve the innovation output and innovation efficiency.Thirdly,institutional investors have a significant moderating effect on the relationship between them.Institutional investors weakened the negative impact of government subsidies beforehand on technological innovation,while strengthened the positive impact of government subsidies afterward on technological innovation.In a word,it is found that the effect of government subsidies afterward on stimulating technological innovation of agricultural listed companies is better than government subsidies beforehand,which is worth adopting by our government.