政府补贴、企业创新与制造业企业高质量发展

基于2012~2017年制造业上市公司的年报数据,依照中介效应模型检验程序,运用逐步回归方法,研究政府补贴对企业发展质量的影响。从总效应来看,政府补贴抑制了企业发展质量的提升,但是政府补贴也通过激励企业创新进而对企业发展质量产生了正向影响,企业创新发挥的正向间接效应弱化了政府补贴直接效应的负向影响,具体表现为遮掩效应。企业生命周期的分样本研究表明,政府补贴对企业发展质量的影响效果以及对企业创新的遮掩效应存在显著差异。促进制造业企业高质量发展的关键在于提高企业创新积极性,因此政府应提供必要的政策支持和制度保障,并坚持以市场机制为基础、以企业为主体的创新驱动发展新路径。

Government Subsidies,Enterprise Innovation and High-quality Development of Manufacturing Enterprises

Based on the annual report data of listed companies in 2012-2017, through the mediation effect model, the paper uses the stepwise regression method to study the impact of government subsidies on the development quality of enterprises. The results show that government subsidies inhibit the improvement of enterprise development quality, but government subsidies also have a positive impact on the quality of enterprise development by stimulating enterprise innovation. The enterprise innovation has suppression effects on the relationship between government subsidies and firm development.Also, we find that the effect of government subsidies on the quality of enterprise development and the suppression effects of corporate innovation are significantly different between firms in different period. The key to promoting the high-quality development of manufacturing enterprises is to enhance the enthusiasm and input level of enterprise innovation. Therefore, the government should provide necessary policy support and institutional guarantee, and adhere to the new path of innovation-driven development based on market mechanism and enterprise-based.