政府补贴对企业创新行为的影响 ——基于2011-2017年中国高科技上市公司微观数据

选取2011-2017年高新技术企业为研究样本，采用混合OLS、固定效应模型及GMM模型分析政府补贴对高新技术企业创新研发活动的促进作用。结果发现：政府补贴对高新技术企业创新研发具有促进作用，但针对不同地区、不同行业高新技术企业，政府补贴力度不尽相同；对于不同地区来说，政府补贴对一线城市扶持力度较大，对其企业创新投入与产出的激励作用比较显著，对于二、三线城市的扶持力度不够，对其企业创新投入与产出的激励作用相对较弱；对于不同行业来说，政府会有针对性地加大对某一行业制造业财政补贴力度，如铁路、船舶、航空航天和其它运输设备制造业、计算机、通信和其它电子设备制造业。最后，针对上述问题，进一步分析原因并提出相关政策建议。

The Impact of Government Subsidies on Enterprise Innovation Behavior

This paper selects high-tech enterprises from 2011 to 2017 as research samples. Mixed OLS, fixed effect model and GMM model are used to analyze the promotion effect of government subsidies on innovation and research of high-tech enterprises. Conclusion: government subsidies can promote the innovation and research of high-tech enterprises, but for high-tech enterprises in different regions and industries, the government subsidies vary in intensity. For different regions, government subsidies have a significant incentive effect on first-tier cities and enterprises' innovation input and output, while for second-tier and third-tier cities, the incentive effect on enterprises' innovation input and output is relatively weak. For different industries, the government increases targeted financial subsidies to certain manufacturing industries, such as railway, ship, aerospace and other transportation equipment manufacturing, computer, communications and other electronic equipment manufacturing. Finally, for these problems, further analysis of the reasons and put forward policy recommendations.