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本文选取2015-2018年新能源汽车产业110家上市公司面板数据,探索政府补助与市场融资及其协同配合对企业研发创新影响的差异性。结果显示,新能源汽车产业政府补助对企业研发创新具有显著激励效应,市场融资并未显著促进企业研发创新,政府补助与市场融资协同配合能有效促进新能源汽车产业研发创新。通过进一步研究发现,处于不同新能源汽车产业链阶段的企业,政府补助对中上游企业研发创新的激励效应更大,而市场融资对下游企业研发创新的激励效应更大,政府补助与市场融资协同配合对中上游企业研发创新的激励效应更大。同时,相对于国有企业,新能源汽车产业政府补助与市场融资及其两者协同配合对非国有企业研发创新的激励效应更大。本文在一定程度上丰富了创新激励与政府干预理论,并为政府扶持新能源汽车产业精准设计创新政策提供理论指导。 相似文献
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政府创新补贴是一国扶持农业企业技术创新的重要政策工具,政策目标是促进农业企业的R&D投入杠杆效应而非形成补贴依赖,但补贴绩效如何尚缺乏系统研究。本文利用手工方式从涉农上市企业公开披露信息整理出的2012-2014年三年样本数据,构建联立方程模型实证分析了政府补贴对农业企业R&D投资的影响效应及其差异性。研究结果发现,政府补贴对涉农企业R&D投入的激励效应显著,但行业之间存在较大差异;涉农企业的绩效增长短期对主营业务R&D投入会发生杠杆效应,但长期来看效应微弱,R&D投资行为具有一定的补贴依赖倾向。此外,涉农上市企业内部治理与经营水平也是影响政府补贴对R&D创新投入效率的重要因素。最后,本文从政府补贴的资助对象、方式和监管补贴用途等方面提出了相应的政策建议。 相似文献
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《Research Policy》2023,52(1):104662
This study examines the impact of public subsidies, and specifically, Small Business Innovation Research (SBIR) awards on university spinoff companies. Using unique data for a population of University of California spinoffs, we find pronounced differences between companies commercializing digital technologies (software and hardware), and those that focus on other product spaces. For digital spinoffs, receiving an SBIR award has a negative impact on raising venture capital and no impact on IPOs, exits or first sales. Conversely, for non-digital firms (e.g., biotechnology, energy), receiving an SBIR award has a positive effect on raising venture capital and performance outcomes. We reason that digital technologies are subject to faster cycle times and higher market uncertainty, relative to technological uncertainty. Digital firms may therefore benefit less from subsidies designed to support technology development, and private investors may view the need of digital companies to obtain such subsidies as a negative certification. Our findings inform policy by suggesting that the industrial domain may be an important boundary condition for the effectiveness of SBIR-type subsidies for university spinoffs. 相似文献
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技术创新文献对政府补贴究竟是激励效应还是挤出效应尚无定论。本文结合资源基础理论和委托代理理论提出了一个权变的观点,即认为政府补贴能否有效地促进企业的技术创新在很大程度上取决于企业能否处理好两个层面的委托代理关系:一方面是企业管理层和企业股东之间的利益冲突(所有权与管理权的两权分离);另一方面是企业控股股东和中小股东之间的利益冲突(现金流权与控制权的两权分离)。本文对2008-2011年在沪深两市上市的电子、制药和信息企业创新绩效(运用随机效应负二项回归模型)进行分析后发现:第一,企业获得的政府补贴与其技术创新绩效之间不存在显著的正相关关系;第二,企业CEO两职合一、控股股东所有权和控制权的两权分离对政府补贴和技术创新绩效之间的关系起到负向的调节作用。本文的研究结果对政府的研发补贴政策和企业的治理结构调整具有一定的理论指导意义。 相似文献
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摘要：本文以我国2004-2013年上市公司为研究样本,运用Tobit回归方法,从货币政策环境视角实证考察了企业社会责任对商业信用融资的影响。研究发现,相对于社会责任表现较差的企业而言,社会责任表现较好的企业能取得更多的商业信用融资;当货币政策由宽松期转向紧缩期时,尽管企业获得的商业信用融资显著降低,但社会责任表现较好的企业仍能取得更多的商业信用融资,在进一步控制相关内生性问题后,上述研究结论依然成立。本文从企业面临宏观货币政策波动时而采取的主动行为视角,拓展和深化了宏观经济政策与微观企业行为互动关系的研究,同时也丰富了商业信用的替代性融资假说。 相似文献
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利用1999至2013年拥有标准联盟参与经历的170家车辆生产企业的数据,研究标准联盟组合多样性对企业两类技术标准化能力(主导能力、跟随能力)的影响,及关系强度在上述影响中的调节作用。基于负二项随机效应回归模型的实证分析发现：标准联盟组合多样性与企业技术标准化主导能力呈正U型关系,与技术标准化跟随能力呈倒U型关系。在标准联盟组合资源向技术标准化能力转化的过程中,联盟关系强度发挥了显著调节作用：随着关系强度提升,联盟组合多样性与技术标准化主导能力的正U型关系曲线、与技术标准化跟随能力的倒U型关系曲线将变得更为陡峭。 相似文献
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科学合作网络伙伴动态性与企业创新绩效 《科学学研究》2022,40(5):906-914
通过2000-2015年间中国502家生物医学工程企业的9233篇合著论文数据构建科学合作网络,并在国家知识产权局网站获取其在2001-2016年间申请的共16754条发明专利数据,我们实证分析了科学合作网络关系资本对企业技术创新绩效的影响,并进一步探究企业合作伙伴动态性的中介作用。结果显示：科学合作网络中的关系广度和关系强度均显著正向影响技术创新绩效;科学合作网络关系广度有助于提升企业合作伙伴扩展性,关系强度则对企业合作伙伴稳定性有正向作用;合作伙伴稳定性和扩展性在科学合作网络关系广度和强度对企业技术创新绩效影响之间均起到完全中介作用。 相似文献
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We investigate if and to what extent the receipt of a “selective” subsidy – a public subsidy awarded through a competitive procedure – helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically analyze which founding team-level characteristics allow NTBFs to: i) get a selective subsidy; and ii) access an R&D alliance with another firm or a public research organization/university, once the subsidy is awarded. We use a sample of 902 NTBFs that operate in Italy, where industrial policy has never had an explicit and exclusive mandate neither for targeting NTBFs nor for easing their access to R&D networks. By means of several identification strategies and estimation methods, our results point to the relevance of selective subsidies in facilitating NTBFs to enter R&D alliances, independently from the objective of the policy measure. Second, founders’ technical education figures as a key determinant to get the first selective subsidy. Finally, founders’ previous industry-specific work experience allows NTBFs to better exploit the selective subsidy, by positively moderating the impact of the subsidy on the likelihood to establish a corporate R&D alliance. 相似文献
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《普罗米修斯》2012,30(1):97-111
New technology-based firms (NTBFs) greatly contribute to the dynamic efficiency of the economic system. To perform this role, NTBFs need external financing. However, private financing of this type of firm is particularly subject to market inefficiencies. This seems to recommend policy intervention and NTBFs often find support through payment of direct public subsidies. When these are based on ex ante selective screening procedures of applicants and awarded competitively, direct public support may exert a positive effect on the performance of NTBFs beyond the amount of the subsidy. By picking promising projects, governments may signal the quality of a firm to third parties, thereby lowering information asymmetries. This paper contributes to the literature on the differing impact of various subsidies on firm performance by crossing the evaluation dimension (i.e. selective vs. automatic subsidies) with the dimension of the specific goal (R&D-enhancing vs. other measures) for which a subsidy may be implemented. Our results show that the evaluation mechanism and the goal of the subsidy are both important dimensions in the policy design domain and that selective R&D subsidies outperform other types of scheme in fostering NTBF performance. 相似文献
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This article aimed to identify the effect of university-industry (U-I) collaborations on the innovative performance of firms operating in the advanced materials field, and by doing so, it proposed an original classification of the research organization partners. The main contribution resides in the estimation of the role played by collaborations with differently experienced scientists. In contrast with previous studies, whose empirical setting was the life science industry, in the advanced materials industry the most effective collaborations are not with “Star scientists”, but with “Pasteur scientists”. The latter concept was empirically tested first by the authors of this article, to deepen the present understanding of industrial heterogeneity in innovation processes and to offer new insights for the formulation of corporate innovation strategies. The results of the estimation of a negative binomial regression model applied to a sample of 455 firms active in the photocatalysis in Japan confirm the idea that engaging in research collaborations, measured as co-invention, with “Pasteur scientists” increases firms’ R&D productivity, measured as number of registered patents. In contrast, we found that firms’ collaborations with “Star scientists” exert little impact on their innovative output. 相似文献
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文章利用沪深制造业和信息技术业上市公司数据,对业绩下滑对于企业研发平滑的影响及政府研发补助的调节作用展开研究。研究结果表明,业绩下滑对企业研发平滑具有显著地抑制效应,其中对于小规模企业的抑制效应相对更大;政府研发补助负向调节业绩下滑与研发平滑的关系,即政府研发补助一定程度上能够抵御业绩下滑对于企业研发平滑的负面影响,与大规模企业相比,这种负向调节作用在小规模企业中表现得更为明显。 相似文献
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选取民营制造企业样本，通过构建PVAR模型，动态分析政府补贴、创新数量与创新质量的互动关系，进而揭示中国民营制造企业政府创新补贴的激励效应和配置合理性问题。结果表明：政府补贴对民营制造企业创新数量和创新质量均有滞后期为1-4年的促进作用，且对创新数量的促进效果更显著，说明补贴持续激励了企业创新产出的“量”与“质”，但企业存在“重数量轻质量”的创新短视行为；反过来，创新数量和创新质量对政府补贴的后续投入强度分别具有滞后期为2-4年和1-4年的促进作用，且创新质量的促进作用更迅速、更显著，说明政府更注重参考企业创新质量的反馈情况。进一步研究发现，市场竞争积极影响了政府补贴与企业技术创新的互动关系，优化了“补贴投入——技术创新产出——后续补贴投入”的政企双向反馈链条，说明高市场竞争有利于创新补贴的高效使用和合理配置。研究结论可为政府补贴政策的顶层设计和民营制造企业的技术创新决策提供参考和借鉴。 相似文献
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The use of university-industry collaboration in the innovation process is viewed as a major driver of firm competitiveness. The organizational dynamics underlying successful external relationships, however, remain poorly understood. Using longitudinal case studies of 15 innovation projects, we examine how firms with varying degrees of experience in collaborating with universities and public research organizations rely on different social capital dimensions to achieve successful collaborations. We find that experienced firms establish external collaborations on the basis of cognitive social capital, but this basis is reinforced by relational social capital over time. Conversely, less experienced firms initially base their university collaborations on relational social capital, which is reinforced by cognitive social capital over time. Based on these findings, we theorize on the interplay of different dimensions of social capital in university-industry collaborations over time. Our study has important implications for the management of collaborative innovation projects. In particular, it provides guidance to enable less experienced firms to develop successful collaborations with university partners. 相似文献
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本文研究了财税激励和研发投入交互作用下，企业创新绩效是否会受到影响。本文构建固定效应模型，选取西部地区59家上市高新技术企业2014-2018年的面板数据，以此检验财税政策支持、企业研发投入与企业创新绩效三者之间的关联。结果显示:从所有制和行业视角分析，税收优惠和财政补贴都通过研发投入这一中介变量对制造业企业的创新绩效产生显著影响，但享受税收优惠的民营企业，其研发投入对创新绩效的提升存在挤出效应。深入考察企业研发投入的作用路径，发现：税收优惠与企业费用化研发投入交互作用更加有利于提升企业创新绩效，而财政补贴与资本化研发投入相融后对创新绩效的提升也存在积极影响。最终本文根据以上研究结果，提出进一步合理运用财税政策来优化研发投入的作用路径，以提升企业创新绩效的建议。 相似文献
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This paper investigates the role of government R&D subsidy programs in stimulating knowledge spillovers. R&D subsidies are an effective public policy instrument when knowledge spillovers exist yet ex ante it is difficult to identify projects that have the greatest potential to increase innovation and economic growth. This paper derives a set of project and firm attributes that the literature finds generate knowledge spillovers and uses data on project proposals to estimate the degree to which a government R&D program conforms. We find that projects that were awarded R&D subsidies were more likely to have attributes such as participation in new research joint ventures and connections to universities and other firms. Following the post-award activities of firm, we find that receipt of a government R&D subsidy increased the funding from other sources when compared to firms that were not awarded funding. 相似文献
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以2001-2019年沪深两股89家车企面板数据为样本,考察了新能源补贴、研发支出与企业资产收益率之间的互动关系。研究发现:研发支出是财政补贴对企业资产收益率产生影响的中介因素,财政补贴会激励企业研发支出,但从现有样本来看研发支出对汽车企业资产收益率有负向影响;异质性分析结果表明,财政补贴对企业研发支出的激励作用在新能源车企和传统车企中并无差异,但新能源车企研发支出的增加对其资产收益率的抑制作用更大;环境规制会强化“政府补贴—企业资产收益率”及“政府补贴—研发支出”两段路径的作用效果,且在环境规制约束下,补贴政策给传统汽车企业带来的研发激励效应高于新能源车企。 相似文献
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以2009—2014年创业板上市公司首次公开募股(initial public offering,IPO）前后3年数据为样本,构建双重差分模型,实证研究了IPO对企业创新投资的影响和不同融资依赖企业IPO创新影响的差异及其原因。实证结果表明：IPO后企业创新投资显著下降,且外部融资依赖企业IPO后创新投资下降幅度显著大于内部融资依赖企业,因为外部融资依赖企业风险投资参与比例和持股比例较高,IPO后风险投资对企业创新的负影响显著,体现了IPO后企业高管和投资者在市场短期盈利压力的“短视”行为。这为科创板市场弱化短期盈利的监管以强化企业持续创新的动力提供了经验证据。 相似文献
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Annalisa Caloffi Marco Mariani Federica Rossi Margherita Russo 《Research Policy》2018,47(8):1437-1447
We analyse whether public subsidies supporting collaborative research and development (R&D) projects in small and medium-sized enterprises (SMEs) are able to encourage persistent R&D investment and interorganisational networking more than subsidies supporting individual R&D projects. Adopting a counterfactual approach to policy evaluation, we compare subsidies for collaborative R&D and for individual R&D implemented in the same Italian region in the same period. Our findings suggest that, once public support is no longer available, the two subsidies have different effects on different types of SMEs. If the policymakers’ objective is to increase the number of R&D-performing SMEs over time, they should provide subsidies for collaborative R&D to firms with modest R&D experience. If their objective is to increase the amount of spontaneous R&D investment over time, they should target SMEs with some prior R&D experience, using either subsidy. Finally, if their objective is to induce SMEs to network with external organisations, subsidies for collaborative R&D projects should be preferred to subsidies for individual R&D projects. 相似文献