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政府补贴激励了企业新产品创新吗?——来自中国制造业企业层面的证据
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TitleDoes Government Subsidy Stimulate Firms’ New Product Innovation?——Evidence from Chinese Manufacturing Firms  
作者毛其淋 许家云  
AuthorMao Qilin and Xu Jiayun  
作者单位南开大学经济学院 
OrganizationSchool of Economics,Nankai University 
作者Emailmaoqilin@nankai.edu.cn;xujiayun321@163.com 
中文关键词政府补贴 新产品创新 倾向得分匹配 生存分析 
Key WordsGovernment Subsidy; New Product Innovation; Propensity Score Matching; Survival Analysis 
内容提要政府补贴是否能够激励企业新产品创新?这是评价补贴效果的一个重要维度。本文以1998—2007年中国工业企业数据为样本,采用基于倾向得分匹配的倍差法与生存分析方法系统地评估了政府补贴对企业新产品创新的微观效应。实证研究发现,只有适度的补贴能够显著地激励企业新产品创新,而高额度补贴却抑制了企业新产品创新,中介效应模型检验表明,“寻补贴”投资是高额度补贴抑制企业新产品创新的一个重要渠道。我们还进一步考察了补贴的创新激励效应在不同知识产权保护程度地区的差异,发现更好的知识产权保护制度强化了补贴对企业新产品创新的激励作用。最后,我们还采用生存分析方法考察政府补贴对企业新产品创新持续时间的影响,发现政府补贴在总体上延长了企业新产品创新的持续时间,但主要是体现在适度补贴上,而高额度补贴则倾向于缩短企业新产品创新的持续时间。本文为中国制造业企业创新活动的动态演变提供了新的解释,同时也为事后客观评估中国政府补贴的经济效果和完善补贴政策的设计提供了微观证据。 
AbstractCan government subsidy stimulate firms’ new product innovation? It is an important dimension for evaluating the effect of government subsidy. Based on the firm-level micro data of China from 1998 to 2007, this paper combines propensity score matching with difference-in-difference and survival analysis to systematically evaluate the micro effect of government subsidy on firms’ new product innovation. The empirical study shows that, only moderate subsidy stimulates firms’ new product innovation significantly, while high degree subsidy suppresses firms’ new product innovation. The mediating effect analysis shows that, “subsidy-seeking” investment is an important channel for why high degree subsidy suppressing firms’ new product innovation. We further investigate the impacts of intellectual property insurance on subsidy’s innovation effect, the results show that, the effect of government subsidy on firms’ new product innovation is more pronounced in regions with good intellectual property insurance intuitions. Finally, we employ survival analysis method to investigate the effect of government subsidy on firms’ duration of new product innovation, and find that government subsidy helps firms to increase the duration of innovation as a whole, which is mainly for moderate subsidy, while high degree subsidy tends to shorten the duration of innovation. This paper provides a new perspective to understand Chinese manufacturing firms’ innovation activity, and it also provides some micro evidence for objectively evaluating the effect of Chinese government subsidy and improving the design of subsidy policy. 
文章编号WP745 
登载时间2014-10-31 
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