风险投资、创新补助与企业异质性研发投入强度
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| Title | Venture Capital, Innovation Subsidy and Enterprises’ Heterogeneous R&D Investment Intensity
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| 作者 | 李雪松 聂菁 赵宸宇 |
| Author | Li Xuesong, Nie Jinga and Zhao Chenyu |
| 作者单位 | 中国社会科学院数量经济与技术经济研究所 |
| Organization | Institute of Quantitative & Technical Economics, CASS |
| 作者Email | xsli@cass.org.cn；niejing_net@163.com；chenyuz1989@163.com |
| 中文关键词 | 风险投资 创新补助 研发投入强度 MTE 异质性 |
| Key Words | Venture Capital; Innovation Subsidy; R&D Investment Intensity; Marginal Treatment Effect; Heterogeneity |
| 内容提要 | 本文针对我国中小企业研发活动总体不足的现状，运用2010年至2014年中国A股中小板和创业板制造业上市公司数据，基于内生转换回归（ESR）模型和边际处理效应（MTE）的参数和半参数方法，考虑了样本选择偏差和异质性，实证分析了企业获得的政府创新补助对企业引入风险投资决策以及企业研发投入强度的影响，估计了引入风险投资决策对于企业研发投入强度提升的异质性效应。结果表明，企业获得的政府创新补助有助于提升企业获得风险投资支持的概率，高管团队越年轻、高管受教育程度越高、销售利润率越高的企业引入风险投资决策的可能性越大。企业获得的政府创新补助显著促进了企业研发投入强度的提高，引入风险投资决策对企业研发投入强度有显著的正向影响。对于每一家随机的中小板和创业板上市公司，引入风险投资决策对企业研发投入强度影响的平均处理效应高达3.52个百分点，而传统OLS方法严重低估了引入风险投资决策对企业研发投入强度的促进效应。引入风险投资对企业提升研发投入强度存在着显著的异质性效应，越倾向于引入风险投资的企业，引入风险投资对提升其研发投入强度的边际处理效应越大，该发现填补了文献中的空白。建议政府进一步发挥财政资金的杠杆撬动效应，充分考虑边际处理效应的异质性，发挥风险投资促进创新的比较优势，引导风险投资支持企业创新发展，实施有利于创新驱动的税收政策，促进我国产业转型升级和经济持续健康发展。 |
| Abstract | Considering the current situation of R&D activities is not active for SMEs in China, applying Endogenous Switching Regression model and Parametric & Semi-Parametric Marginal Treatment Effect (MTE) method to correct both sample selection bias and heterogeneity, this paper examines the impact of government innovation subsidy on venture capital (VC) financing and enterprises’ R&D investment intensity, estimates the heterogeneous effect of introduction of VC on enterprises’ R&D investment intensity based on the data of small and medium-sized board and start-up board listed companies of China’s manufacturing industry during the period 2010-2014. The results show that innovation subsidy has positive and significant effect on VC financing decision. Enterprise with younger and better educated management team and higher return on sales (ROS) rate is more likely to introduce VC. The evidences also show that innovation subsidy stimulate enterprises’ R&D investment intensity significantly. VC financing decision affects enterprises’ R&D investment intensity positively and significantly. For a random small and medium-sized board and start-up board listed company, the estimated average treatment effect of VC financing decision on R&D investment intensity touches as high as 3.52 percentage points, however the traditional OLS estimation seriously underestimates the average treatment effect. Introduction of VC investment to enhance the R&D intensity of enterprises has a significant heterogeneous effect, the more likely the introduction of VC investment, the greater of MTE that VC investment to enhance the R&D intensity of enterprises, this finding fills the gaps in the literature. The results suggest that innovation subsidy leverage effect could be used to induce VC capital into the innovation activities, the heterogeneity of marginal treatment effect should be fully considered to play the role of comparative advantage of VC to promote innovation, the flexible enterprises’ tax policy could be implemented to stimulate enterprises’ R&D investment, so as to promote industrial transformation and upgrading and China’s sustainable & healthy economic development. |
| 文章编号 | WP1089 |
| 登载时间 | 2016-08-02 |
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