摘要
在我国经济增速放缓背景下,企业的创新行为备受理论和实务界关注。本文基于我国新兴加转轨的制度特征,考察了经济周期对企业创新活动的影响。研究发现,政府对企业研发创新的补贴扶持行为表现出明显的逆周期性,进而导致企业研发投入的逆周期变化,验证了本文提出的政府扶持假说。而且这两种逆周期现象在国有企业、产业政策支持行业和低市场化地区表现更明显。在政府研发补贴效率方面,经济紧缩期下的研发补贴对企业研发投入的促进作用更强,在经济紧缩期和扩张期,研发补贴都能够促进企业专利数量的增加,然而,相对经济扩张时期,经济紧缩期的研发补贴转化为专利数量明显下降,但其对专利质量的提升作用却明显增强,说明与其他时期相比,经济困难时期的政府研发补贴能带来企业更高质量的创新。本研究有利于探究企业创新行为的宏观诱因及其内在机制,也为不同经济周期下政府创新政策的制定提供了理论依据。
Under the background of China’s economic slowdown,the innovation of enterprises has been a theoretical and practical concern.This article examines the impact of the economic cycle on corporate innovation based on the characteristics of China’s emerging and transitional institution.The results show that the government using R&D subsidies to support the innovation of Chinese enterprises by a counter-cyclicality way,and the counter-cyclicality of R&D subsidies lead to the counter-cyclicality of enterprise R&D investments,which verifies the government support hypothesis.These two counter-cyclical phenomena are more obvious in state-owned enterprises,industries supported enterprises and low market-oriented areas.In terms of the efficiency of R&D subsidies,we find that the promotion effect of government subsidies on enterprise R&D investments is significantly enhanced in the period of economic contraction.R&D subsidies can promote the increase of enterprise patents in the period of economic contraction and expansion.Although the number of patents R&D subsidies converted into decreased significantly in the period of economic contraction,it has a significant positive effect on the quality of patents.This shows that compared with other periods,the government R&D subsidies in difficult times promote enterprises to develop towards high-quality innovation.This research is beneficial to study macro incentives and internal mechanisms of corporate innovation behavior,and also provides a theoretical basis for the country to formulate innovation policies according to local conditions in different economic cycles.
出处
《会计研究》
CSSCI
北大核心
2022年第5期49-64,共16页
Accounting Research
基金
国家自然科学基金项目(72010107001,71872151,71802162,72102188)的资助
关键词
经济周期
企业创新
政府扶持假说
机会成本假说
Business Cycle
Enterprise Innovation
Government Support Hypothesis
Opportunity Cost Hypothesis
作者简介
通讯作者:巩亚林,gongyalin@swufe.edu.cn。
