Is the Inclusive Post-R & D Subsidy Policy Effective:An Empirical Study of Enterprises in Guangdong
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摘要: 近年来, 我国各地开始探索企业R & D投入的财政后补助机制, 即如何根据企业R & D投入强度进行普惠性事后补助。不同于事前立项资助方式和研发费用加计扣除税收减免的资助方式, 财政后补助方式改变了企业R & D预算约束和R & D投入产出预期, 对企业的R & D投入具有重要影响。选取2015—2017年广东普惠性研发后补助资助的企业面板数据, 实证检验普惠性企业R & D后补助政策对企业R & D投入的影响。结果表明:研发后补助政策对企业研发投入具有净引致效应, 引致系数为1. 235;企业规模、成长阶段、行业领域等企业异质性均对政策实施效果有显著影响; 研发后补助政策对企业R & D投入影响的时滞性低于立项资助方式影响的时滞性。Abstract: More and more Innovation Bureaus in China have begun to use the post-R & D subsidy to stimulate enterprise innovation. It's a different policy from traditional R & D subsidy and tax-reduction, which can change the constraint of firm's R & D budget and the expectation of R & D input and output. Based on the panel data of firms which received the post-R & D subsidy in Guangdong from 2015-2017, this paper empirically examines the impact of post-R & D subsidy on firm's R & D investment. The results show that the post-R & D subsidy has a crowding effect on the firm's R & D investment, with a coefficient of 1. 208, that enterprise heterogeneity has a significant impact on policy effect, such as firm's size, growth stage and industry field, and that the post-R & D subsidy has significant time lag.
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图 1 政府资助对企业研发资金供给曲线和企业R & D投入(A-B)的影响
注：企业获得普惠性R & D资助后，其研发资金供给曲线将右移，假定研发资金需求不变，企业研发投资均衡点将从A点移至B点。
图 2 政府资助对内部资金充足的大型企业的R & D投资不具影响
注：对大型企业而言，企业获得普惠性R & D资助后，其研发资金供给曲线将外移，但若大型企业自有资金充足，其内部资金就可以满足研发资金需求，企业研发投资均衡点(A，B)将保持不变。
图 3 政府资助对大型企业和小型企业均衡R & D投资影响的对比
注：SS代表小型企业供给曲线，SL代表大型企业供给曲线；大型企业外部融资难度低于小型企业，因而其供给曲线比小型企业更为平缓，获得政府研发补助后的均衡研发投资变动也小于小型企业，即B1B2 < A1A2。
表 1 样本企业的描述性统计
企业异质性维度 企业特征 观测值个数 企业规模 小型 330 中型 155 大型 84 企业成长阶段 初创期 118 成长期 317 稳定期 106 企业行业技术领域 高技术行业 315 低技术行业 49 
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表 2 普惠性R & D后补助政策影响企业研发投入的回归结果
企业异质性 企业特征 解释变量 LnSubsidyit LnRd_Pit LnProfitit C Observations 样本 — 1.235***
(0.000)-0.154***
(0.000)0.021**
(0.025)2.184***
(0.000)799 企业规模 小型 1.184***
（0.000)-0.050*
（0.099)0.007
（0.558)1.899***
（0.000)330 中型 1.188***
（0.000)-0.157***
（0.000)0.028**
（0.055)2.432***
（0.000)155 大型 1.164***
(0.000)-0.208***
（0.000)0.080***
（0.006)2.632***
(0.000)84 企业成长阶段 初创期 1.111***
（0.000)-0.015
（0.607)0.034***
（0.007)1.943***
（0.000)118 成长期 1.256***
（0.000)-0.125***
（0.001)0.017
（0.272)1.975***
（0.000)317 稳定期 1.117***
（0.000)-0.135***
（0.000)0.037**
（0.039)2.509***
（0.000)106 企业行业
技术领域高技术行业 1.251***
（0.000)-0.124***
（0.000)0.029*
（0.088)1.887***
（0.000)49 低技术行业 1.150***
（0.000)-0.144***
（0.000)-0.013
(0.433)2.559***
（0.000)315 注：***、**、*分别表示在1%、5%、10%水平下显著，表 3同。
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表 3 普惠性R & D后补助政策影响企业研发投入的滞后分析结果
解释变量 模型设定型设定 模型1-2-1 模型1-2-2 模型1-2-3 LnSubsidyt 1.235*** (0.000) 1.417*** (0.000) 1.704*** (0.000) LnSubsidyt-1 — 0.110*** (0.001) -0.194*** (0.000) LnSubsidyt-2 — — -0.021 (0.413) LnRd_P -0.154*** (0.000) -0.222*** (0.000) 0.012 (0.554) LnProfit 0.021** (0.025) 0.003** (0.022) 0.004 (0.746) C 2.184*** (0.000) 1.196** (0.048) 0.606*** (0.000)
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