-I- 摘要 创新驱动发展战略背景下，战略性新兴产业是助力我国建设创新型国家的重 要产业，政府和金融机构通过实施政府补贴、金融支持等措施积极推进战略性新 兴产业创新发展。创新效率是衡量战略性新兴产业创新发展成效的重要指标，为 考察战略性新兴产业创新效率，探究政府补贴、金融支持与战略性新兴产业创新 效率的作用机制，本研究选取 2012-2017 年 400 家战略性新兴产业上市公司作为研 究样本，运用 CCR 模型对其创新效率进行了测算，对政府补贴、金融支持与战略 性新兴产业创新效率的作用机制进行了深入探讨。研究发现： 第一，政府补贴有助于战略性新兴产业创新效率提升，有助于其获得更多的 金融支持，但金融支持并不利于战略性新兴产业创新效率提升，金融支持在政府 补贴与战略性新兴产业创新效率间表现为遮掩效应； 第二，分产权性质来看，政府补贴对战略性新兴产业国有企业创新效率的促 进作用大于非国有企业；政府补贴有助于战略性新兴产业非国有企业获取更多的 金融支持，与国有企业获取金融支持不显著正相关；金融支持不利于战略性新兴 产业国有企业创新效率提升，与非国有企业创新效率不显著正相关；金融支持在 政府补贴与创新效率间的间接效应在国有企业和非国有企业中均不显著； 第三，分生命周期阶段来看，政府补贴对成熟期战略性新兴产业创新效率的 促进作用大于成长期，与衰退期战略性新兴产业创新效率不显著负相关；政府补 贴对衰退期、成长期、成熟期战略性新兴产业获得金融支持的促进作用依次递减； 金融支持对成熟期、衰退期、成长期战略性新兴产业创新效率的抑制作用依次降 低，但只有成熟期抑制作用显著；对于成长期和成熟期的战略性新兴产业，金融 支持在政府补贴与创新效率间均产生了遮掩效应，但对于衰退期的战略性新兴产 业，金融支持在政府补贴与创新效率间的间接效应并不显著。 本研究建立了包含政府补贴、金融支持和创新效率的研究框架，揭示了政府 补贴、金融支持与创新效率的深层次作用机制，并以不同产权性质、不同生命周 期阶段的研究样本为例，对三者之间的作用机制进行了深入探讨，丰富了不同产 权性质、不同生命周期阶段企业中三者作用机制的研究。研究结论有利于政府和 金融机构更加准确地评估政府补贴和金融支持对创新效率的影响，优化资源配置， 制定针对性更强的政府补贴政策和金融支持机制，进而推动战略性新兴产业创新 效率的提升和高质量发展。 关键词：政府补贴；金融支持；创新效率；战略性新兴产业；遮掩效应 分类号：F276Abstract -II- Abstract Under the background of innovation-driven development strategy, strategic emerging industries are important industries that help China build an innovative country. The government and financial institutions actively promote the innovative development of strategic emerging industries by implementing government subsidies and financial support. Innovation efficiency is an important indicator to measure the effectiveness of innovative development of strategic emerging industries.In order to examine the innovation efficiency of strategic emerging industries, and explore the mechanism of government subsidies, financial support, and strategic emerging industries' innovation efficiency, this study selected 400 strategic emerging industries listed companies in 2012-2017 as a research sample, used the CCR model to measure their innovation efficiency, and deeply discussed the mechanism of government subsidies, financial support and strategic emerging industries' innovation efficiency. The study found: First, government subsidies help improve strategic emerging industries' innovation efficiency and help them gain more financial support, but financial support is not conducive to improving strategic emerging industries' innovation efficiency. Financial support shows a masking effect between government subsidies and innovation efficiency of strategic emerging industries; Second, in terms of the nature of enterprise property rights, government subsidies have a greater effect on promoting the innovation efficiency of strategic emerging industries' state-owned enterprises than non-state-owned enterprises; government subsidies help strategic emerging industries' non-state-owned enterprises to obtain more financial support, and government subsidies is not significantly positively related to state-owned enterprises' financial support; financial support is not conducive to improving the innovation efficiency of state-owned enterprises in strategic emerging industries, and financial support is not significantly positively related to the innovation efficiency of non-state-owned enterprises; indirect effects of financial support between government subsidies and innovation efficiency are not significant in both state-owned and non-state-owned enterprises; Third, from the perspective of life cycle stages, the promotion effect of government subsidies on the innovation efficiency of strategic emerging industries in the mature period is greater than that in the growing period, which has no significant negative correlation with the innovation efficiency of strategic emerging industries in theAbstract -III- declining period; the promotion effect of government subsidies on the financial support of strategic emerging industries in the declining period, the growing period and the mature period decreases in turn; the inhibition effect of financial support on the innovation efficiency of strategic emerging industries in the mature period, the declining period and the growing period decreases in turn, but only significant in the mature period; for the growing period and the mature period of strategic emerging industries, financial support has a masking effect between government subsidies and innovation efficiency, but for the declining period of strategic emerging industries, financial support has an indirect effect between government subsidies and innovation efficiency not significant. This study establishes a research framework including government subsidies, financial support and innovation efficiency, and reveals the deep-level mechanism of government subsidies, financial support and innovation efficiency, and takes the research samples of different property rights and different life cycle stages as examples to explore the mechanism among the three, enriching the research on the mechanism of the three of enterprises with different property rights and different life cycle stages. The conclusion of the study is helpful for the government and financial institutions to evaluate the impact of government subsidies and financial support on innovation efficiency more accurately, optimize resource allocation, formulate more targeted government subsidy policies and financial support mechanisms, and then promote the improvement of innovation efficiency and high-quality development of strategic emerging industries. Keywords: Government Subsidies; Financial Support; Innovation Efficiency; Strategic Emerging Industries; Masking effect Classification Number：F276目 录 -IV- 目 录 摘要...........................I Abstract....................... II 目 录 .......................IV 图和附表清单 ...........VI 1 绪论 ....................... 1 1.1 研究背景与意义 ........................ 1 1.1.1 研究背景 .......................... 1 1.1.2 研究意义 .......................... 2 1.2 研究内容与方法 ........................ 3 1.2.1 研究内容 .......................... 3 1.2.2 研究方法 .......................... 4 1.3 创新点 ......... 4 1.4 技术路线图 . 5 2 概念界定与文献回顾 .......................... 6 2.1 概念界定 ..... 6 2.1.1 政府补贴 .......................... 6 2.1.2 金融支持 .......................... 6 2.1.3 创新效率 .......................... 6 2.1.4 战略性新兴产业 .............. 7 2.2 文献回顾 ..... 7 2.2.1 创新效率相关研究 .......... 7 2.2.2 政府补贴与创新效率相关研究 ..................... 8 2.2.3 政府补贴与金融支持相关研究 ..................... 9 2.2.4 金融支持与创新效率相关研究 ..................... 9 2.2.5 文献述评 ........................ 10 3 理论基础与研究假设 ........................ 12 3.1 理论基础 ... 12 3.1.1 资源基础理论 ................ 12 3.1.2 信号传递理论 ................ 12 3.1.3 信息不对称理论 ............ 12 3.1.4 企业生命周期理论 ........ 12 3.2 研究假设 ... 13目 录 -V- 3.2.1 政府补贴与创新效率 .... 13 3.2.2 政府补贴与金融支持 .... 13 3.2.3 金融支持与创新效率 .... 14 3.2.4 政府补贴、金融支持与创新效率 ............... 15 4 创新效率测算 ..... 16 4.1 样本选择与数据来源 .............. 16 4.1.1 样本选择 ........................ 16 4.1.2 数据来源 ........................ 16 4.2 指标体系构建与测算方法选择 ............................. 16 4.2.1 指标体系构建 ................ 16 4.2.2 测算方法选择 ................ 17 4.3 创新效率结果 .......................... 17 5 研究设计及结果分析 ........................ 24 5.1 变量定义 ... 24 5.2 模型构建 ... 25 5.3 统计性描述 .............................. 26 5.3.1 描述性统计分析 ............ 26 5.3.2 相关性分析 .................... 26 5.4 回归结果与分析 ...................... 27 5.5 稳健性检验 .............................. 29 5.5.1 内生性检验 .................... 29 5.5.2 其他稳健性检验 ............ 30 5.6 进一步分析 .............................. 34 5.6.1 不同产权性质 ................ 34 5.6.2 不同生命周期阶段 ........ 37 6 结论与展望 ......... 41 6.1 研究结论 ... 41 6.2 对策与建议 .............................. 41 6.3 研究展望 ... 42