I 摘要 本文以战略新兴产业 496 家上市公司 2012-2017 年的面板数据为观测资料，研究政 府创新补贴政策对企业创新的影响，并探究企业 R&D 投入强度在政府创新补贴与企业 创新绩效关系中的作用路径。接着分析企业产权性质、企业规模与企业所处地域的差异 性对产业政策有效性的影响。 首先，本文对研究背景和研究意义进行阐明，随着新一代科技革命的到来，创新已 经成为各个国家、地区抢占强势地位的重要抓手，战略新兴产业更是在塑造核心竞争力 中发挥关键作用，但是中美贸易战以来，中国的政府补贴政策颇受争议，这引发了关于 政府补贴政策有效性的广泛关注。其次，本文对国内外关于政府创新补贴、企业 R&D 投入与企业创新绩效的相关研究文献进行整理和归纳。对本文涉及的政府创新补贴、企 业 R&D 投入强度以及企业创新绩效等主要变量和相关理论进行阐释。在前人研究的基 础上依据相关理论分析政府扶持和培育战略新兴产业上市公司成长的必要性，以及政府 创新补贴发挥效应的原理。 在文献梳理和理论分析的基础上提出本文的研究假设，并采用稳健性标准误修正模 型对战略新兴企业进行实证分析，发现政府创新补贴可以有效促进企业 R&D 投入强度 与企业创新绩效的提高，并且企业 R&D 投入强度在政府创新补贴与企业创新绩效之间 发挥部分中介作用。在区分企业所有权性质差异、企业规模大小以及企业所处地域的差 异后发现，国有控股企业的政府创新补助对企业创新绩效的促进作用高于非国有控股企 业，但在非国有控股企业中，企业 R&D 投入强度在政府创新补贴与企业创新绩效中发 挥完全中介效应；大规模企业的政府创新补贴对企业 R&D 投入强度与企业创新绩效的 促进效果更强，且企业 R&D 投入强度发挥中介作用；对于地处东部区域的企业，政府 创新补贴可以有效刺激企业创新绩效和企业 R&D 投入强度的提高，且企业 R&D 投入 强度发挥部分中介效应，而在中西部区域的企业中，其 R&D 投入强度发挥完全中介作 用。 最后对本文的理论分析和实证分析结果进行总结，提出政府应当继续施行对战略新 兴产业的创新补贴，同时要根据企业所有权性质、企业规模与企业所处地域的特点有针 对性地制定和设计补贴方案的建议；企业层面，建议应当充分利用政府创新补贴发挥的 “监管认证+信号认证”作用，积极探索与金融机构、创投企业以及战略投资者合作的 可能性，拓宽社会资本渠道，在技术方面，吸引高校、科研院所等的技术流入，提升企 业的创新能力，并对未来的研究方向进行展望。 关键词：政府创新补贴；企业 R&D 投入强度；企业创新绩效；信号传递理论Abstract II Abstract This paper uses panel data of 496 listed companies in strategic emerging industries from 2012 to 2017 as observation data to study the impact of government innovation subsidy policies on corporate innovation, and explore the role of corporate R&D investment in the relationship between government innovation subsidies and corporate innovation performance. Then it analyzes the impact of the differences in the property rights of enterprises, the scale of enterprises, and the regions where they are located on the effectiveness of industrial policies. First of all, this article clarifies the research background and significance. With the advent of a new generation of scientific and technological revolution, innovation has become an important grabber for various countries and regions to seize a strong position. Strategic emerging industries play a key role in shaping core competitiveness, but Since the Sino-US trade war, China's government subsidy policy has been quite controversial, which has caused widespread concern about the effectiveness of government subsidy policies. This article summarizes domestic and foreign related research literature on government innovation subsidies, corporate R&D investment and corporate innovation performance, and describes the research content and research framework of this article. Secondly, this article defines and explains the related concepts, and summarizes the relevant theories involved in the article. On the basis of previous studies, based on relevant theories, it analyzes the necessity of government support and fostering the growth of listed companies in strategic emerging industries, and the principle that government innovation subsidies have an effect. After completing the theoretical analysis, putting forward hypotheses, and establishing a research model, this article uses sample data for empirical analysis and draws relevant conclusions. This paper analyzes the correlation of the data and analysis of the robustness standard error correction model, and concludes that government innovation subsidies can effectively promote the improvement of corporate R&D investment and corporate innovation performance, and that corporate R&D investment plays a part mediation effect between government innovation subsidies and corporate innovation performance. After considering the differences in the nature of corporate property rights, the size of the enterprise, and the geographical location of the enterprise, it finds that government innovation subsidies of state- controlled enterprises have a greater effect on promoting innovation performance of enterprises than non-state-controlled enterprises. However, in non-state-controlled enterprises, corporate R&D investment in government Intermediate effects are played in innovation subsidies and corporate innovation performance; government innovation subsidies for large-scale enterprises have a stronger promotion effect on corporate R&D investment and corporate innovation performance, and corporate R&D investments play an intermediary role; governmentAbstract III innovation subsidies for enterprises in eastern regions have an impact on corporate innovation The promotion of performance and corporate R&D investment is stronger, and corporate R&D investment plays a part of the mediating effect, while corporate R&D investment of the central and western regions plays a full mediating role. Finally, based on the results of empirical analysis, this article summarizes the relevant conclusions and proposes that the government should continue to implement innovation subsidies for strategic emerging industries, and at the same time, it should be formulated and designed according to the nature of enterprise ownership, enterprise size, and the characteristics of the region in which the enterprise is located. Recommendations on subsidy programs; at the corporate level, it is recommended that the role of "regulatory certification + signal certification" played by government innovation subsidies should be fully explored to actively explore the possibility of cooperation with financial institutions, venture capital enterprises and strategic investors, and broaden social capital channels. In terms of technology, attract inflows of technology from universities, research institutes, etc., enhance the innovation ability of enterprises, and look forward to future research directions. Keywords: Government Innovation Subsidy; Enterprise R&D Investment; Enterprise Innovation Performance; Signal Transmission Theory目 录 1 目 录 摘要............................................................. I Abstract.......................................................... II 第一章 绪论........................................................ 1 1.1 研究背景及意义 ............................................... 1 1.1.1 研究背景 ................................................. 1 1.1.2 研究意义 ................................................. 2 1.2 国内外相关研究综述 ........................................... 4 1.2.1 国外相关研究综述 ......................................... 4 1.2.2 国内相关研究综述 ......................................... 7 1.2.3 国内外相关研究述评 ....................................... 9 1.3 研究内容与研究框架 .......................................... 10 1.4 研究方法 .................................................... 12 1.5 研究创新点 .................................................. 13 1.6 本章小结 .................................................... 14 第二章 基本概念和基础理论......................................... 15 2.1 相关概念界定 ................................................ 15 2.1.1 战略新兴企业 ............................................ 15 2.1.2 政府创新补贴 ............................................ 15 2.1.3 企业 R&D 活动与企业 R&D 投入强度 .......................... 16 2.1.4 企业创新绩效 ............................................ 17 2.2 相关理论 .................................................... 18 2.2.1 创新理论 ................................................ 18 2.2.2 外部性理论 .............................................. 19 2.2.3 信号传递理论 ............................................ 19 2.3 本章小结 .................................................... 20 第三章 研究设计................................................... 21 3.1 样本选择和数据收集 .......................................... 21 3.2 战略新兴产业样本公司特征分析 ................................ 21 3.2.1 样本公司行业分布 ........................................ 21 3.2.2 样本公司的创新补贴现状分析 .............................. 22目 录 2 3.2.3 样本企业 R&D 投入现状分析 ................................ 24 3.2.4 样本公司的创新绩效现状分析 .............................. 25 3.3 研究假设 .................................................... 26 3.3.1 政府创新补贴对企业创新绩效的影响 ........................ 26 3.3.2 政府创新补贴对企业 R&D 投入强度的影响 .................... 27 3.3.3 R&D 投入强度的中介效应................................... 28 3.4 模型构建 .................................................... 29 3.5 变量选择 .................................................... 30 3.5.1 被解释变量 .............................................. 30 3.5.2 解释变量 ................................................ 30 3.5.3 中介变量 ................................................ 31 3.5.4 控制变量 ................................................ 31 3.6 本章小结 .................................................... 33 第四章 实证检验与分析............................................. 35 4.1 相关性检验 .................................................. 35 4.2 计量检验 .................................................... 36 4.2.1 面板数据模型效应选择 .................................... 36 4.2.2 异方差和自相关检验 ...................................... 37 4.3 回归分析 .................................................... 37 4.4 进一步研究 .................................................. 39 4.4.1 基于产权性质的分组研究 .................................. 39 4.4.2 基于企业规模的分组研究 .................................. 41 4.4.3 基于企业所处区域的分组研究 .............................. 42 4.5 内生性讨论 .................................................. 44 4.6 稳健性检验 .................................................. 45 4.7 本章小结 .................................................... 47 第五章 结论与展望................................................. 49 5.1 研究结论 .................................................... 49 5.2 政策建议 .................................................... 50 5.3 研究局限与展望 .............................................. 50