使用我国2005-2007年约30万家工业企业数据，描述性统计得到：第一，单个企业受财政补贴的额度呈下降趋势，企业研发投入的资金来源中自筹资金比例上升；第二，财政补贴与企业研发投入分布存在较大的行业差异；第三，财政补贴严重向国有企业倾斜，国有企业是我国研发投入的主力军。虽然财政补贴在总体上能够促进企业研发投入，但门槛面板数据模型的估计结果表明：财政补贴与企业研发投入呈现复杂的非线性关系；对于制造业国有企业，财政补贴占企业研发投入的最佳比例是13.45%~27.75%，在此区间财政补贴显著带动企业研发投入，具有挤入效应，超过27.75%时对企业研发投入显著负向影响、挤出效应明显；但对私营企业、特别是私营高科技企业，财政补贴只有挤入效应、没有挤出效应。因此，提高财政补贴效率、促进企业自主研发的关键是，确立技术发明公共性补偿或风险补偿的合理定价机制，确保私营企业、特别是私营高科技企业得到合理的补偿。
Abstract
Using 30,0000 industrial enterprises' panel data from 2005 to 2007 in China, the descriptive statistics brought the following conclusions. Firstly, individual firm's internal self-raised fund gradually becomes the main source of R&D expenditure with decreasing fiscal subsidies. Secondly, the distribution of fiscal subsidies and enterprises' R&D investment vary from industries. Thirdly, State-owned enterprises account for the largest proportion of R&D expenditure and benefit most from fiscal subsidies. Though fiscal subsidies can stimulate the firms' R&D, estimation of threshold panel data model shows that the relationship between fiscal subsidies and firm R&D is non-linear. The optional ration of fiscal subsidies to firm R&D investment ranges from 13.45% to 27.75% for SOEs in manufacturing industries. Fiscal subsidies have a crowding-in effect on firm R&D investment in that interval, but exhibit a crowding-out effect when that ration exceeds 27.75%. There is only crowding-in but no crowding-out effect for privately-owned firms, especially high-tech privately firms. The threshold value to trigger crowing-out effect is larger in manufacturing industries than high-tech industries. Therefore, the key to promote the efficiency of fiscal subsidies and stimulate firm R&D investment is to properly price the compensation rate of R&D investment, and strength the support to privately-owned firms, especially firms in high-tech industries.
关键词
财政补贴 /
研发投入 /
分布特征 /
门槛效应
Key words
fiscal subsidies /
R&D investment /
distribution features /
threshold effects
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基金
教育部人文社会科学基金项目“金融低效下的企业异质性投资行为与外部失衡：形成机理及调整政策研究”（批准号：11YJA790016；起止时间：2011.12-2014.12）；辽宁省社科联项目“推动辽宁科技与金融结合问题研究”（批准号：2013lsldykt19；起止时间：2013.01-2013.09）；国家自然科学基金重点项目“PORC框架下的国家自主创新体系国际化理论与政策研究”（批准号：71033002；起止时间：2011.01-2014.12）；国家自然科学基金项目“外部治理环境、利益相关者声誉与上市公司盈余管理”（批准号：71172136；起止时间：2012.01-2015.12）。
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