机构投资和政府补贴影响中国制造业创新研究

机构投资和政府补贴对微观企业创新的直接影响一直受到学界关注,但鲜有学者探究它们对整个行业创新水平的总体作用效果。基于中国制造业所处的“大而不强”和粗放发展窘境,文章将国家专利数据库与中国工业企业数据库进行匹配,从中观层面检验机构投资和政府补贴对中国制造业创新的影响。文章首先通过固定效应模型检验发现：机构投资者进入能显著促进制造业创新数量,但高技术和低技术制造业部门的创新路径存在差异,机构投资对高技术制造业部门的促进效果明显低于低技术部门;政府补贴非但不能达到预期效果,反而抑制了制造业创新。基于三阶段最小二乘法和倾向得分匹配法的检验结果与基准检验结果一致。为进一步分析机构投资通过何种路径去影响制造业创新,文章以研发费用和创新效率为中介变量,通过逐步法检验表明,机构投资可以引致研发费用的增加,并提高制造业创新效率,而政府补贴对创新效率有负向影响。产业的集聚环境是影响企业经营管理的重要因素,最后文章将产业多样性集聚作为企业经营的外部环境进行研究,考虑其在机构投资和政府补贴发挥作用时的调节效应,研究发现,多样性集聚会抑制机构投资的正向效果,增强政府补贴的负向效果。文章将中国工业企业数据库、国家专利数据库、清科机构投资数据库和中国城市统计年鉴等多个微观和中观数据库进行匹配汇总,从产业层面研究了机构投资和政府补贴对中国制造业创新的影响,还考虑了区域企业间相互作用可能存在的交互影响效果。根据理论和实证研究,结合当前我国的经济形势,文章提出了四点政策建议:创造良好的机构投资环境,引导机构与制造业企业合作,推动创新;加大对科学事业的支持力度,引导高校、研究机构等研究成果的落地应用,促进实质性、高水平创新;制定更有效的财政补贴政策,减少寻租行为;充分考虑地区的资源禀赋和市场环境,将多样化的集聚转化为市场的发展优势,培育产业链集群协调创新。

Research on the effect of institutional investment and government subsidies on innovation in Chinese manufacturing industry

The direct impact of institutional investment and government subsidies on micro-enterprise innovation has always been concerned by academia, but few scholars have explored their overall effect on the innovation level of the entire industry. Based on the dilemma of "big but not strong" and extensive development of China''s manufacturing industry, this paper matches the national patent database with the database of China''s industrial enterprises, and examines the impact of institutional investment and government subsidies on China''s manufacturing industry innovation from a mesoscopic perspective. First of all, through the fixed-effect model test, this paper finds that institutional investment can significantly promote the number of manufacturing innovation, but there are differences in the innovation paths of high-tech and low-technology manufacturing sectors, and the promotion effect of institutional investment on high-tech manufacturing sector is significantly lower than that of low-technology sectors; Instead of achieving the expected effect, government subsidies have inhibited manufacturing innovation. The test results based on the three-stage least squares method and the propensity score matching method are consistent with the benchmark test results. In order to further analyze the path through which institutional investment affects manufacturing innovation, this paper takes R&D costs and innovation efficiency as intermediary variables. Through the stepwise test, it is shown that institutional investment can lead to an increase in R&D costs and improve manufacturing innovation efficiency, while government subsidies have a negative impact on innovation efficiency. The industrial agglomeration environment is an important factor that affects the operation and management of enterprises. Finally, this paper studies the industrial diversity agglomeration as the external environment of enterprise operation, and considers its regulatory effect when institutional investment and government subsidies play a role. The study finds that the diversity agglomeration inhibits the positive effect of institutional investment and enhances the negative effect of government subsidies. This paper matches and summarizes many micro and meso databases, such as China Industrial Enterprise Database, National Patent Database, Zero2IPO Institutional Investment Database and China Urban Statistical Yearbook, and studies the impact of institutional investment and government subsidies on China''s manufacturing industry innovation from the industrial level. The paper also considers the possible interaction effects between regional enterprises. The research conclusion of this paper provides guidance for the follow-up research and practice. Based on theoretical and empirical research, combined with the current economic situation in China, this paper puts forward four policy recommendations:We should create a good institutional investment environment, guide the cooperation between institutions and manufacturing enterprises, and promote innovation; Increase support for scientific undertakings, guide the implementation and application of research achievements in universities and research institutions, and promote substantive and high-level innovation; We should formulate more effective fiscal subsidy policies to reduce rent-seeking behavior; Give full consideration to regional resource endowment and market environment, transform diversified agglomeration into market development advantages, and foster coordinated innovation of industrial chain clusters.