Abstract: This paper theoretically divides the influence of fiscal decentralization on enterprise innovation into two channels: First, fiscal decentralization increases the financial subsidies of local governments to enterprise innovation, which directly promotes the enterprise innovation; Second, by optimizing the regional financial structure, fiscal decentralization has played a positive role in promoting enterprise innovation through equity financing, which indirectly promotes the enterprise innovation. Using the panel data of the listed companies and the provincial-level data from 2008 to 2015, the paper empirically examined the mechanism of fiscal decentralization on enterprises innovation input and output. The empirical results show that fiscal decentralization does have a double impact on enterprise innovation as well as a significant incentive for private enterprises, young enterprises and enterprise executives with research and development background. Furthermore, fiscal expenditure decentralization has a positive effect on enterprise innovation, while fiscal revenue decentralization has a negative effect on enterprise innovation. This paper holds that, on the basis of improving the performance appraisal of local government officials, we should properly improve local financial autonomy, strengthen the financial support for private young enterprise innovation, and give full play to the role of equity financing in promoting enterprise innovation in order to better advance the development of enterprise innovation.

Key words: Fiscal Decentralization, Financial Structure, Enterprise Innovation

摘要： 本文从理论上将财政分权对企业创新的影响划分为两个渠道:一是财政分权提高了地方政府对企业创新的财政补助,直接推动了企业创新;二是财政分权通过优化地区金融结构,发挥了股权融资对企业创新的正向促进作用,间接推动了企业创新。利用2008~2015年上市公司数据和省级层面数据相结合的面板数据,实证研究发现:财政分权对企业创新确实存在双重影响,并且对民营企业、处于成长期及公司高管具有研发背景的企业的研发创新有显著激励作用。进一步实证检验发现财政支出分权对企业创新有正向促进作用,而财政收入分权则对企业创新有抑制作用。本文认为,应在完善地方政府官员绩效考核基础上,适当提高地方财政自主权,强化对处于成长期民营企业创新的财政扶持力度,并发挥股权融资对企业创新的促进作用,以更好地推动企业创新。

关键词: 财政分权, 金融结构, 企业创新