Research on Macroeconomic Policy and R&D Subsidy Performance——Based on the “Four Trillion” Economic Stimulus Plan

Abstract

Abstract: With the sample of A-share listed companies in China from 2007 to 2014, this paper uses the PSM, DID and Heckman 2SLS models to study the impact of the 4-Trillion-Yuan economic stimulus plan on the effect of government R&D subsidies. It finds that the plan will reduce the stimulus effect of the government's R&D subsidy, which is significant for both invention patents and the other patents, and that this impact continues to 2012. Furthermore, this paper finds that this negative impact is more significant in state-owned enterprises, in high-tech enterprises, and in regions with weaker intellectual property protection. This paper thus extends the research on influencing factors of R&D subsidy performance, which helps to enlighten the debate on the government's research subsidy and provides important policy implication.

Key words: Four Trillion-Yuan Stimulus Plan, R&D Subsidy, Innovation, Patents

摘要： 本文选取2007~2014年中国A股上市公司为样本,采用倾向得分匹配、双重差分模型以及Heckman两步法,检验了“四万亿”经济刺激计划对政府科技补贴绩效的影响。研究发现,“四万亿”显著抑制了科技补贴绩效,这种抑制作用对发明专利和非发明专利均显著,且会持续到2012年。进一步研究表明,“四万亿”对政府科技补贴绩效的抑制作用在国有企业分组、高新技术企业分组和知识产权保护程度较低地区分组中更为显著。本文拓展了有关政府科技补贴绩效影响因素的研究,有助于澄清政府科技补贴与创新政策的争议。

关键词: “四万亿”, 政府科技补贴, 创新, 专利

CLC Number:

YANG Yan, ZHENG Yating. Research on Macroeconomic Policy and R&D Subsidy Performance——Based on the “Four Trillion” Economic Stimulus Plan[J]. , 2021, 37(2): 24-36.

杨艳, 郑雅婷. 宏观经济政策对政府科技补贴绩效的影响研究——基于“四万亿”经济刺激计划分析[J]. 财经论丛, 2021, 37(2): 24-36.

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