创新券能提升科技型中小企业投资效率么?——基于供给面与需求面政策的叠加效应

doi:10.15936/j.cnki.1008-3758.2022.01.004

东北大学学报（社会科学版） ›› 2022, Vol. 24 ›› Issue (1): 25-33.DOI: 10.15936/j.cnki.1008-3758.2022.01.004

创新券能提升科技型中小企业投资效率么?——基于供给面与需求面政策的叠加效应

赵瑞瑞，张玉明，刘嘉惠

(山东大学管理学院，山东济南250100)

发布日期:2022-02-23
通讯作者: 赵瑞瑞
作者简介:赵瑞瑞(1992-)，男，山东东营人，山东大学博士研究生，主要从事公司金融研究;张玉明(1962-)，男，山东济南人，山东大学教授，博士生导师，主要从事共享经济及企业创新研究。
基金资助:
国家社会科学基金资助项目(18BJY108)。

Can Innovation Vouchers Promote High-tech SMEs' Investment Efficiency? Based on the Superimposed Effect of Supply-side and Demand-side Policies

ZHAO Ruirui， ZHANG Yuming， LIU Jiahui

(School of Management， Shandong University， Jinan 250100， China)

Published:2022-02-23
Contact: -
About author:-
Supported by:
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摘要/Abstract

摘要： 以我国2012—2018年861家在中小板与创业板上市的科技型中小企业为样本，采用普通最小二乘、倾向得分匹配、双重差分等检验方法，探讨了创新券这一创新政策对投资效率的影响。研究发现:创新券可以通过产学研合作有效缓解中小企业的过度投资与投资不足;创新券可降低政府补助所带来的过度投资，即双重政策的叠加会弥补单一政策的缺陷;机制检验表明创新券并不能通过缓解融资约束抑制过度投资与投资不足，间接验证了产学研信息共享的机制。在激励企业投资时，政府应注意到单一供给面政策造成的非效率问题，利用多重政策的组合优化资源配置，提高政策的科学性与有效性。

关键词: 创新券; 中小企业; 投资效率; 产学研合作; 政府补助

Abstract: Taking 861 listed High-tech SMEs in 2012-2018 in China as the sample， this paper uses ordinary least squares， propensity score matching， difference-in-difference and other testing methods and empirically studies the impact of innovation vouchers， an innovation policy， on investment efficiency. The research shows that innovation vouchers can effectively alleviate overinvestment and under-investment of SMEs through industry-university-research collaboration. Innovation vouchers can reduce overinvestment caused by excessive government subsidies， that is， the superimposition of dual policies will inhibit disadvantages of a single policy. Mechanism test shows that innovation vouchers cannot reduce overinvestment or underinvestment by easing financing constraints， which has indirectly verified the mechanism of industry-university-research information sharing. When encouraging enterprises to invest， governments should pay attention to the inefficiency caused by a single supply-side policy， and optimize resource allocation through combination of multiple policies to improve the scientificity and effectiveness of the policy.

Key words: innovation voucher; small and medium enterprise(SME); investment efficiency; industry-university-research collaboration; government subsidy

中图分类号:

F275.1

赵瑞瑞，张玉明，刘嘉惠. 创新券能提升科技型中小企业投资效率么?——基于供给面与需求面政策的叠加效应[J]. 东北大学学报（社会科学版）, 2022, 24(1): 25-33.

ZHAO Ruirui， ZHANG Yuming， LIU Jiahui. Can Innovation Vouchers Promote High-tech SMEs' Investment Efficiency? Based on the Superimposed Effect of Supply-side and Demand-side Policies[J]. Journal of Northeastern University(Social Science), 2022, 24(1): 25-33.

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创新券能提升科技型中小企业投资效率么?——基于供给面与需求面政策的叠加效应

Can Innovation Vouchers Promote High-tech SMEs' Investment Efficiency? Based on the Superimposed Effect of Supply-side and Demand-side Policies

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