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

doi:10.15936/j.cnki.1008-3758.2022.01.004

Abstract

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

CLC Number:

F275.1

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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