| 摘要: |
| 政府为企业提供科技资助是为了激励企业创新活动，而不同的资助方式可能对企业创新活动产生不同的影响。将政府科技资助分为成本分摊型和绩效奖励型两类，并考虑风险投资的调节作用，以2011—2015年我国创业板上市公司为样本，分析不同的资助方式对企业创新投入的影响，结果发现：成本分摊型资助对企业的创新投入具有激励效应，而绩效奖励型资助对企业创新投入具有挤出效应；风险投资的参与强化了成本分摊型资助对创新投入的激励效应，削弱了绩效奖励型资助对创新投入的挤出效应。政府应加大成本分摊型科技资助力度，科技类企业则应积极引入风险投资，以促进创新投入增长。 |
| 关键词: 政府科技资助 成本分摊型资助 绩效奖励型资助 创新投入 风险投资 激励效应 挤出效应 |
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| Influence of the Methods of Governmental Subsidy for R&D and Venture Capital on Enterprise Innovation Input—Empirical Analysis of Listed Companies on GEM |
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WEI Fang，GENG Xiu-lin
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School of Business, Nanjing University, Nanjing 210093, China
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| Abstract: |
| Governmental R&D subsidy for the enterprises aims to encourage the innovation activities of the enterprises but different supporting methods may produce different impacts on the enterprises innovation activities. This paper divides government R&D subsidy into two types, namely cost-sharing subsidy and performance-rewarding subsidy, considers the regulation role of venture capital, and uses the data of the listed companies on the GEM from 2011 to 2015 to explore the impacts of two different kinds of subsidies on the innovation input. The results show that the cost-sharing subsidy promotes the firms’ innovation input, while the performance-rewarding subsidy has crowding-out effect on the firms’ innovation input. Further grouping studies show that the participation of venture capital strengthens the positive effect of cost-sharing subsidy on the innovation input, and it weakens the crowding-out effect of performance-rewarding subsidy on the innovation input. Governments should boost cost-sharing R&D subsidy, R&D type enterprises should actively bring in venture capital so as to promote innovative input growth. |
| Key words: governmental R&D subsidy cost-sharing subsidy performance-rewarding subsidy innovation input venture capital incentive effect crowding-out effect |
