资源科学 ›› 2020, Vol. 42 ›› Issue (8): 1566-1579.doi: 10.18402/resci.2020.08.11
收稿日期:
2020-02-19
修回日期:
2020-06-18
出版日期:
2020-08-25
发布日期:
2020-10-25
通讯作者:
宋慧玲
作者简介:
王昶,男,湖南怀化人,教授,博士生导师,研究方向为资源战略与政策。E-mail: 基金资助:
WANG Chang1,2(), WANG Kailin1, SONG Huiling1(
)
Received:
2020-02-19
Revised:
2020-06-18
Online:
2020-08-25
Published:
2020-10-25
Contact:
SONG Huiling
摘要:
随着近年资源应用领域逐步向高新技术产业延伸,下游材料端的技术创新突破已成为重构中国资源产业优势的战略着力点。本文利用2008—2017年中国新材料企业面板数据,运用PVAR模型和脉冲响应函数,从技术生命周期视角探究了风险投资与政府补贴对中国新材料企业技术创新的激励效应及其差异性。研究表明:①对于新材料企业,风险投资和政府补贴通过提升企业研发投入进而促进了新材料企业的技术创新。其中,风险投资的激励效应更明显但具有短期性,政府补贴的激励效应则具有滞后性;②对于导入期新材料企业,风险投资对其技术创新的激励效应较小,而政府补贴正好弥补了市场资金配置的不足;对于成长期新材料企业,风险投资对其技术创新的长期激励效应强于政府补贴;对于成熟期新材料企业,政府补贴不能促进其技术创新,风险投资的激励效应则比较显著。因此,为更好地提升中国新材料技术创新水平,政府应引入分类补贴机制,重点向导入期新材料企业倾斜,并引导风险资本投入成长期和成熟期新材料企业。
王昶, 王恺霖, 宋慧玲. 风险投资与政府补贴对新材料企业技术创新的激励效应及差异[J]. 资源科学, 2020, 42(8): 1566-1579.
WANG Chang, WANG Kailin, SONG Huiling. Incentive effects and differences of venture capital and government subsidies on technological innovation of advanced material enterprises[J]. Resources Science, 2020, 42(8): 1566-1579.
表2
主要变量的描述性统计"
变量 | 样本 | 均值 | 标准差 | 最小值 | 最大值 | |
---|---|---|---|---|---|---|
总体样本 | lnpat | 710 | 2.325 | 1.409 | 0.000 | 6.548 |
lnvc | 710 | 6.497 | 3.174 | 0.000 | 11.090 | |
lnsub | 710 | 5.140 | 2.907 | 0.000 | 10.311 | |
导入期 | lnpat | 140 | 3.094 | 1.332 | 0.000 | 6.548 |
lnvc | 140 | 7.277 | 2.512 | 0.000 | 10.716 | |
lnsub | 140 | 6.322 | 2.042 | 0.000 | 9.851 | |
成长期 | lnpat | 140 | 2.199 | 1.403 | 0.000 | 5.380 |
lnvc | 140 | 6.607 | 3.049 | 0.000 | 10.661 | |
lnsub | 140 | 5.326 | 2.986 | 0.000 | 10.311 | |
成熟期 | lnpat | 430 | 2.115 | 1.351 | 0.000 | 5.545 |
lnvc | 430 | 6.207 | 3.362 | 0.000 | 11.090 | |
lnsub | 430 | 4.694 | 3.011 | 0.000 | 9.655 | |
中介变量 | lnrd | 710 | 6.096 | 3.514 | 0.000 | 11.615 |
控制变量 | lnsize | 710 | 9.574 | 4.789 | 0.000 | 15.047 |
lev | 710 | 0.290 | 0.224 | 0.000 | 1.081 | |
roa | 710 | 0.024 | 0.040 | -0.188 | 0.285 | |
hold | 710 | 0.188 | 0.186 | 0.000 | 0.635 |
表3
面板单位根检验"
变量 | LLC | IPS | 是否平稳 | |||
---|---|---|---|---|---|---|
统计量 | P值 | 统计量 | P值 | |||
lnvc | -92.3846 | 0.0000 | -34.1357 | 0.0000 | 是 | |
lnsub | -20.5261 | 0.0000 | -5.2781 | 0.0000 | 是 | |
lnpat | -18.3801 | 0.0000 | -6.0536 | 0.0000 | 是 | |
lnsize | -34.0674 | 0.0000 | -9.3688 | 0.0000 | 是 | |
lev | -17.8155 | 0.0000 | -3.7711 | 0.0001 | 是 | |
roa | -14.3225 | 0.0000 | -4.4254 | 0.0000 | 是 | |
hold | -30.3085 | 0.0000 | -3.0371 | 0.0012 | 是 | |
lnrd | -31.6318 | 0.0000 | -7.0676 | 0.0000 | 是 |
表4
风险投资与政府补贴对新材料企业技术创新激励的主效应分析"
变量 | (1) lnpat | (2) lnpat | (3) lnpat | (4) lnpat | (5) lnpat | (6) lnpat |
---|---|---|---|---|---|---|
lnvc | 0.136*** | 0.053*** | 0.044** | |||
(0.0153) | (0.0179) | (0.0180) | ||||
lnsub | 0.226*** | 0.181*** | 0.131*** | |||
(0.000) | (0.0379) | (0.0353) | ||||
lnsize | 0.116*** | 0.0373* | 0.0488* | -0.00765 | ||
(0.0205) | (0.0191) | (0.0269) | (0.0245) | |||
lev | -0.758* | 0.639** | -0.950** | 0.472 | ||
(0.404) | (0.308) | (0.395) | (0.303) | |||
roa | -2.208 | 2.174 | -2.122 | 2.182 | ||
(1.474) | (1.423) | (1.459) | (1.413) | |||
hold | 1.093** | 0.426 | 0.851* | 0.216 | ||
(0.444) | (0.333) | (0.442) | (0.326) | |||
Constant | 1.4407*** | 0.932*** | 0.598*** | 1.164*** | 1.094*** | 0.744*** |
(0.1072) | (0.129) | (0.159) | (0.000) | (0.121) | (0.155) | |
Observations | 710 | 710 | 710 | 710 | 710 | 710 |
R-squared | 0.111 | 0.201 | 0.312 | 0.195 | 0.218 | 0.319 |
Ajust_R2 | 0.012 | 0.106 | 0.298 | 0.106 | 0.125 | 0.306 |
F_value | 79.48 | 31.88 | 22.52 | 154.70 | 35.31 | 23.30 |
时间控制 | 否 | 否 | 是 | 否 | 否 | 是 |
表5
中介效应检验结果"
变量 | (1) | (2) | 变量 | (3) | (4) |
---|---|---|---|---|---|
lnrd | lnrd | lnpat | lnpat | ||
lnvc | 0.0667*** | lnvc | 0.0442** | ||
(-0.0248) | (-0.0177) | ||||
lnsub | 0.250*** | lnsub | 0.150*** | ||
(-0.0523) | (-0.0381) | ||||
lnsize | 0.664*** | 0.567*** | lnrd | 0.134*** | 0.121*** |
(-0.0283) | (-0.0372) | (-0.0283) | (-0.0284) | ||
lev | 0.577 | 0.333 | lnsize | 0.0272 | -0.0197 |
(-0.558) | (-0.545) | (-0.0275) | (-0.0311) | ||
roa | -3.690* | -3.567* | lev | -0.836** | -0.990** |
(-2.037) | (-2.012) | (-0.397) | (-0.39) | ||
hold | -0.266 | -0.598 | roa | -1.712 | -1.691 |
(-0.614) | (-0.61) | (-1.454) | (-1.443) | ||
Constant | -0.727*** | -0.518*** | hold | 1.128** | 0.923** |
(-0.178) | (-0.167) | (-0.437) | (-0.436) | ||
Constant | 1.029*** | 1.157*** | |||
Observations | 710 | 710 | (-0.128) | (-0.12) | |
R-squared | 0.757 | 0.762 | |||
Observations | 710 | 710 | |||
R-squared | 0.228 | 0.24 |
表6
各面板变量协整检验结果"
整体 | 导入期 | 成长期 | 成熟期 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Statistic | Prob. | Statistic | Prob. | Statistic | Prob. | Statistic | Prob. | ||||
Panel v-Statistic | -1.4031 | 0.9197 | -1.6873 | 0.9542 | -0.2534 | 0.6000 | -1.0454 | 0.8521 | |||
Panel rho-Statistic | 5.4695 | 1.0000 | 1.4791 | 0.9304 | 1.8750 | 0.9696 | 4.6703 | 1.0000 | |||
Panel PP-Statistic | -5.8396 | 0.0000 | -5.8796 | 0.0000 | -7.1774 | 0.0000 | -2.3860 | 0.0085 | |||
Panel ADF-Statistic | -5.4631 | 0.0000 | -5.3137 | 0.0000 | -5.5690 | 0.0000 | -2.5053 | 0.0061 | |||
Panel v-Statistic(weight statistic) | 2.5189 | 0.0059 | 8.5528 | 0.0000 | 0.9109 | 0.1812 | 0.2356 | 0.4069 | |||
Panel rho-Statistic(weight statistic) | 5.1799 | 1.0000 | 2.1505 | 0.9842 | 1.4812 | 0.9307 | 4.4846 | 1.0000 | |||
Panel PP-Statistic(weight statistic) | -7.1078 | 0.0000 | -2.4921 | 0.0064 | -7.1757 | 0.0000 | -3.8153 | 0.0001 | |||
Panel ADF-Statistic(weight statistic) | -6.5046 | 0.0000 | -2.4469 | 0.0072 | -6.2991 | 0.0000 | -3.6318 | 0.0001 |
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