金融市场化、政府干预机制与企业创新投入效率

摘要

This paper examines the effects of governmental innovation intervention policies on the efficiency of corporate innovation. The findings indicate that in general corporate innovation contributes to the increase of firm value, but the effect of government subsidies on value relevance of corporate innovation is significantly positive only for the firms located in regions with poor financial marketization. Utilizing tax-cutting reforms at the beginning of 2009 as exogenous events, the paper finds that the efficiency of corporate innovation is steadily increasing after tax cut reforms, which is not influenced by the develop-ment of financial marketization. From the perspective of innovation financing, the paper compares the effects of government subsidies and tax cutting on the efficiency of innovation and generates some meaningful policy implications.%本文考察了政府创新鼓励措施对企业创新投入价值性的影响及其制度基础。研究表明，创新投入能够增加企业价值，但政府补助对创新投入价值相关性的显著正向作用仅表现在金融市场化程度较低地区的企业。以2009年初实施的涉及企业研发的税改为外生事件，研究发现税改后企业创新投入的价值相关性显著提高，且这一改善不受金融市场化程度的影响。该文从企业创新融资角度，研究了政府补助与政府税收减免两项干预企业创新活动的机制对创新投入价值相关性的影响，具有一定的政策借鉴意义。