政府经费支持对企业 R D 投入的效应分析--基于惠州企业动态面板数据模型的系统GMM估计

摘要

This paper aims to examine whether government subsidy on an enterprise’s R&D exerts a crowding-in or crowding-out ef-fect on the subsidized company,trying to determine the optimal mean value of R&D subsidy,in order to prevent government subsidy from reversely impeding a company's R&D investment. Based on the industrial enterprise in Huizhou during 2011-2014 as sample,and through the system GMM estimation for empirical research,it is found that government subsidy motivates a company’s R&D input in the initial stage,however,when the amount of subsidy exceeds the optimal mean value,the continuing support would crowd out the company's R&D investment. Further study discovers that when taking into consideration such facfors as time lag of government behav-ior,subsidy from government also has a“crowding-in first,crowding-out then”effect on the subsidized company. Furthermore a com-pany’s decision on new investment in R&D would be affected by the previous investment level,which is an effect called“habitual in-vestment behavior”.%文章旨在考察政府的R&D资助强度，是否会对受资助企业的R&D投入强度带来挤入或挤出效应，力图寻找出企业受资助的最优均值，以避免政府资助反向抑制企业R&D投入。基于2011-2014年惠州市工业企业数据为样本，通过系统GMM估计进行实证研究。研究发现，政府的经费支持在企业研发投入的初始阶段具有激励作用，而当政府的支持力度超过最优补贴值时，继续资助的行为反倒会挤出企业的R&D投入。在进一步研究中还发现，当考虑政府行为的滞后性等因素后，政府资助对企业的研发投入同样呈现出“先挤入、后挤出”的影响；企业新的研发投资决策会受过往投入水平的影响，形成一种“投资行为习惯”效应。