政府补助与企业创新绩效

Government Subsidies and Corporate Innovation Performance

摘要: 政府补助作为推动创新的重要政策工具，其效果和作用机制也成为研究的热点。本文以2015年至2023年沪深A股上市公司数据为样本，实证检验了政府补助与企业创新绩效的关系。实证结果表明，政府补助会促进企业创新绩效的提升，内部控制质量能够正向调节政府补助与创新绩效的关系。经稳健性和内生性检验后，结果仍然稳健。异质性分析发现，国有企业、大企业、高科技行业和非重污染行业的企业中政府补助对企业创新绩效促进效果更好，内部控制质量也在二者关系中更能发挥正向调节作用。进一步分析发现，政府补助与企业创新绩效之间存在内部控制质量的门槛效应。研究结论以期为政府机构制定相关补助政策和合理控制补助规模提供相关参考。

Abstract: Government subsidies, as an important policy tool to drive innovation, have become a focal point of research in terms of their effects and mechanisms of action. This paper examines the relationship between government subsidies and corporate innovation performance using a sample of A-share listed companies in Shanghai and Shenzhen from 2015 to 2023. The empirical results show that government subsidies positively influence corporate innovation performance, and the quality of internal control can positively moderate this relationship. After robustness and endogeneity tests, the findings remain stable. Heterogeneity analysis reveals that government subsidies have a more pronounced positive effect on innovation performance in state-owned enterprises, large companies, high-tech industries, and companies in non-highly polluting sectors, where the quality of internal control also plays a stronger role in moderating the relationship. Further analysis indicates the presence of a threshold effect of internal control quality on the relationship between government subsidies and innovation performance. The study’s conclusions offer valuable insights for government agencies in formulating subsidy policies and managing the scale of subsidies effectively.