合肥工业大学学报（社会科学版）
閤肥工業大學學報（社會科學版）
합비공업대학학보（사회과학판）
JOURNAL OF HEFEI UNIVERSITY OF TECHNOLOGY(SOCIAL SCIENCES)
2015年
4期
14-20
,共7页
政府补贴%创新投入%创新产出%因果效应%广义倾向得分匹配方法
政府補貼%創新投入%創新產齣%因果效應%廣義傾嚮得分匹配方法
정부보첩%창신투입%창신산출%인과효응%엄의경향득분필배방법
government subsidies%innovation input%innovation output%causal effects%generalized propensity score matching(GPS) method
基于2008－2013年中国上市公司数据，运用广义倾向得分匹配方法（G PS ）详细刻画了政府补贴对企业创新投入和产出之间的因果效应。结果发现G PS方法处理内生性关联后得到的最优补贴力度显著低于POLS、FE模型及 TOBIT估计结果；因果效应在任意补贴力度区间内均大于零，意味着政府补贴能够显著促进企业研发创新行为；政府补贴与企业研发创新投入和产出之间均呈倒“U”型关系表明，只有适度的政府补贴才能产生最大的创新激励效应，补贴过高则会弱化这一作用。
基于2008－2013年中國上市公司數據，運用廣義傾嚮得分匹配方法（G PS ）詳細刻畫瞭政府補貼對企業創新投入和產齣之間的因果效應。結果髮現G PS方法處理內生性關聯後得到的最優補貼力度顯著低于POLS、FE模型及 TOBIT估計結果；因果效應在任意補貼力度區間內均大于零，意味著政府補貼能夠顯著促進企業研髮創新行為；政府補貼與企業研髮創新投入和產齣之間均呈倒“U”型關繫錶明，隻有適度的政府補貼纔能產生最大的創新激勵效應，補貼過高則會弱化這一作用。
기우2008－2013년중국상시공사수거，운용엄의경향득분필배방법（G PS ）상세각화료정부보첩대기업창신투입화산출지간적인과효응。결과발현G PS방법처리내생성관련후득도적최우보첩력도현저저우POLS、FE모형급 TOBIT고계결과；인과효응재임의보첩력도구간내균대우령，의미착정부보첩능구현저촉진기업연발창신행위；정부보첩여기업연발창신투입화산출지간균정도“U”형관계표명，지유괄도적정부보첩재능산생최대적창신격려효응，보첩과고칙회약화저일작용。
Based on the samples of listed companies in Shanghai and Shenzhen Stock Exchange from 2008 to 2013 ,this paper analyzes the causal effects of government subsidies on enterprise innovation input and output by using the generalized propensity score matching(GPS) method .The results show that the optimal subsidy obtained by dealing with endogeneity using GPS method is significantly lower than the result of Pooled OLS ,Fixed Effect and TOBIT model .The causal effects are greater than ze‐ro in any subsidies scope ,indicating that government subsidies can significantly promote enterprise in‐novation .And the distribution curve of the effects on enterprise innovation input and output appears as inverse U shape curve ,showing that only the moderate intensity of government subsidies is most contributive to the increase of innovation ,namely too high intensity of subsidies is not beneficial to the increase of enterprise innovation .
