公共研发补贴与私人研发投资的关系：基于中国上市公司的实证分析

博翔 霍(中南财经政法大学经济学院，中国)

摘要

公共研发补贴是多国促进研发投资、提升创新能力的常用政策，但其可能挤入或挤出私人研发投资。对比国际数据，中国研发支出总体较高，但公共研发份额远高于其他主要经济体，且总额仍低于美国，故需探究中国是否存在公共研发挤出私人研发的问题。本文选取 2008-2019 年 171 家上市国企与 1736 家非国企的非平衡面板数据，用固定效应模型和系统 GMM 分析，发现公共研发补贴可促进企业研发投资，尤其推动非国企研发，对国企影响不显著。综上，公共研发补贴能助力私人研发，应适当增加补贴，重点投向非国企。

关键词

公共研发补贴；私人研发投资；企业研发投资；国有企业；非国有企业

参考

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DOI: http://dx.doi.org/10.12345/fm.v3i11.31457