财政补贴对企业创新绩效的影响及其作用机制：一项元分析研究

The Impact of Fiscal Subsidies on Enterprise Innovation Performance and Its Mechanisms: A Meta-Analysis Study

摘要:

财政补贴作为政府广泛采用的激励企业创新的政策工具，能否真正有效提升企业创新绩效一直是学术界和企业界关注的核心议题，但目前研究尚未对此问题达成统一共识。通过对2013－2022年讨论财政补贴与企业创新绩效关系的文献进行系统梳理，最终筛选出75篇文献中的87个独立效应值、995614个独立实证研究样本进行元分析和结构方程模型分析，并进一步围绕不同的企业类型探讨影响财政补贴与企业创新绩效关系的重要因素。研究结果发现：财政补贴对企业创新绩效具有显著的促进作用，且财政补贴可以通过增加企业研发投入，进而促进企业创新绩效提高。在制造业企业、非国有企业、位于中国中西部地区的企业、业务范围涉及高新技术领域的企业中，财政补贴对企业创新绩效的促进作用更为明显。基于上述发现，建议政府在财政补贴政策实施过程中审慎评估补贴对象，充分考虑企业产权性质、地域的差异，进行差异化补贴，将补贴提供给真正需要且能有效利用的企业。

Abstract:

Fiscal subsidies, as a policy instrument widely adopted by governments to incentivize enterprise innovation, have garnered significant attention from both academic and business communities regarding their actual effectiveness in enhancing innovation performance. However, current research has yet to reach a consensus on this critical issue. This study systematically reviews literature from 2013 to 2022 examining the relationship between fiscal subsidies and enterprise innovation performance, ultimately selecting 87 independent effect values from 75 publications with 995,614 independent empirical research samples. Employing meta-analysis and structural equation modeling methodologies, we conduct an in-depth examination while investigating key factors affecting the relationship between fiscal subsidies and innovation performance across different enterprise types. The findings reveal that fiscal subsidies indeed exert a significant positive effect on enterprise innovation performance, and this conclusion is validated through multidimensional measurements of outcome variables, demonstrating its robustness. Mediating effect tests further illuminate that fiscal subsidies can stimulate enterprises to increase R&D investment, thereby driving improvements in innovation performance. Group analysis indicates that the promotional effects of fiscal subsidies on innovation performance are more pronounced in manufacturing enterprises, non-state-owned enterprises, enterprises located in central and western regions of China, and those operating in high-technology fields. Based on these findings, this study recommends that governments should carefully evaluate subsidy recipients during policy implementation, fully consider the heterogeneity of enterprise ownership structures and geographic locations, implement differentiated subsidy strategies, and provide subsidies to enterprises that truly need and can effectively utilize them.