政府补贴与“专精特新”企业高质量发展的关系：基于技术创新的中介作用与营商环境的调节作用

The Relationship Between Government Subsidies and the High-Quality Development of "Specialized, Refined, Differential, and Innovative" Enterprises: Based on the Mediating Role of Technological Innovation and the Moderating Role of Business Environment

摘要:

有关高质量发展研究大多针对区域和城市层面展开，基于微观企业特别是“专精特新”企业的研究相对较少，且政府补贴作为推动企业创新的重要政策工具，其对“专精特新”企业高质量发展的作用及机制仍有待探究。利用2015－2022年135家“专精特新”上市公司数据，通过构建双向固定效应模型实证检验政府补贴对“专精特新”企业高质量发展的影响，并揭示技术创新的中介作用和营商环境的调节作用。研究结果表明：政府补贴显著促进“专精特新”企业高质量发展，且技术创新在其中起到中介作用；营商环境改善增强政府补贴对“专精特新”企业高质量发展的促进作用；政府补贴对低技术创新企业的促进作用强于高技术创新企业。为此，应加大对企业技术创新的直接财政支持，优化中小企业营商环境，推动建立更加透明、规范的企业服务体系。

Abstract:

Existing research on high-quality development primarily focuses on regional and urban levels, while studies based on micro-level enterprises, especially "specialized, refined, distinctive, and innovative" (SRDI) enterprises, remain relatively limited. Moreover, government subsidies, as a key policy tool for driving enterprise innovation, require further exploration regarding their role and mechanisms in promoting the high-quality development of SRDI enterprises. Using data from 135 SRDI listed companies from 2015 to 2022, this study constructs a two-way fixed effects model to empirically test the impact of government subsidies on the high-quality development of SRDI enterprises, and reveals the mediating role of technological innovation and the moderating role of the business environment. The research results indicate that government subsidies significantly promote the high-quality development of SRDI enterprises, and technological innovation plays a mediating role in this process. Improving the business environment and enhancing government subsidies can promote the high-quality development of SRDI enterprises. The promotion effect of government subsidies on low tech innovation enterprises is stronger than that on high-tech innovation enterprises. To this end, efforts should be made to increase direct financial support for enterprise technological innovation, optimize the business environment for small and medium-sized enterprises, and promote the establishment of a more transparent and standardized enterprise service system.