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| High-tech Enterprise Identification and Enterprise Innovation Efficiency: Promote or Inhibit |
| Dou Qianbin,Sun Meilu,Wang Feiyao,Huang Yejing |
| (World Economic Institute,Shanghai Academy of Social Sciences,Shanghai 200020,China) |
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Abstract As a specific industrial policy in China,policy "high-tech enterprises identification" present significant impact on R&D activities and innovation strategies of enterprises.On the basis of distinguishing the innovation efficiency of technology R&D stage and technology transformation stage,this paper uses 14 156 micro sample data of Chinese listed companies in 2008-2017,by adopting three-stage DEA model to measure the innovation efficiency of sample enterprises.Moreover,paper studies the impact of high-tech enterprise identification policies on the innovation efficiency of enterprises in the two stages through counterfactual estimation and medium effect model.The results show that the policy has positive impact in promoting innovation efficiency of Chinese listed companies in the stage of technology R&D.But the policy has a significant inhibitory effect on the innovation efficiency in the stage of technology transformation.Distinguish the main body of enterprises,the policy has a more significant impact on the state-owned enterprises and the enterprises that have implemented the equity incentive and have not obtained the venture capital.The empirical analysis of its influence mechanism shows that the policy affects the innovation efficiency of enterprises in the stage of technological R&D by two ways: easing the financing constraints of enterprises and improving the long-term liabilities.However,the policy also causes R&D investment of enterprises to "squeeze out" operating costs,advertising expenses and other expenses of enterprises,thus inhibiting the innovation efficiency of enterprises in the stage of technological transformation.
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Received: 16 May 2020
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