基于2002—2018年中国A股上市公司面板数据，运用双重差分方法考察高新技术企业认定对企业全要素生产率的影响及机制。结果表明，高新技术企业认定显著促进相关企业全要素生产率提高，对企业高质量发展具有积极效应。机制检验结果显示，高新技术企业认定促进企业研发投入规模扩大和资本配置效率改善，进而有利于全要素生产率提升。进一步异质性检验结果表明，这种效应在高融资约束企业、处于成长成熟期企业和未进行研发操纵企业中更显著。此外，外部环境对政策实施效果具有重要影响。相关结论可以为高企认定政策效果评价提供新的研究视角，为我国完善选择性产业政策设计提供政策启示。
Based on the panel data of China's A-share listed companies from 2002 to 2018,the double-difference method was used to examine the impact and mechanism of high-tech enterprise certification on total factor productivity. The empirical results show that the identification of high-tech enterprises has significantly promoted the improvement of total factor productivity of related companies. Further heterogeneity test results show that this effect is more pronounced in companies with high financing constraints,companies in growth and maturity,and companies that have not manipulated R & D expenses. In addition,the external environment also matters. The research conclusion provides a new research perspective for the evaluation of the policy effect of high-level enterprises,and provides policy inspiration to improve the design of selective industrial policies.
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