徐雨婧 沈瑶

摘 要：现有关于宏观政策如何影响企业创新的研究，主要关注的是单一的政策效应。本文聚焦于政策间的互动关系及其协同作用，以2001～2013年A股上市制造业企业为样本，探究了外资准入政策与产业政策对企业创新的协同影响及内在机理。研究结果表明：第一，相比于单一的政策效果，外资开放与产业政策扶持的政策合力更能促进企业的技术创新。而外资限制与产业政策激励的综合效力却会显著抑制企业的技术创新水平。第二，政策组合下产生的创新促进和抑制效应均主要表现在国有企业组和所在地市场化程度较低组中。第三，外资开放与产业政策扶持会通过缓解企业的融资约束、平抑寻租動机来发挥创新协同作用。

关键词：外资准入政策;产业政策;政策协同;企业创新

中图分类号：F273.1文献标识码：A文章编号：1003 5192（2021）04-0001-08doi：10.11847/fj.40.4.1

Abstract：The existing research on how macro policies affect corporate innovation mainly focuses on the single policy effect. However， this paper pays attention to the interaction between policies and their synergy.Taking Chinese A share listed manufacturing corporationsfrom 2001 to 2013 as samples， this paper explores the synergistic effect of foreign investment access policy and industrial policy on corporate innovation and its internal mechanism. The results show that： firstly， compared with the single policy effect， the compound effect of foreign investment opening up and industrial policy incentives will significantly promote the technological innovation of corporations. However， the joint effect of foreign investment restriction and industrial policy incentives will remarkably inhibit corporate technological innovation; secondly， innovation promotion and inhibition effects resulting from policy mixes are more prominent in the state owned enterprise group and the group with a lower market oriented degree; thirdly， the opening up to foreign investment and industrial policy incentives will play a synergistic role in innovation through channels of easing corporations financing constraints and suppressing the motivation for rent seeking.

Key words：foreign investment access policy; industrial policy; policy coordination; corporate innovation

1 引言

加强宏观政策间的统筹协调是构建高水平开放型经济体的内在诉求和必要举措。改革开放40余年，中国经济亟待实现由高速增长向高质量增长的嬗变。然而，在外部环境复杂多变、内部结构深度调整的现实背景下，宏观调控的系统复杂度不断上升，任何单一的宏观政策均面临空间约束。习近平总书记在十九大报告中强调要健全财政、货币、产业等经济政策的协调机制，形成政策合力。这意味着，通过政策组合的范式来实施综合调控将成为推动经济高质量发展的重要方式和政策走向。同时，创新作为引领发展的第一动力，是实现经济发展“量质双高”的根本路径，也是宏观调控的核心着力点。……