政府信息公开、企业确定性预期与创新表现

政府信息公开、企业确定性预期与创新表现

Government Information Disclosure, Firms’ Deterministic Expectation, and Innovation Performance: A Research Based on Quasi-natural Experiment

《财经研究》2023年49卷第4期 页码：94 - 108 online：2023年4月3日

作者

中：张明昂1 , 鲁书伶2 , 邵小快3 , 白彦锋1

英：Zhang Ming’ang1, Lu Shuling2, Shao Xiaokuai3, Bai Yanfeng1

作者单位：1. 中央财经大学 财政税务学院，北京 102206; 2. 中国人民大学 经济学院，北京 100872; 3. 北京外国语大学 国际商学院，北京 100089

摘要及关键词

摘要：在当前国内外环境错综复杂和新冠疫情冲击的影响下，企业发展面临的不确定性走高，给投资风险高、周期较长的企业创新活动带来了不利影响。同时，恢复经济活力需要企业可持续创新的支撑，而降低企业对不确定性的担忧对于促进创新至关重要。作为近年来“放管服”改革的重要内容，政府信息公开对界定政府权责范围和为市场主体营造稳定可预期的经营环境发挥着关键作用。基于此，文章考察了政府政务信息公开对企业创新的影响。文章构建了企业在政策不确定性环境下的研发和生产决策理论模型，阐述了政府信息公开对企业研发创新的影响机制。在此基础上，利用地方政府信息公开试点这一准自然实验，构造了双重差分模型，实证发现：地方政府信息公开显著提高了企业专利申请量，特别是促进了高质量专利申请，且对非国有、融资约束较高及大型企业影响更强；政府信息公开对创新的激励效应是通过降低政策不确定性和提高企业信心实现的；政府信息公开还通过推动研发创新进一步提高了企业全要素生产率水平。在全球经济社会不确定性风险加大的背景下，文章的研究对政府改善营商环境、提振企业信心、促进经济复苏和企业发展提供了参考。

关键词：政府信息公开；企业创新；政策不确定性

Summary: The current complex domestic and international environment, coupled with the impact of the COVID-19 epidemic, has increased the uncertainty faced by firm development. Innovation is an activity with high investment risks and long cycles, and uncertainty can adversely affect corporate innovation. Entering a new stage of development, innovation has become an important source of economic growth. Therefore, how to reduce firms’ concerns about uncertainty is crucial to promote innovation and growth. As an important part of China’s government reform in recent years, Government Information Disclosure (GID) plays a key role in defining the scope of government powers and responsibilities and creating a stable and predictable business environment for market players. Therefore, it is of great importance to study the impact of GID on corporate innovation to create a good business environment and promote high-quality economic development. This paper examines the impact of GID on corporate innovation. First, it constructs a theoretical model of firms’ R&D and production decisions in an environment of policy uncertainty, and describes the impact mechanism of GID on corporate innovation. Based on the theoretical analysis, using the Chinese industrial firm data and Chinese patent data from 2006 to 2013, it exploits a quasi-natural experiment of local GID pilot in 2012 to construct a DID model for empirical testing. The results show that, local GID significantly increases firms’ patent applications, especially promotes high-quality patent applications, and has a stronger impact on non-state-owned, financially constrained, and large firms. The innovation incentive effect of GID is achieved by reducing policy uncertainty and increasing firms’ confidence. In addition, GID further improves firms’ TFP by promoting innovation. The contributions of this paper are as follows: First, it extends the study of the economic effect of GID from the perspective of corporate innovation. Second, based on the GID system, it adds to the literature on how the reform of the government administrative system affects the behavior and performance of firms, which has important policy implications for the implementation of the general requirement of “management and service”. Third, based on the quasi-natural experiment of the GID pilot, it characterizes the ex-ante threat of policy uncertainty and provides clearer causal evidence using time-level and region-level variations. Fourth, in the context of the increased risk of global economic and social uncertainty, it provides feasible solutions for the government to improve the business environment and boost business confidence, as well as a reference for promoting economic recovery and business development.

Key words:government information disclosure; corporate innovation; policy uncertainty

其他信息

DOI：10.16538/j.cnki.jfe.20230115.304

收稿日期：2022-08-23

基金项目：国家自然科学基金青年项目（72203247，72103024）；国家社科基金重大项目（19ZDA070）

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