关键词: 专精特新企业, 政府补贴, 创新绩效, 事件研究法

Abstract: In July 2011, the Ministry of Industry and Information Technology proposed the concept of “specialization and novelty” for the first time, which refers to those small and medium-sized industrial enterprises with the characteristics of “specialization, refinement, peculiarity and novelty”. In 2018, the Ministry of Industry and Information Technology carried out the first cultivation of “specialization and novelty” small giant enterprises. In September 2021, the Beijing Stock Exchange was established with the aim of solving the financing problem of “specialization and novelty” companies. Therefore, supporting the development of “specialization and novelty” enterprises has become a national strategy. Based on this policy, local governments have introduced various policies to subsidize “specialization and novelty” enterprises to provide fiscal, tax and financial support for small and medium-sized enterprises. Therefore, it is of great practical significance to study the influence of government subsidies on “specialization and novelty” enterprises, especially on their innovation ability. On the one hand, the research in this paper can enrich the relevant studies on the influence of government subsidies on enterprise innovation performance; on the other hand, it can provide targeted countermeasures and suggestions for government departments to optimize government subsidy policies and promote the development of “specialization and novelty” enterprises.
Based on these “specialization and novelty” small giant listed companies as the research object, this paper firstly uses the event study method and chooses the earnings data of “specialization and novelty” enterprises in the stock market, and tests whether the government’s policy information about supporting “specialization and novelty” enterprises can bring them excess returns, namely whether the short-term effects of government subsidies is positive or not. Government subsidies include three types, namely research and development subsidies, non-research and development subsidies and tax incentives. Secondly, taking these “specialization and novelty” enterprises listed on Shanghai and Shenzhen A-shares from 2008 to 2019 as the research object, and controlling the industry and year at the same time, this paper constructs a two-way fixed effect model to empirically study the effects of different types of government subsidies on the innovation input, innovation output and innovation quality of these enterprises. Thirdly, considering the differences in the nature of enterprises, the protection of intellectual property rights in different provinces and the development level of inclusive finance, this paper analyzes the moderating effects of these factors on the long-term effects of government subsidies for “specialization and novelty” enterprises respectively.
It is found that the relevant notices of government support for “specialization and novelty” enterprises bring positive excess returns to them in the stock market, that is, the short-term effect of government subsidies is positive. The effects of different types of government subsidies on enterprise innovation performance are quite different. R&D subsidies have a significant positive effect on R&D intensity, patent output and patent quality of “specialization and novelty” enterprises, while tax incentives and non-R&D subsidies have no significant effect on enterprise innovation performance. For private enterprises, where they are in areas with good intellectual property protection level and high inclusive finance development level, the impact of R&D subsidies on the innovation performance of “specialization and novelty” enterprises is significantly positive.

Key words: “specialization and novelty” enterprises, government subsidies, innovation performance, event study