4964 
6900近年来，国家产业政策对微观企业创新活动的影响正日益成为学界的关注热点，但是关于产业政策与市场力量协调性的研究却并不多见。文章以“十二五”期间（2011−2015年）沪深A股上市公司样本为考察对象，研究了产业政策和信贷配置分别作为一种外部因素而对企业创新产出效率所产生的影响，以检验政府政策、信贷配置和创新产出三者之间的关联性，对深度理解产业政策效应具有重要参考价值。实证结果表明：产业政策借助于政策引导和财政手段刺激了受产业政策支持企业专利产出的增加；外部信贷融资获得性低时，产业政策诱导有利于促进专利产出增加；而外部信贷融资获得性高时，则会削弱产业政策的诱导刺激效应（或呈倒“U”形关系）。进一步研究表明，信贷配置在产业政策与专利产出关系中的调节效应是由财政扶助与信贷配置之间的替代效应所导致，这一结论为协调政府及市场力量的作用提供了经验证据。
产业政策、信贷配置与创新效率
摘要
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引用本文
冯飞鹏. 产业政策、信贷配置与创新效率[J]. 财经研究, 2018, 44(7): 142-152.
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