【作者】 吴俊；

【导师】 许治；

【作者基本信息】 华南理工大学 ， 技术经济及管理， 2021， 硕士

【摘要】 在创新驱动发展战略的引领下,国家多方位大力创新体制机制,支持初创企业发展。科技企业孵化器作为重要的初创企业孵化载体,是培育新兴产业源头企业的战略工具。对此,政府部门致力于构建良好的政策环境,通过出台相应的财政补贴政策和认定政策,加大资金扶持力度和项目倾斜支持科技企业孵化器发展,从而为初创企业提供优质的孵化平台。然而在信息不对称的环境下,初创企业在选择科技企业孵化器时需要付出高昂的信息甄别成本,面临道德风险。为破解初创企业选择困境,政府补贴及政府认定可能可以作为科技企业孵化器隐形的信用认证,通过信号传递降低合作的不确定性,减少初创企业的监测成本和道德风险。本文试图从政府补贴和政府认定的信号传递视角研究对初创企业选择的影响机制。本文梳理了信号传递相关研究成果,通过构建信号传递数理模型,分别从科技企业孵化器是否获得政府补贴、获得政府补贴额度、是否获得政府认定和获得不同级别政府认定几个维度,探讨政府补贴和政府认定的信号传递对初创企业选择的影响机制。以广东省981家科技企业孵化器为样本,采用SPSS和STATA等统计分析软件,运用倾向得分匹配法(PSM)和广义倾向得分匹配法(GPSM)进行实证检验,主要研究结论如下:(一)政府对科技企业孵化器的补贴政策具有信号传递作用,并且对初创企业的选择产生积极作用。政府补贴扮演了信号传递的媒介角色,一定程度上缓解初创企业与科技企业孵化器信息不对称问题。政府补贴的信号传递效应显著促进了科技企业孵化器入驻企业数量和入驻企业质量的提升。(二)科技企业孵化器的政府补贴强度信号传递效应并非随着补贴强度的提升而增加,而是呈现倒U型趋势。随着政府补贴强度的增大,对科技企业孵化器入孵企业的数量和质量的促进作用均出现先上升,后下降的效果,存在补贴强度的最优区间。(三)政府对科技企业孵化器的认定政策具有信号传递效应,不同的认定等级对初创企业影响不一致。国家级认定、省级以上认定和市级以上认定的政策均产生了积极的信号传递效果,在提升入孵企业数量方面,仅有国家级认定的孵化器能释放积极的信号。在提升入孵企业质量方面,国家级认定、省级以上认定和市级以上认定的孵化器都能产生显著影响,传递积极信号。更多还原

【Abstract】 Under the guidance of the innovation-driven development strategy,the country vigorously innovated systems and mechanisms in various ways to support the development of start-ups.As an important start-up business incubator,the technology business incubator is a strategic tool for cultivating the source enterprises of emerging industries.In this regard,government departments are committed to building a good policy environment,and through the introduction of corresponding financial subsidy policies and identification policies,increasing financial support and project tilt to support the development of technology business incubators,so as to provide an incubation platform for start-ups.However,in an environment of information asymmetry,start-ups need to pay high information screening costs when choosing a technology business incubator,and face moral hazards.In order to solve the dilemma of start-up selection,government subsidies and government recognition may be used as invisible credit certification for technology business incubators.Through signal transmission,the uncertainty of cooperation is reduced,and the monitoring cost and moral hazard of start-ups are reduced.This article attempts to study the mechanism of influence on the selection of start-ups from the perspective of government subsidies and government-recognized signaling.This article combs the research results related to signal transmission,and builds a mathematical model of signal transmission to discuss whether the technology business incubator receives government subsidies,the amount of government subsidies,whether it has been recognized by the government,and whether it has been recognized by different levels of government.The government-approved signaling mechanism affects the selection of start-ups.Taking 981 science and technology business incubators in Guangdong Province as the research sample,using statistical analysis software such as SPSS and STATA,using the propensity score matching method(PSM)and the generalized propensity score matching method(GPSM)for empirical testing,the main research conclusions are as follows:(1)The government’s subsidy policy for technology business incubators has a signaling effect and has a positive effect on the selection of start-ups.Government subsidies play a role as a signal transmission medium,and to a certain extent alleviate the problem of information asymmetry between start-ups and incubators.The signaling effect of government subsidies has significantly promoted the increase in the number and quality of incubator enterprises.(2)The signal transmission effect of the government subsidy intensity of technology business incubators does not increase with the increase in intensity,but shows an inverted U-shaped trend.As the intensity of government subsidies increases,the promotion of the number of incubators and the quality of incubators will increase first and then decrease,and there will be an optimal range of subsidy intensity.(3)The government’s identification policy for technology business incubators has a signaling effect,and different identification levels have inconsistent effects on start-ups.The policies of national,provincial,and municipal certifications have all produced positive signal transmission effects.In terms of increasing the number of incubating enterprises,only national-certified incubators can release positive signals.In terms of improving the quality of incubating enterprises,incubators recognized at the national,provincial and municipal levels can have a significant impact and send positive signals.更多还原