Abstract: This paper analyzes the influence mechanism and effect of industrial policy on R&D investment growth and disparity. Taking the listed companies of Shanghai and Shenzhen A-shares from 2008 to 2019 as the research object, the empirical results show that: The R&D investment intensity of enterprises supported by industrial policy is higher, and increases faster than that of unsupported enterprises. In the industries supported by the policy, the gap between enterprises' R&D investment has widened, resulting in the "Matthew effect" of R&D investment differentiation. The support bias analysis of industrial policy shows that high-tech enterprises with high R&D investment, high R&D personnel density can promote faster growth of R&D investment, and there is a selection mechanism of superior survival of the fittest in resource allocation within the same industry. Further analysis shows that government subsidies and tax incentives play a partial mediating effect between industrial policy and R&D investment. There is a certain degree of induced rather than spontaneous R&D investment growth, and the subsidy is a major factor in widening the R&D investment gap within the industry, while tax incentives promote joint R&D investment growth without exacerbating the R&D investment disparity. In addition, the growth rate of policy-supported enterprises relative to unsupported enterprises in the manufacturing sector is lower than that of non-manufacturing enterprises, and industrial policy helps to boost patent applications by improving investment in research and development. This paper provides a policy reference for the implementation and optimization of industrial policy and the promotion of R&D investment.

摘要： 本文剖析了产业政策对研发投资增长及差距的影响机理与效应。以2008-2019年沪深上市公司为研究对象，实证研究发现：受产业政策支持企业的研发投资强度更高，并且研发投资增长速度快于未受支持企业；受政策支持的行业内部企业研发投资差距增大，出现了研发投资分化的“马太效应”。产业政策的支持偏向性分析显示，研发投资强度大、研发人员密集度高以及高新技术企业的研发投资增长更快，在产业政策支持行业内部资源配置存在择优汰劣的选择机制；进一步分析发现，财政补贴和税收优惠在产业政策和研发投资之间发挥部分中介效应，存在一定程度的引致性研发投资增长，财政补贴是加剧研发投资行业内部差距的主要因素，而税收优惠促进研发投资共同增长但不会增大研发投资差距。此外，在制造业中政策支持企业相对未受支持企业的研发投资增长低于非制造业企业，产业政策通过提高研发投资有利于提高专利申请数量。研究结论为产业政策的实施优化以及促进企业研发投资提供了政策借鉴。