R&D补贴对企业R&D支出的激励与挤出效应——基于中国上市公司数据的实证分析  

Incentive and Crowding-out Effects of R&D Subsidy on Companies' R&D Expenditures——Empirical Analysis Based on the Data of Chinese Listed Companies

作　　者：刘虹[1] 肖美凤[2] 唐清泉[3] 

机构地区：[1]中山大学岭南学院,广东广州510275 [2]中山大学审计处,广东广州510275 [3]中山大学管理学院,广东广州510275

出　　处：《经济管理》2012年第4期19-28,共10页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"我国企业R&D创新投入的风险与有效性研究"(70772084);国家自然科学基金青年项目"产权;政治关系与企业资源配置"(70902024)

摘　　要：本文力图描绘政府R&D补贴对企业R&D支出的激励效应与挤出效应的分布,并对两种效应在不同政治环境和企业性质下的差异进行探索性研究。本文以中国上市公司2007～2009年的数据为样本进行实证研究,研究发现,政府R&D补贴会对企业产生激励效应和挤出效应,两种效应的分布图呈"倒U型";政府补贴在初始阶段会对企业研发支出起显著促进作用,但这种激励效应会随政府补贴力度的不断增大而减弱,当超过最优补贴值后,会对企业研发支出产生挤出效应;在补贴方式上,间接补贴的效应比直接补贴更显著。进一步的分组考察发现,企业所处地区政治环境越差、反腐败力度越弱,R&D补贴的效应越不显著,反之亦然;相对国有企业而言,政府对民营企业R&D补贴的效应更显著。As the core power of economic growth, technological innovation is also the purpose of companies＇ re- search and development activities. Nowadays, many countries increase their total R＆D expenditures to speed up their deployment of technology. In order to encourage companies to strengthen their own independent research and development abilities and become the principal part of technological innovation gradually, the government would subsidy the companies on R＆D activities, Chinese government included. China has increased its total R＆D ex- penditures year by year, but whole technological competition and advanced level in worlds of the current domestic companies compare to still have the bigger margin. What is the cause of the low level of independence R＆D capaci- ty of high-technology？ And what＇s the role of government R＆D subsidy on companies＇ R＆D expenditures？ As some authors find that government R＆D subsidy would cause the incentive effect while some of them consider government R＆D subsidy cause the crowding-out effect on companies＇ R＆D expenditures, and it＇s important for our government to make sure its role in research and development activities, so the paper tries to show clearly of the effects of the R＆D subsidy and describe the distribution curve of the effects of R＆D subsidy on companies＇ R＆D expenditures. And then the paper also discusses the difference of the effects caused by different subsidy way, different political environments and different types of companies. Based on the samples of listed companies in Shanghai and Shenzhen Stock Exchange from 2007--2009, the paper analyzes the effect of the government R＆D subsidy. The research finds that, the government R＆D subsidy not only causes the incentive effect but also the crowding-out effect on companies＇ R＆D expenditures, and the dis- tribution curve of the effects appears as inverse U shape curve. The government R＆D subsidy promotes companies＇ R＆D at the beginning, but the effect started to wane as t

关 键 词：R&D补贴 企业R&D支出 激励效应 挤出效应 反腐败力度 

分 类 号：F812.0[经济管理—财政学]