财政补贴对企业研发投入和绩效的影响研究——来自中国创业板上市公司的经验证据  

A Study on the Impact of Financial Subsidies on Enterprise R&D Investment and Company Performance——Based on Empirical Evidence from Listed Companies of Growth Enterprises Market

作　　者：杨晔[1] 王鹏 李怡虹[3] 杨大楷[3] 

机构地区：[1]上海财经大学财经研究所,上海200433 [2]东海证券研究所,上海200125 [3]上海财经大学公共经济与管理学院,上海200433

出　　处：《财经论丛》2015年第1期24-31,共8页Collected Essays on Finance and Economics

基　　金：国家自然科学基金面上项目(71273165;71273166);上海财经大学"两个服务行动计划"研究项目(13692102700)

摘　　要：本文以中国创业板上市公司为样本,实证检验了政府财政补贴对于企业研发投入和绩效的影响。研究发现,财政补贴对企业绩效是有促进作用的,但是财政分配和研发效率还有待提高,直接财政补助形式对企业的研发投入具有负向调节作用。在研究结论的基础上,提出了如下政策建议:应当综合采取多种补助手段,在扩大财政补贴范围的同时兼顾公平和效率,逐步提高我国企业的研发水平。With samples of listed companies of growth enterprises market in China,this paper studies the impact of financial subsidies on enterprise RD investment and company performance. It is found that the financial subsidies do stimulate and promote the company performance,but financial allocation and RD efficiency need to be improved. The result also shows that direct financial assistance has a negative regulating effect on enterprise RD investment. Based on these observations,it is suggested that a combined use of different financial subsidies should be adopted and in the effort to expand the coverage of financial subsidies,fairness and efficiency should be well balanced to achieve steady upgrading of RD level.

关 键 词：财政补贴 研发投入 企业绩效 

分 类 号：F810.45[经济管理—财政学]