产权性质、政府R&D补贴与企业价值研究  

A Study of State Ownership,Government R&D Subsidies and Firm Value

作　　者：陈海声[1] 刘四娟 

机构地区：[1]华南理工大学工商管理学院

出　　处：《财会通讯（下）》2015年第2期56-59,129,共4页Communication of Finance and Accounting

基　　金：国家自然科学基金重点项目"新形势下中国企业整合战略与动态竞争研究"(项目编号:70832003);广东省哲学社会科学"十二五"规划项目"技术并购中的投资者法律保护;估值的影响因素及整合研究"(项目编号:GD11CYJ02)的阶段性研究成果

摘　　要：本文以我国高新技术产业2009-2012年146家企业的数据为研究样本,探究了产权差异下政府R&D补贴对企业价值的影响。结果表明:政府R&D补贴与企业研发投入显著正相关,且其研发激励效应在民营企业中更显著;政府R&D补贴与民营企业财务价值和市场价值显著正相关,但与国有企业财务价值显著负相关,说明国有企业的产权性质以及复杂的委托代理问题严重削弱了政府R&D补贴的财务价值提升作用。This paper takes 146 companies of high and new technology industry in 2009-2012 as research samples to explore the influence of government R&D subsidies on firm value in private and state-owned firms.The results implicate that government R&D subsidies are positively related to firm R&D input,and the effect is more significant in private firms compared to state-owned firms.Government R&D subsidies are positively related to both financial and market value in private firms,but negatively related to financial value of state-owned firms,instructing that the state ownership and complex principal-agent problems of state-owned firms seriously weaken the enhancement effect of government R&D subsidies on financial value.

关 键 词：政府R&D补贴 产权性质 研发投入 企业价值 

分 类 号：F276.44[经济管理—企业管理] F273.1[经济管理—国民经济] F275