企业财务绩效对政府补助与研发投资关系的调节效应——基于华东地区高新技术企业的实证分析  

The Moderating Effect of Corporate Financial Performance on the Relationship Between Government Subsidies and R&D Investment——An Empirical Analysis Based on High-tech Enterprises in East China

作　　者：范定祥[1] 来中山 FAN Ding-xiang;LAI Zhong-shan(College of Economy and Trade,Hunan University of Technology,Zhuzhou 412007, China;School of Business,Hunan University of Technology,Zhuzhou 412007, China)

机构地区：[1]湖南工业大学经贸学院,湖南株洲412007 [2]湖南工业大学商学院,湖南株洲412007

出　　处：《华东经济管理》2019年第11期39-46,共8页East China Economic Management

基　　金：国家社会科学基金青年项目“政府补贴机制调整与中国战略性新兴产业绩效提升研究”(17CGL009);湖南省社科成果评审委员会课题“绿色技术创新引领湖南包装企业全产业链发展研究”(XSP19YBC208);湖南省包装经济研究基地课题“我国包装材料上市公司研发投资风险分析”(2017BZJJ08)

摘　　要：文章选取华东7省2013-2018年上市高新技术企业作为样本,实证分析政府补助与研发投资的关系,并探究企业财务绩效对两者关系的调节效应。研究发现:华东高新技术企业整体财务绩效不佳,政府补助对于企业研发起到了雪中送炭的作用;政府补助显著地促进了企业的研发投资;财务绩效对政府补助与研发投资的促进关系有显著负向调节作用;按企业年龄分组,政府补助对年轻型、成长型企业研发投资的促进作用比成熟型企业更显著,且随着企业年龄的增大财务绩效的负向调节作用呈正"U"型;按产权性质分组,政府补助与国有和非国有企业的研发投资均显著正相关,而财务绩效对两者的正相关关系在国有企业中起显著正向调节作用,在非国有企业中起显著负向调节作用。Taking the listed high-tech enterprises in seven provinces of East China from 2013 to 2018 as samples,this paper analyzed the relationship between government subsidies and R&D investment,and explored the moderating effect of corporate financial performance on this relationship.The study indicate: the overall financial performance of listed high-tech enterprises in East China is poor,and government subsidies play a role in helping enterprises to develop R&D;government subsidies have significantly promoted R&D investment of the enterprises;financial performance has a significant negative regulatory effect on the relationship between government subsidies and R&D investment;grouping by age,government subsidies have a more significant effect on R&D investment of young and growing firms than mature firms,and the negative regulation of financial performance shows a positive"U"pattern with the growing of the age;grouping by property rights,government subsidy has a significant positive correlation with R&D investment of state-owned and non-state-owned enterprises. The financial performance of enterprises plays a significant positive regulatory role on the positive correlation between government subsidy and R&D investment in state-owned enterprises,while it plays a significant negative regulatory role in non-state-owned enterprises.

关 键 词：研发投资 政府补助 财务绩效 调节效应 高新技术企业 

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