实体资产配置、研发补贴与企业研发支出  

Physical Asset Allocation, R&D Subsides and Enterprise R&D Investment

作　　者：张嘉望[1] 彭晖[1] 李博阳[1] ZHANG Jia-wang;PENG Hui;LI Bo-yang(School of Economics and Finance,Xi􀆳an Jiaotong University,Xi􀆳an 710061)

机构地区：[1]西安交通大学经济与金融学院

出　　处：《软科学》2019年第12期80-85,共6页Soft Science

基　　金：国家建设高水平大学公派研究生项目(201706280313);中央高校基本科研业务费专项基金项目(SK2014048)

摘　　要：以2008~2017年中国上市公司为研究样本,实证检验了实体资产配置对企业研发投资的影响以及研发补贴对两者关系的调节效应,研究表明,在企业内部财务波动时,企业削减营运资本投资代替固定资产投资维持研发投资稳定,实体资产配置的"蓄水池"动机显著,促进了企业研发投资;研发补贴显著促进企业研发投资,在实体资产配置与企业研发投资关系中起弱化调节作用;实体资产配置的促进作用和研发补贴的调节作用在私有企业中更为凸显。研究强调了企业"融资难"现状下,实体资产配置和研发补贴在企业研发活动中的显著作用。Based on the sample of Chinese listed enterprises from 2008 to 2017, this paper analyzes the impact of physical asset allocation on R&D investment and the moderating effect of R&D subsidies on the relationship between them, which provides an explanation for the steady and sustained growth of R&D activities of Chinese enterprises under the current financing difficulties. The empirical study results show that when the internal financial fluctuations occur, enterprises reduce their working capital investment instead of fixed assets investment to maintain the stability of R&D investment. The motive of "reservoir" of physical assets allocation is significant, which promotes the R&D investment of enterprises. R&D subsidy significantly promotes R&D investment and plays a weakening regulatory role in the relationship between physical asset allocation and R&D investment;the promotion role of physical asset allocation and the regulatory role of R&D subsidy are more prominent in private enterprises. It emphasizes the prominent role of physical asset allocation and R&D subsidy in R&D activities under the current situation of "financing difficulty" of enterprises and provides reference for the content orientation of innovation policy adjustment.

关 键 词：研发补贴 实体资产配置 融资约束 研发支出 

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