财政补贴对企业无形资产投资策略的影响——基于自主研发与外购视角的实证检验  

The Impact of Financial Subsidies on the Enterprises'Intangible Asset Investment Strategy——Empirical Test Based on Independent Research and Outsourcing Perspective

作　　者：崔也光[1] 鹿瑶 王肇 Cui Yeguang;Lu Yao;Wang Zhao

机构地区：[1]首都经济贸易大学会计学院

出　　处：《财政研究》2020年第12期49-61,共13页Public Finance Research

基　　金：国家社会科学基金项目“研发指数构建与应用评价研究”(14BGL023)。

摘　　要：自主研发无形资产作为研发创新活动的最终成果与研发产出的主要载体,是经济高质量发展的重要推动力。受外部环境不确定性、经济波动等因素影响,企业可能倾向于对更易获取的外购型无形资产进行投资,而减少对自主研发无形资产的投入,需要政府"有形之手"加强引导。据此,本文按照企业无形资产投资策略即自主研发和外购无形资产进行分类,深入研究财政补贴对上市公司无形资产投资的影响。结果表明:财政补贴对企业自主研发无形资产投资及投资变化量均存在显著正向影响。相较于外购无形资产投资,财政补贴更能激励与撬动企业自主研发无形资产投资、提高无形资产投资质量。进一步研究发现:对非国有企业、非高端装备制造业及三大经济区内企业,财政补贴除有效激励企业自主研发无形资产投资外,对外购无形资产投资也存在一定的促进作用。本文研究对于发挥财政补贴对企业自主研发无形资产投资的促进作用,提高我国企业无形资产质量具有重要启示。Independent R&D intangible assets,as the final result of R&D and innovation activities and the main carrier of R&D output,are an important driving force for high-quality economic development.Affected by factors such as uncertainty in the external environment and economic fluctuations,companies may tend to invest in more easily available outsourcing intangible assets,and reducing investment in independent research and development of intangible asset investment,which requires the government to strengthen guidance.This article classifies two types of intangible asset investment namely independent research and development and outsourcing,and deeply studies the impact of financial subsidies on the intangible asset investment of listed companies.The results show that financial subsidies have a significant positive impact on the investment in independent research and development of enterprises.Compared with the outsourcing of intangible assets,financial subsidies can more encourage and motivate enterprises to independently research and develop intangible asset investment and improve the quality of intangible asset investment.This study has important implications for the promotion of financial subsidies on the investment of independent R&D intangible assets and the improvement of the quality of intangible assets of enterprises in China.

关 键 词：财政补贴 自主研发 无形资产投资策略 

分 类 号：F812.45[经济管理—财政学]