政府补贴与新能源企业绩效:异质性与时滞性视角  

Government subsidy and the performance of new energy enterprises:A study from the perspective of heterogeneity and time lag

作　　者：刘满芝[1] 杜明伟 刘贤贤[1] Liu Manzhi;Du Mingwei;Liu Xianxian(School of Management,China University of Mining and Technology,Xuzhou 221116,Jiangsu,China)

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《科研管理》2022年第3期17-26,共10页Science Research Management

基　　金：国家自然基金面上项目(71874186,2019.01—2022.12);江苏省社会科学基金项目(19JD010,2020.01—2021.12);江苏高校哲学社会科学研究重点项目(2018SJZDI084,2019.01—2021.12);中国矿业大学双一流建设“文化传承创新”重点专项(2018WHCC05,2019.01—2021.12)。

摘　　要：政府补贴是国家引导新能源企业创新发展的重要政策之一,但其对企业绩效的影响效应和机制观点不一。本文选取2012年至2016年新能源上市公司的面板数据,在考虑时滞性的基础上采用固定效应模型进行实证分析,探讨政府补贴、研发投入与企业绩效的关系,揭示研发投入的中介效应,进一步研究企业产权异质以及地域特征对上述关系产生的差异性影响。结果表明:政府补贴对研发投入具有促进效应,在东部沿海地区(vs.非东部沿海地区)和非国有企业(vs.国有企业)中更加显著;当期和滞后1期研发投入对企业绩效具有促进效应,在非国有企业(vs.国有企业)中更加显著;当期和滞后1期政府补贴对企业绩效具有促进效应,且完全通过研发投入的中介作用而传递。研究结论可为政府补贴政策的制定和完善提供参考,为新能源企业合理利用政府补贴、调整研发投入策略提供建议。New energy enterprises is the deep integration of new industry and new technology,which need to promote firm performance by continuing R&D investment to maintain core competitiveness under the background of fast technology update speed.R&D innovation is an important means to break the technological bottleneck and improve the competitiveness,but the public nature of R&D activities makes enterprises bear all the R&D costs,but not all the R&D benefits.Given the volatility of innovation activities and the need for sustained and stable long-term investment to break technological bottlenecks,government intervention and necessary support are needed to correct market failures in the innovation process.Government subsidies,as the main source of enterprise R&D funds,are the most common incentive measures,especially in the capital-intensive and technology-intensive new energy industries.Government subsidy is the key factor that drives enterprises to carry out R&D activities.At present,China government subsidizes the new energy enterprises heavily,but there is a gap between the intensity of our enterprises′R&D investment and the international standards.Therefore,based on the panel data of new energy listed enterprises from 2012 to 2016,a fixed-effect model is used to explore the relationship between government subsidy,R&D investment and firm performance,and reveal the intermediary mechanism of R&D investment.Furthermore,group regression analysis was conducted to analyze the difference of the effect of government subsidies on firm performance under different enterprise nature and regional characteristics.The results show that government subsidy has a positive effect on R&D investment,especially in the eastern coastal area(vs.non-eastern coastal area)and non-state-owned enterprises(vs.state-owned enterprises).Current and delayed R&D investment has a positive effect on firm performance,especially in non-state-owned enterprises(vs.state-owned enterprises).The government subsidy in the current period and the 1 st lag period has

关 键 词：新能源 政府补贴 研发投入 企业绩效 异质性 

分 类 号：F272.3[经济管理—企业管理]