新能源补贴、研发支出与企业资产收益率——基于新能源车企的实证分析  

New Energy Subsidies,R&D Expenditures and Corporate Return on Assets:Empirical Analysis Based on New Energy Car Companies

作　　者：章激扬 段继红 李珊珊[2] Zhang Jiyang;Duan Jihong;Li Shanshan(School of Business,Nanjing University,Nanjing 210093,China;School of Economics,Nanjing University of Finance and Economics,Nanjing 210023,China)

机构地区：[1]南京大学商学院,江苏南京210093 [2]南京财经大学经济学院,江苏南京210023

出　　处：《科技管理研究》2022年第13期80-88,共9页Science and Technology Management Research

基　　金：国家社会科学基金重大项目“创新引领发展的机制与对策研究”(18ZDA102);江苏省社会科学基金项目“江苏高质量发展测度及转型路径研究”(18EYB002)。

摘　　要：以2001—2019年沪深两市89家车企面板数据为样本,考察新能源补贴、研发支出与企业资产收益率之间的互动关系。研究发现,研发支出是政府财政补贴对企业资产收益率产生影响的中介因素,财政补贴会激励企业增加研发支出,但从现有样本来看研发支出对汽车企业资产收益率有负向影响;异质性分析结果表明,财政补贴对企业研发支出的激励作用在新能源车企和传统车企中并无差异,但新能源车企研发支出的增加对其资产收益率的抑制作用更大;环境规制会强化“政府补贴—企业资产收益率”及“政府补贴—研发支出”两段路径的作用效果,且在环境规制约束下,补贴政策给传统汽车企业带来的研发激励效应高于新能源车企。Based on the panel data of 89 auto companies in Shanghai and Shenzhen from 2001 to 2019,this paper found that:R&D expenditure is an intermediary factor that financial subsidies have on the return on assets of enterprises.Financial subsidies will encourage corporate R&D expenditures,but R&D expenditures have a negative impact on the return on assets of auto companies.The heterogeneity analysis results show that the incentive effect of financial subsidies on corporate R&D expenditure is not different between new energy vehicle companies and traditional car companies,but the increase in R&D expenditures of new energy vehicle companies has a greater inhibitory effect on their return on assets.Environmental regulation will strengthen the effects of the effect.And under the constraints of environmental regulations,the R&D incentive effect brought by the subsidy policy to traditional auto companies is higher than that of new energy car companies.

关 键 词：新能源汽车 政府补贴 研发支出 企业资产收益率 

分 类 号：F276.42[经济管理—企业管理]