新能源汽车企业研发资金投入:财务冗余与政府补贴的不同调节作用  

R&D investment in new energy vehicle enterprises:The differential moderating effects of financial slack and government subsidies

作　　者：蔡建湖 贾利爽[2] 吴昶 寿涌毅 CAI Jianhu;JIA Lishuang;WU Chang;SHOU Yongyi(School of Management,Hangzhou Dianzi University,Hangzhou 310018,China;School of Management,Zhejiang University of Technology,Hangzhou 310023,China;School of Management,Zhejiang University,Hangzhou 310058,China)

机构地区：[1]杭州电子科技大学管理学院,浙江杭州310018 [2]浙江工业大学管理学院,浙江杭州310023 [3]浙江大学管理学院,浙江杭州310058

出　　处：《管理工程学报》2022年第5期11-24,共14页Journal of Industrial Engineering and Engineering Management

基　　金：浙江省哲学社会科学规划重点课题(19NDJC024Z);国家自然科学基金资助项目(71972171、71572184)。

摘　　要：研发资金投入对新能源汽车企业可持续成长至关重要,但其究竟如何受诸多前因影响仍众说纷纭。依据生态系统理论将新能源汽车企业分为核心企业和配套企业。本文基于组织冗余理论和2014—2018年A股新能源汽车产业数据,研究两类企业中研发人员冗余和研发资金投入之间的关系,以及财务冗余和政府补贴的调节作用。本文发现研发人员冗余能显著促进新能源汽车企业加大研发资金投入,但财务冗余和政府补贴对两类企业的调节作用存在明显差异。财务冗余能够削弱配套企业研发人员冗余对研发资金投入的促进作用,但对核心企业无显著影响;政府补贴能够强化核心企业研发人员冗余对研发资金投入的促进作用,但对配套企业无显著影响。因此,本文建议政府在制定新能源汽车企业补贴政策时,完善研发人员界定标准并强化研发人员占比要求;基于政府补贴对两类新能源汽车企业作用的差异相应的调整激励措施,对充电设施企业采取专项财政补贴和非财政补贴结合的方式激励企业开展研发活动。Research and development(R&D)investment is vital for the sustainable growth of new energy vehicle(NEV)enterprises.However,how R&D investment is determined by antecedent factors is still controversial.This study mainly focuses on analyzing the impact of R&D human resource slack on R&D investment.On the one hand,R&D activities have higher requirements for technological capability.R&D human resource slack can bring technological advantages to enterprises,enhance their ability to cope with the complexity and uncertainty of R&D activities,and hence further improve the innovation capabilities of enterprises,bringing more innovation opportunities to enterprises and increasing their expectation for R&D outputs.On the other hand,the relationship between R&D human resource slack and R&D investment may be affected by financial resources.As flexible financial resources,enterprises′financial slack and government subsidies play important roles in solving the financial resource constraints entailed by R&D activities.Therefore,our study further explores the different moderating effects of financial slack and government subsidies on the relationship between R&D human resource slack and R&D investment.According to the theory of ecosystems,we classify NEV enterprises into two categories:focal firms(original equipment manufacturers and core parts suppliers)and complementors(charging facility enterprises).For R&D activities in these two kinds of NEV enterprises,there are significant differences in their strategic positions,risk levels and R&D cycle times,which may lead to differential moderating effects of government subsidies and financial slack.Therefore,from the perspective of organizational slack theory,this study conducts empirical research on these two types of NEV enterprises to better understand the possible different moderating effects of financial slack and government subsidies.We use a panel dataset of A-share listed NEV enterprises from 2014 to 2018,and divide the total sample into two subsamples:focal firms and complem

关 键 词：研发资金投入 研发人员冗余 财务冗余 政府补贴 新能源汽车 

分 类 号：F273.1[经济管理—企业管理]