财政补贴与研发投入对企业价值的影响:基于新能源汽车产业链企业的实证分析  

The Impact of Financial Subsidies and R&D Investment on Enterprise Value:Empirical Study based on New Energy Automobile Industry Chain Enterprises

作　　者：杜运潮 李明伟 DU Yunchao;LI Mingwei(School of Economics and Management,Ningbo University of Technology,Ningbo 315211,China;Institute of Education,Xiamen University,Xiamen 361005,China;Tourism College,Xinyang Normal University,Xinyang 464000,China)

机构地区：[1]宁波工程学院经济与管理学院,浙江宁波315211 [2]厦门大学教育研究院,福建厦门361005 [3]信阳师范学院旅游学院,河南信阳464000

出　　处：《信阳师范学院学报（哲学社会科学版）》2023年第3期48-53,共6页Journal of Xinyang Normal University(Philosophy and Social Sciences Edition)

基　　金：国家社科基金青年项目(21CGL024);中国博士后科学基金(2022M712660);浙江省自然基金青年项目(LQ21G020001);宁波市软科学研究项目(重点项目)(2022R012)。

摘　　要：基于2012—2021年173家上市新能源汽车产业链企业的面板数据,实证研究了财政补贴与研发投入对企业价值的影响。结果显示,当期财政补贴对新能源汽车产业链企业研发投入以及企业价值存在正向促进作用;研发投入在当期财政补贴与企业价值之间存在显著正向中介效应。基于研究结论,分别从政府和企业角度提出相关建议,认为政府应该健全补助政策、加强政府补助的成果监督和管理以及加大国内基础研究的投入力度,企业应提高研发效率并积极参与研发合作项目。Based on the panel data of 173 listed new energy automobile industry chain enterprises from 2012 to 2021,this paper empirically studies the influence of financial subsidies and R&D investment on enterprise value.The results show that the current financial subsidy has positive effect on R&D input and enterprise value,and the R&D input has significant positive intermediary effect between the current financial subsidy and enterprise value.Based on research conclusion,the paper puts forward some suggestions from angle of government and enterprise.Government should perfect subsidy policy,strengthen supervision and management of government subsidy and strengthen domestic basic research.Enterprises should improve R&D efficiency and actively participate in R&D cooperation projects.

关 键 词：财政补贴 企业价值 研发投入 回归分析 

分 类 号：F275[经济管理—企业管理]