政府补贴和风险投资对企业基础研究的影响及作用机制  

Impacts and action mechanism of government subsidies and venture capital on enterprise basic research

作　　者：朱相宇[1] 关秉裕 Zhu Xiangyu;Guan Bingyu(School of Economics and Management,Beijing University of Technology,Beijing 100124,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124

出　　处：《科研管理》2024年第8期62-72,共11页Science Research Management

基　　金：国家社会科学基金重点项目:“全球生产网络重塑视角下中国提升产业链供应链韧性的路径与政策研究”(23AGL036,2023.09—2027.05)。

摘　　要：加强基础研究,是实现高水平科技自立自强的迫切要求,是建设世界科技强国的必由之路。本文选取2012—2020年沪深A股上市的高技术制造业企业数据,运用多维面板固定效应模型和链式中介模型等方法,研究政府补贴和风险投资对企业基础研究的影响及作用机制。研究发现:第一,政府补贴和风险投资能够促进企业开展基础研究;第二,风险投资和融资约束在政府补贴对企业基础研究的影响中发挥链式中介作用;第三,高财务杠杆会抑制政府补贴和风险投资对企业基础研究的促进作用;第四,风险投资持股比例与企业基础研究间存在“倒U型”关系,国有背景的风险投资会抑制企业开展基础研究;政府补贴和风险投资在国有背景、大规模、CEO和董事长两职分离的企业和高市场竞争程度中对基础研究的促进作用更强。本文为引导企业加大基础研究投入力度并形成持续稳定投入机制及其相关政策制定提供参考与启示。Strengthening basic research is an urgent requirement for achieving scientific and technological self-reliance and advancement at higher levels.It is the critical method to accelerate China′s transformation into a world-class power in science and technology.The paper analyzed the data from high-tech manufacturing enterprises listed on the Chinese A-share market from 2012 to 2020 and used the multidimensional panel fixed-effect model,a chain mediation model,and other methods to explore the influence and mechanisms of government subsidies and venture capital on the enterprise basic research.The results obtained are as follows:first,receiving government subsidies and venture capital can encourage enterprises to conduct basic research activities;second,venture capital and financing constraints play a chain intermediary role in the impact of government subsidies on the influence of enterprise basic research;third,the high financial leverage of firms hinders the promotion of government subsidies and venture capital on enterprise basic research;and fourth,there is an"inverted U-shaped"relationship between the shareholding ratio of venture capital and enterprise basic research.State-owned venture capital hinders enterprises from conducting basic research.Additionally,government subsidies and venture capital are much more effective in promoting basic research in enterprises that are state-owned,large-scale,having separated posts of CEO and chairman,and operate in highly competitive market environments.This paper will provide reference and inspiration for strengthening enterprises′basic research and related policy formulation.The study will also provide references and insights for guiding enterprises to increase their investment in basic research and to form a continuous and stable investment mechanism,as well as for the formulation of related policies.

关 键 词：政府补贴 风险投资 企业基础研究 

分 类 号：F273.1[经济管理—企业管理] F275.1[经济管理—国民经济]