政府补助强度、企业研发投入与企业绩效关系及互动机制——基于面板向量自回归模型的实证分析  

The Relationship and Interaction Mechanism Between Government Subsidy Intensity,Enterprise R&D Investment,and Enterprise Performance:An Empirical Analysis Based on Panel Vector Autoregression Model

作　　者：郄海拓 王芳[2] 陈硕 王宛秋[2] Qie Haituo;Wang Fang;Chen Shuo;Wang Wanqiu(Institute of Scientific and Technical Information of China,Beijing 100038,China;College of Economics and Management,Beijing University of Technology,Beijing 100124,China)

机构地区：[1]中国科学技术信息研究所,北京100038 [2]北京工业大学经济与管理学院,北京100124

出　　处：《科技管理研究》2025年第1期146-155,共10页Science and Technology Management Research

基　　金：北京市社会科学基金决策咨询项目“北京市促进构建‘专精特新’企业创新联合体政策供给研究”(22JCC087);北京市教育委员会一般项目“监管问询对北京高端制造企业跨界技术并购的影响研究”(SM202210005008)。

摘　　要：为明确政府补助强度、企业研发投入与企业绩效之间的动态互动关系,研究采用面板向量自回归模型,基于中国A股市场343家上市公司2013—2022年的平衡面板数据探索包含滞后项在内的政府补助强度、企业研发投入与企业绩效之间的动态复杂因果关系。研究表明:政府补助强度与企业研发投入间存在挤出效应;企业研发投入对企业绩效的正向效应仅在中部、西部和国有企业成立;在异质性各组中,东部、西部地区企业和非国企更愿意将取得的企业绩效投入到企业研发中,并且政府补助强度对企业研发投入和创新绩效均未起到正向作用。据此提出如下建议:鉴于政策资源与企业创新资源存在挤出效应,企业与政府应共建协同机制避免资源浪费;中、西部企业以及国有企业的研发投入对企业绩效有益,因此这类企业应持续加大研发投入;东部、中部地区企业和非国有企业创新意愿强但东部和非国有企业的研发投入均未能助力企业绩效的提升,因此东部企业和非国有企业应积极探讨企业研发投入正向转化为企业绩效的有效路径,并强化政府引导;政府补助的效果不够理想,要采取多样化的政策工具因受众施策。To figure out the dynamic interaction between government subsidy intensity,enterprise R&D investment,and enterprise performance,this paper makes an empirical study based on the panel vector autoregression model and the balanced panel data of 343 listed companies in Chinese A-share market from 2013 to 2022 to explore the dynamic and complex causality among government subsidy intensity,enterprise R&D investment,and enterprise performance containing the lagging items.The results show that:there is crowding-out effect between government subsidy intensity and enterprise R&D investment;the positive effect of enterprise R&D investment on enterprise performance only holds in central enterprises,western enterprises,and state-owned enterprises;among the heterogeneous groups,enterprises in eastern region,central region,and non-state-owned enterprises are more willing to invest the enterprise performance they have achieved into enterprise R&D,while government subsidy intensity has not played a positive role in enterprise R&D investment and innovation performance.The following suggestions are put forward accordingly:In view of policy resources and enterprise innovation resources have crowding-out effect,enterprises and government should jointly build coordination mechanism to avoid resource waste;the enterprise R&D investments of the central and western regions enterprises and state-owned enterprises are beneficial to enterprise performance,therefore,this kind of enterprises should continue to increase their investment in research and development;the eastern region,central region enterprises,and non-state-owned enterprises have a strong desire of innovation,while the enterprise R&D investment in eastern region and non-state-owned ones can not help the improvement of enterprise performance,so it is necessary to explore the effective path of transforming enterprise R&D investment into enterprise performance for eastern region and non-state-owned enterprises;finally,considering that the effect of government subsidies is not idea

关 键 词：企业绩效 企业研发投入 政府补助强度 面板向量自回归模型 

分 类 号：F273[经济管理—企业管理] F224[经济管理—国民经济] G301[文化科学]