政府补助对企业研发投入与成长的调节作用
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(河海大学商学院,江苏 南京 211100)

作者简介:

许长新(1963—),男,教授,博士,主要从事金融创新管理研究。E-mail:xuchxin@hhu.edu.cn 通信作者:黄杏婷(1996—),女,硕士研究生,主要从事金融创新管理研究。E-mail:18705197 normal@sina.com

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中图分类号:

F425

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R&D investment and enterprise growth:the regulatory role of government subsidies
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(Business School, Hohai University, Nanjing 211100, China)

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    摘要:

    基于中国水资源企业2012—2020年的微观数据,对企业研发投入与企业成长的关系进行实证分析。为消除企业研发投入中存在的内生性问题以及跨期影响等特点,采用系统广义矩估计法(SYS-GMM)对政府研发补助、研发投入与企业成长之间关系进行了实证分析。结果表明:水资源企业成长与企业研发投入之间呈U形曲线关系;政府研发补助对企业研发投入和企业成长两者间的关系具有调节作用,使两者呈现出的U形曲线坡度变缓。

    Abstract:

    Based on China's micro data from 2012 to 2020, this article takes water resources enterprises as the research objects, and conducts an empirical analysis of the relationship between R&D investments and enterprise growth. This article measures the growth of an enterprise with a comprehensive factor score. Moreover, in order to eliminate the endogenous problems and intertemporal effects of the R&D investments of enterprises, this article uses System Generalized Moment Estimation (SYS-GMM) to conduct an empirical analysis of the relationship between R&D investments and enterprise growth. In addition, this article also examines the role of government R&D subsidies in regulating this relationship. The results show that there is a U-shaped relationship between the growth of water resources enterprises and their R&D investments. Besides, government R&D subsidies can adjust the relationship between R&D investments and enterprise growth, and make the U-shaped curve slope of the relationship between the two more gentle.

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引用本文

许长新,黄杏婷,陈灿君.政府补助对企业研发投入与成长的调节作用[J].水利经济,2022,40(4):69-73XU Changxin, HUANG Xingting, CHEN Canjun.(R&D investment and enterprise growth:the regulatory role of government subsidies[J]. Journal of Economics of Water Resources,2022,40(4):69-73.(in Chinese))

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  • 收稿日期:2022-03-16
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  • 在线发布日期: 2022-07-26
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