财政补助、研发投入与企业财务风险 ——基于A股上市公司的证据

Government Subsidies, R&D Investments and Corporate Financial Risk: Evidence Based on A-share Listed Companies

摘要:

对现行研发投入财政补助规定分析发现，财政补助在激励企业增大研发投入的同时也会增大企业财务风险，财政补助门槛会造成企业研发投入集中分布在略高于门槛比例要求的水平上。运用2010－2018年A股上市公司数据的实证显示，企业财务风险水平与研发投入比例和财政补助比例显著正相关，销售收入为5 000万元～2亿元的企业研发投入比例集中分布在4%～5%，销售收入大于2亿元的企业研发投入比例集中分布于3%～4%，研发投入比例略低于门槛要求的企业明显偏少。建议有关财政补助认定标准中引入企业财务风险水平管控指标，在激励企业加大研发投入的同时促进企业管控财务风险；适当降低财政补助企业研发投入门槛要求，弱化企业为博取财政补助而采取过度冒险、增大研发投入行为。

Abstract:

According to the analysis of the regulations on the government subsidies for R&D investments, this paper finds that the government subsidies can not only encourage enterprises to increase R&D investments, but also increase financial risk, the threshold of government subsidies will cause the enterprises R&D investments to be concentrated at a level slightly higher than the threshold. Using the data of A-share listed companies in 2010~2018, the empirical results show that the financial risk level of enterprises is significantly positively related to the R&D investments proportion and government subsidies proportion, the R&D investments proportion of enterprises with sales revenue of 50~200 million is mainly distributed in 4%~5%, and the R&D investments proportion of enterprises with sales revenue greater than 200 million is mainly distributed in 3%~4%, and the enterprises with a slightly lower R&D investments proportion than the threshold requirements are obviously less. Based on the results, the paper suggests that the financial risk level control index should be introduced into the financial subsidy standard to promote the enterprise to control the financial risk while encouraging the enterprise to increase R&D investment, and it is necessary to reduce the threshold of government subsidies appropriately, encouraging enterprises to invest more in R&D while promoting the management of financial risks, and weaken enterprises to take excessive risks and increase R&D investment in order to obtain financial subsidies.