利用2008—2019年广东制造业上市企业数据，通过门槛检验和回归等方法分析政府补贴对企业研发投入在企业异质影响下的政策效果。结论表明：政府补贴对企业研发投入有正向激励效应，但效应非线性呈门槛特征，补贴强度大于4.30%时效果更显著。同时，补贴对企业研发投入的影响分别存在以企业规模和股权集中度为控制变量的双门槛效应，具体表现为：对资产小于6.712亿元的企业研发投入影响最显著，对股权集中度介于1.109与4.718之间的企业研发投入影响最显著，建议政府补贴应结合企业特质系统决策以提高补贴效率。

Based on the data of listed manufacturing enterprises in Guangdong province from 2008 to 2019, the policy effects of government subsidies on R&D investment under the influence of firm heterogeneity were analyzed by means of threshold test and regression. The results show that the government subsidies have a positive incentive effect on R&D investment, but the effect is nonlinear with a threshold characteristic, and the effect is more significant when the subsidy intensity is greater than 4.30%. At the same time, the impact of subsidies on the R&D investment of enterprises has a double threshold effect with the size of enterprises and ownership concentration as the control variables. The impact on the R&D investment of enterprises with assets less than 671.2 million yuan is the most significant, and the impact on the R&D investment of enterprises with ownership concentration between 1.109 and 4.718 is the most significant. Therefore, the government subsidies should be combined with the enterprise quality system decision in order to improve the efficiency of subsidy.

F812.0

广东省哲学社会科学规划项目“政府补贴对广东战略新兴产业企业技术创新绩效的门槛效应研究”(项目编号:GD20CYJ24)