新能源汽车企业研发投入对创新绩效的影响 ——基于政府补助的调节效应分析

The effect of R&D investment on innovation performance of new energy vehicle enterprises --Analysis of the moderating effect based on government subsidies

摘要:

党的二十大报告指出,创新是第一动力。企业自身研发投入和政府补助逐渐成为决定创新绩效的内在核心和外在辅助。一个值得研究的问题是,研发投入和政府补助两种因素交叉在一起时,会对企业创新绩效产生怎样的影响？本文以2012-2019年79家新能源汽车上市公司为样本,实证分析了新能源汽车企业研发投入对创新绩效的影响,重点探讨了新能源汽车企业获得的政府补助对研发投入与创新绩效关系的调节效应。研究发现:新能源汽车企业研发投入显著提升了创新绩效,该影响在产业链中下游、后补贴时代更显著；新能源汽车企业获得的政府补助对研发投入与创新绩效的关系存在负向调节效应,即二者交叉在一起时对企业的创新绩效产生了挤出效应,且该挤出效应在国有企业、缺乏经验企业、后补贴时代更显著；进一步研究发现,企业研发投入对开发性创新绩效的影响更大,且政府补助的调节效应仅存在于研发投入对开发性创新绩效的影响中。本文的研究结果有助于为新能源汽车企业合理安排研发投入和政府补助资源,进而为促进创新绩效的提升提供理论依据和政策参考。

Abstract:

The report of the 20th Party Congress points out that innovation is the first driving force. Firms" own R D investment and government subsidies are gradually becoming the intrinsic core and extrinsic auxiliary in determining innovation performance. A question worth investigating is how do the two factors, R D investment and government subsidies, affect corporate innovation performance when they are crossed together? This paper empirically analyzes the impact of R D investment on innovation performance of new energy vehicle enterprises, focusing on the moderating effect of government subsidies received by new energy vehicle enterprises on the relationship between R D investment and innovation performance, using listed new energy vehicle companies as a sample from 2012-2019. The study finds that: the R D investment of new energy vehicle enterprises significantly improves innovation performance, and the effect is more significant in the middle and lower reaches of the industry chain and the post-subsidy era; the government subsidies received by new energy vehicle enterprises have a negative moderating effect on the relationship between R D investment and innovation performance, i.e. the two have a crowding-out effect on the innovation performance of enterprises when they are crossed together, and the crowding-out effect is more significant in state-owned enterprises, inexperienced enterprises and the post-subsidy era. Further study finds that the impact of corporate R D investment on developmental innovation performance is greater, and the moderating effect of government subsidies exists only in the impact of R D investment on developmental innovation performance. The results of this paper help to provide a theoretical basis and policy reference for the rational arrangement of R D investment and government subsidies for new energy vehicle enterprises to promote the improvement of innovation performance.