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——基于PVAR模型的实证证据

QIE Haituo1, WANG Fang2(corresponding author), Chen Shuo3, WANG Wanqiu4

摘要:

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；东部地区企业和非国企企业更愿意将取得的企业绩效投入到企业研发中；在异质性各组中，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：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，应持续投入；东部地区企业和非国有企业创新意愿强但未能助力企业绩效的提升，需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。

Abstract:

Abstract: To figure out the dynamic interaction between government subsidy intensity, R&D investment and enterprise performance. This research made an empirical study based on the PVAR 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, R&D investment and enterprise performance containing the lagging items. The results showed 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. Enterprises in eastern regions and non-state-owned enterprises are more willing to invest the enterprise performance they have achieved into enterprise R&D. Among the heterogeneous groups, government subsidy intensity has not played a positive role in enterprise R&D investment and innovation performance. The following suggestions are put forward accordingly. Policy resources and enterprise innovation resources have crowding-out effect, and enterprises and government should jointly build coordination mechanism to avoid resource waste. The R&D investments of the central and western regions enterprises and state-owned enterprises were beneficial to enterprise performance, so they should be sustainly supported.The non-state-owned enterprises and eastern region enterprises had a strong desire of innovation, while they can not help the improvement of enterprise performance. So it was necessary to explore the effective path of transforming R&D investment into enterprise performance. Government guidance should be strengthen. The effect of government subsidies is not ideal enough, so a variety of policy tools should be taken for different policy audiences.