政府R&D补贴、企业研发实力及其行为效果研究

Governmental R&D Subsidy, Technological Strength and Firm Behavior

本文基于政府补贴带来企业的额外行为效应理论,以医药上市公司为样本,研究政府补贴是否促进了企业R&D投入的增加,企业技术实力是否具有调节效应;以及政府补贴是否具有信号传递效应,能否显著提高企业债务融资水平。研究结果表明,政府补贴与R&D投入显著正相关;企业技术资产与R&D投入正相关,研发人员与R&D投入强度负相关,两者均不显著;研发人员正向调节了政府补贴与R&D投入之间的关系。政府补贴发挥了积极的信号传递效应,与企业债务融资能力显著正相关。

on the behavior additionality induced from the government subsidy, the paper takes pharmaceutical firms as sampies to assess the R＆D investment level, to evaluate the effect of government subsidies on corporate R＆D expenditure and debt financing capacity. The results indicate that, government subsidies expose a significantly positive impact on corporate R＆D inveslment; the technology assets have a positive effect, and R＆D staff has a negative effect on corporate R＆D expenditure, however neither are significant. The corporate R＆D staff has a positive moderating effect on the rehtionship of government subsidies and R＆D expenditure, and the govemment subsidies do play a positive signal role in the R＆D expenditure and the external financing channel.