财政补贴、研发投入与企业价值

Fiscal Subsidy,R&D and Firm Value

企业的价值创造是经济可持续增长的源泉,企业价值的决定因素及其影响机制是企业、学界和政府等多方关注的重点。从企业技术创新视角分析了财政补贴对企业价值的影响。以沪深两市2008-2015年上市公司为样本,实证检验财政补贴、研发投入与企业价值的关系。研究发现,财政补贴对企业价值的影响呈现倒"U"型,即财政补贴对企业价值影响的边际效应先增加、后减少;研发投入显著提升了企业价值。进一步研究企业价值存在异质性情况下财政补贴的影响,发现相较于企业价值位于1/4分位处和3/4分位处的企业,财政补贴对企业价值位于中位数的企业产生的促进作用最大。

The value creation of enterprises is the source of sustainable economic growth, and the determinants of enterprise value and its impact mechanism are the key points that enterprisers, researchers and government concerned. This paper analyzes the impact of fiscal subsidy on firm value from the perspectives of technological change, and investigates the relationship among fiscal subsidy and R＆D as well as firm value by emplo- ying the data of listed firms in Shanghai and Shenzhen stock markets from 2008 to 2015. The result shows that the impact of fiscal subsidy on firm value is inverted ＂U＂ type, that is, the marginal effects of fiscal subsidy on firm value increases first and then decreases and finds that R＆D investment significantly promotes the firm value. Furthermore, this paper examines the impact of fiscal subsidy on firm value with heterogeneity, and finds that compared to the firm value located in lower quartile or upper quartile, fiscal subsidy gener- ates the maximum impact of firm value that located in median quartile.