政府补助方式对新能源汽车企业绩效影响研究——基于企业成长性的深入分析

An Influence Study on the New Energy Automobile Enterprise Performances by Government Subsidies——Based on the Enterprise Growth

以2010-2015年新能源汽车行业上市公司面板数据为样本,区分政府补助方式,实证分析政府研发补助和非研发补助对企业绩效的影响。研究表明:政府研发补助对企业创新绩效有显著正向影响;政府非研发补助对企业经营绩效有显著正相关作用,且随着企业经营绩效提升,政府非研发补助对企业研发投入起到间接正向作用;企业研发投入在政府补助与企业创新绩效中存在部分中介效应。根据企业成长性对样本进行分组,进一步发现政府研发补助对高成长性企业创新绩效具有显著促进作用,而对低成长性企业无显著影响;政府非研发补助对企业经营绩效均有显著正向影响,对高成长性企业的影响更突出。

Taking the six-year panel data （2010--2015） of listed companies in industry of new energy vehicles as exatnple, this thesis investigates two types of subsidies, i. e. government R＆D subsidies and non-R＆D subsidies, and how they af- fect business performances. The results reveal that obvious positive effects can be brought by government R＆D subsidies on enterprise innovation performances; however, non-R＆D subsidies affect prominently enterprise innovation perform- ances in positive correlation. And along with the improvement of enterprise performance, the government non-R＆D subsidies indirectly plays a positive role in R＆D investments at the same time, the R＆D and input of private sectors may act as the medium bridging government R＆D subsidies and enterprise innovation performances. Dividing all samples into different groups according to various levels of growth, this thesis came to further conclusions that government R＆D subsidies can greatly promoted high-growth enterprise innovation performances and have no effects on low-growth ones; while non-R＆D subsidies markedly influence the operating performance of enterprises in positive correlation, and way more evidently on high-growth enterprises.