补贴介入下军工企业研发助力的“迷失”——基于财政补贴调节效应的实证研究

"Lost" of Military Enterprises’ R&D Assistance Under The Intervention of Subsidies:Empirical Research Based on The Mediating Effect of Fiscal Subsidies

研发投入与财政补贴是影响企业成长的内在因素和外在条件。选取我国军工上市企业2011-2017年面板数据,运用系统广义矩估计方法实证分析研发投入及财政补贴调节效应下研发投入与企业成长的内在联系。结果发现,研发投入强度对我国军工企业成长具有显著滞后性推动作用;在财政补贴调节效应下,研发投入对企业成长的激励作用有所"迷失"。研究结论为我国军工上市企业研发活动影响企业成长提供了新证据,为研究军工企业研发活动投入经济后果及如何适应军民融合进程拓展了新视角。

Research & development investments & fiscal subsidies are internal factors & external conditions that affect the growth of military enterprises.In this paper,the annual panel data of the listed military industrial enterprises from 2010 to 2017 were selected,& the systematic generalized method of moment estimation was used to analyze the internal relationship between R&D investment & enterprise growth,as well as R&D investment & enterprise growth under the effect of financial subsidies regulation.Our results reflect that the R&D investment intensity is positively correlated with the growth of military industrial enterprises.The incentive effect of R&D investment on growth is "disappeared" after financial subsidy adjustment.The research conclusion of this paper provides new evidence that the R&D activities of listed military enterprises in China affect the growth of enterprises & a new perspective for studying the economic consequences of R&D investment of military enterprises & how to adapt to the process of military & civilian integration.