政府补助、诉讼风险与企业研发投入研究

Research on Government Subsidies,Litigation Risks and R&D Investment

技术的进步是决定经济增长的关键因素,而研发活动是知识和技术的主要源泉。本文以沪深两市2009-2017年A股上市公司为研究样本,进行实证分析,结果表明:(1)政府补助对企业的研发投入有显著的促进作用,对于国有企业和非国有企业影响都是显著的;(2)企业面临的外部诉讼风险会干扰政府补助的影响,进而妨碍企业的研发投入,并且被诉讼次数越多,金额越大,影响效果越明显。

Technological progress and knowledge accumulation are the key factors that determine economic growth, and r&d activities are the main sources of knowledge and technology. Taking a-share listed companies in Shanghai and Shenzhen from 2009 to 2017 as research samples, this paper verifies the impact of government subsidies on enterprise r&d in the case of external litigation risks. The empirical results show that:(1) the government subsidies to enterprise's r&d spending has a significant role in promoting, effects on state-owned enterprises and non-state-owned enterprises are both significant,(2) external litigation risks faced by enterprises may interfere with the influence of government subsidies and further hinder the r&d investment of enterprises. Moreover, the more lawsuits are filed, the greater the amount of lawsuits, the more obvious the impact. The research of this paper reveals the promoting effect of government subsidy, and for the first time to consider the external litigation risk's impact on the role.