研发投入、政府补贴和企业价值相关性研究——以汽车制造业为例

A Study on Correlation of R&D Investment of Government Subsidies and Corporate Value——Take Auto Manufacturing Listed Companies as an Example

探讨政府补贴、企业研发投入对企业价值的影响机制以及效果,有助于提高企业核心竞争力,提高政府补贴效率。实证研究结果发现,企业研发投入是影响企业价值的直接因素,政府补贴是影响企业价值的间接因素,而且具有一定的滞后效应。规模越大的汽车制造企业,从政府补贴中受益程度越小。企业应重视研发的长期投入,寻求适合自身的研发模式,优化政府产业政策的效果。

It contributes to raise enterprise’s core competitiveness and improve the efficiency of government subsidies.The empirical research result shows that the factor which influences corporate value directly is R&D investment,and the factor which influences corporate value indirectly is subsidies with some kind of hysteresis effect.The larger size of auto manufacturing company is,the less benefit from subsidies is.Those companies should pay attention to R&D investment in long-term,explore R&D way which is fit for their own,and improve effect of government industrial policy.