补贴退坡对新能源企业研发投资的影响——基于市场预期调节视角

IMPACTS OF SUBSIDY REDUCTION ON NEW ENERGY COMPANIES’ RESEARCH & DEVELOPMENT VIEWING FROM MARKET EXPECTATION ADJUSTMENT

政府补贴与新能源产业的研发创新有着密切的联系,补贴有序退坡表明新能源产业正处在由“政府主导”转向“市场主导”的结构调整阶段,在补贴退坡和创新升级的双重压力下,新能源企业必然转向市场以谋求新的融资机会,保证稳定的研发投资。以2010—2019年我国沪深两市新能源上市公司为研究样本,采用多元回归分析方法检验政府补贴退坡政策对新能源企业研发投资的影响,探讨市场预期在政府补贴与企业研发投资关系中的调节作用。研究表明:政府补贴退坡后比退坡前对新能源企业研发投资的激励效应更加显著;不同类型的政府补贴退坡对企业研发投资效果存在差异,与收益相关的政府补贴退坡对企业研发投资的激励作用较小,而与资产相关的政府补贴退坡对企业研发投资的激励作用显著;与收益相关的政府补贴在市场预期的调节下会不断递减甚至会抑制研发投资,但随着市场预期的向好,与资产相关的政府补贴对企业研发投资的综合激励效应将不断增强。因此,政府补贴稳步退坡、补贴政策从“普惠制”向“扶优扶强”转变、及时调整政府补贴类别和力度、建立多角度的补贴机制有助于新能源企业增加研发投资。面对补贴退坡的政策调整,新能源企业要及时跟踪市场变化,提高企业创新的意识和能力,加强与金融市场的联系,拓展多元融资渠道,构建政府补贴与市场对新能源企业研发创新的协同驱动机制。

Governmental subsidy has a close connection with new energy sectors’ R&D innovation.Subsidy reduction indicates new energy sectors are at a government-oriented to market-oriented adjusting stage.Under the dual pressures of subsidy reduction and innovation upgrading, new energy companies have to switch to markets to seek new financing ways ensuring a stable R&D investment. This paper, based on China’s stock-listed new energy companies’ information from 2010 to 2019, uses multiple regression to study the impacts of subsidy reduction on new energy sectors’ R&D, and discusses the adjustment of market expectation on the relation between governmental subsidy and companies’ R&D investment. Results show that subsidy reduction plays an outstanding stimulating role on new energy sectors’ R&D investment. The impact varies with natures of governmental subsidies, a little if benefits-related subsidy, but significant if assets-related. Under adjustment of market expectations, benefits-related governmental subsidy will decline or even constrain R&D investment, while assets-related subsidy will be on the contrast. Governmental subsidy shall be stably reducing, switch from all-benefits to supporting-excellence, adjust subsidy types and strength, and construct multiple subsidy mechanisms so as to help new energy sectors increase R&D investments. This paper suggests new energy companies follow the market changes, increase their innovative capacities and awareness, boost relation with financing markets, diversify financing channels, and set up a collaborative mechanism of governmental subsidy and markets on new energy companies’ R&D innovation.