研发补贴对新能源企业创新投入的资源与信号效应

The Resource Effects and the Signal Effects of R&D Subsidies on the Innovation Investment of New Energy Enterprises

基于2008-2019年中国新能源上市公司数据,从资源效应与信号效应出发,分析了研发补贴对企业创新投入的影响机制。研究结果表明,研发补贴并未对新能源企业创新投入发挥有效的资源效应,研发补贴对新能源企业创新投入的信号效应只在2008-2012年间有效,且两种效应的作用效果具有阶段性特征,时间分界点为2012年左右。同时,对不同产业和不同产业链企业,资源效应的差异较大,信号效应差异较小。基于研究结果,从加大政府研发补贴力度、发挥金融发展与研发补贴的协同效应和以创新为导向进行政策调整三个方面提出了建议,为理解研发补贴对新能源企业创新投入的影响提供了思路。

Based on the data of China's new energy listed companies from 2008 to 2019,this paper analyzes the influence mechanism of R&D subsidies on corporate innovation investment from the perspective of resource effects and signal effects.The research results show that R&D subsidies do not have positive impact on the innovation investment of new energy companies in terms of the resource effects.The signal effects of R&D subsidies on the innovation investment of new energy companies is only valid during 2008-2012.Moreover,there is an obvious turning point in both resource effects and signal effects.Meanwhile,in different industries or industrial chain of new energy enterprises,the influence of resource effects are significantly different but the influence of signal effects are similar.According to the research results,this article provides three suggestions on strengthening government R&D subsidies,creating synergistic effect between financial development and R&D subsidies,adjusting subsidy policies in an innovation-oriented demand.The research helps us to understand the mechanism of R&D subsidies on innovation investment of new energy companies.