研发支出对交通运输类企业价值的影响研究——以政府补助为调节变量

Research on the Influences of R&D Expenditures on the Value of Transportation Enterprises——Using Government Subsidies as Moderating Variables

当前竞争激烈的市场环境对企业创新能力的要求在不断提高,而企业创新即意味着研发支出的增长,通过加大研发支出,进一步促进科技创新;政府补助则在一定程度上影响着企业创新和价值。文中从政府补助的调节作用这一视角出发,以交通运输、仓储和邮政这一行业作为样本,研究研发支出对于企业短期和长期价值的不同影响。研究发现:研发支出会显著降低企业的短期价值,但对于长期价值而言,存在正相关关系,企业应当重视研发支出带来的长期效益。加入政府补助和研发支出这一交互项后,发现政府补助能够正向调节研发支出与短期价值的关系,但负向调节研发支出对企业长期价值的影响,因此,企业应落实补助激励政策,同时政府也要加强相关监管,确保宏观调控发挥积极作用。

In the current competitive market environment, the requirements for the innovation capability of enterprises are constantly increasing, and enterprise innovation means the increase of R&D expenditures.By increasing R&D expenditures, technological innovation is further promoted;government subsidies affect enterprise innovation and value to a certain extent.From the perspective of the moderating effect of government subsidies, this paper takes the transportation, warehousing and postal industries as samples to study the different effects of R&D expenditures on short-term and long-term value of enterprises.The study found that R&D expenditure will significantly reduce the short-term value of enterprises, but there is a positive correlation with long-term value, and enterprises should pay attention to the long-term benefits brought by R&D expenditure.After adding the interactive item of government subsidies and R&D expenditures, it is found that government subsidies can positively adjust the relationship between R&D expenditures and short-term value, but negatively adjust the impact of R&D expenditures on the long-term value of enterprises.Therefore, enterprises should implement subsidy incentive policies and the government should also strengthen relevant supervision to ensure that macro-control plays a positive role.