政府研发补贴对我国上市企业R&D产出的影响——基于调节中介效应实证研究

The Influence of Government R&D Subsidies on the R&D Outputs of Chinese Listed Enterprises:An Empirical Study on the Moderating Mediation Effect

党的二十大报告指出,要推动经济高质量发展,而高科技是经济高质量发展的引擎,尤其在创新全球化的时代背景下,企业研发和产能升级迫在眉睫。基于2016—2021年我国673家A股上市高技术企业的面板数据,以企业R&D支出为中介变量、企业规模和企业吸收能力为调节变量,构建调节中介效应模型,探究政府研发补贴对企业R&D产出的影响机制。实证结果表明:(1)企业研发支出在政府研发补贴促进企业R&D产出过程起部分中介作用;(2)企业规模在上市企业R&D支出与产出间起正向调节作用,即研发支出对大企业R&D产出的提升效果优于小企业,且企业规模的调节作用存在行业异质性;(3)企业吸收能力在上市企业研发支出与产出间不存在显著调节作用。

The report of the 20th National Congress of the Communist Party of China points out that we need to promote high-quality economic development,and high-tech is the engine of high-quality economic development.Especially in the era of innovation globalization,enterprise research and development and capacity upgrading are urgent.Based on the panel data of 673 Chinese A-share listed high-tech enterprises from 2016 to 2021,a moderating mediation effect model is established to explore the impact of government R&D subsidies on enterprise R&D outputs,taking enterprise R&D expenditure as the mediating variable and enterprise size and absorption capacity as the moderating variables.The empirical results show that:(1)enterprise R&D expenditure plays a partial mediating role in the process of government R&D subsidies promoting enterprise R&D output;(2)Enterprise size has a positive moderating effect on the relationship between R&D expenditure and output of listed enterprises,that is,the improvement effect of R&D expenditure on R&D output of large enterprises is better than that of small enterprises,and the moderating effect of enterprise size has industry heterogeneity;(3)The absorptive capacity of enterprises has no significant moderating effect on R&D expenditure and output of listed enterprises.