政府补贴如何影响畜牧业企业研发投入强度——基于企业生命周期和高管股权激励的视角

How do Government Subsidies Affect the R&D Investment Intensity of Livestock Enterprises? From the Perspective of Enterprise Life Cycle and Executive Equity Incentives

企业是科技创新主体。畜牧业企业是促进畜牧业科技创新和高质量发展的重要推动力。本文基于畜牧业企业创新能力弱和政府财政趋紧的现实背景,使用2007-2021年中国畜牧业上市公司数据,实证分析政府补贴对畜牧业企业研发投入强度的影响。研究发现:在处理了内生性问题和进行稳健性检验后,政府研发补贴会显著提升畜牧业企业的研发投入强度,政府非研发补贴对畜牧业企业研发投入强度无显著影响。将样本企业按照生命周期划分为成长期、成熟期和衰退期子样本,发现政府研发补贴对成长期畜牧业企业的研发投入强度有显著正向影响,对成熟期和衰退期畜牧业企业研发投入强度的影响不显著。高管股权激励在政府研发补贴对成长期畜牧业企业研发投入强度的影响中起正向调节作用,对成熟期和衰退期企业研发投入强度的调节作用不显著。异质性分析发现,政府研发补贴对民营畜牧业企业、乳制品加工和动物保健企业以及东部和中部地区畜牧业企业的研发投入强度的提升效果更明显。因此,应提高政府补贴中研发补贴的比例,鼓励成长期畜牧业企业实施高管股权激励计划,根据畜牧业企业所处的不同生命周期、所有权性质、行业和地区,有差异地发放研发补贴。

Enterprises are the main body of scientific and technological innovation. Livestock enterprises are an important driving force to promote scientific and technological innovation and high-quality development of animal husbandry. Based on the background of the weak innovation ability of livestock enterprises and the tightening government finance, this paper empirically analyzes the impact of government subsidies on the R&D investment intensity of livestock enterprises by using the data of China's listed livestock companies from 2007 to 2021. The results show that government R&D subsidies significantly increase the R&D investment intensity of livestock enterprises after dealing with endogenous problem and carrying out robustness tests, while government non-R&D subsidies have no significant impact on the R&D investment intensity of livestock enterprises. Classifying the sample enterprises into growth stage, maturity stage, and decline stage according to their life cycles, we find that government R&D subsidies have a significant and positive impact on the R&D investment intensity of livestock enterprises in the growth stage,but have no significant impact on livestock enterprises in the maturity and decline stages. Executive equity incentives play a positive moderating role in the impact of government R&D subsidies on the R&D investment intensity of livestock enterprises in the growth stage, but have no significant moderating effect on the R&D investment intensity of enterprises in the maturity and recession stages.The heterogeneity analysis shows that government R&D subsidies have a more obvious effect on the R&D investment intensity of private livestock enterprises, dairy processing, and animal health enterprises, as well as livestock enterprises in eastern and central regions. Therefore, the proportion of R&D subsidies in government subsidies is supposed be increased, and livestock enterprises in the growth stage is encouraged implementing executive equity incentive plans. The government should distribute R&D subsidies differently according to the different life cycles, nature of ownership, industries,and regions where livestock enterprises are located.