制造业行业的政府补助、研发投入与企业绩效

Government Subsidies,R&D Investment and Corporate Performance in Manufacturing Industry

创新决胜未来,制造业发展的关键在于研发核心技术。文章基于2015—2020年间A股制造业上市公司的数据,探究了政府补助、研发投入与企业绩效之间的关系。通过逐步回归检验,发现研发投入作为中介因素,在政府补助促进企业绩效提升的过程中扮演着关键角色。进一步研究表明,政府补助对企业绩效的正向影响在非国有企业和小规模企业中更显著。文章的研究结论可为中国企业提升企业绩效提供新的参考。

Innovation wins the future,and the key to the development of manufacturing industry lies in the research and development of core technology.Based on the data of A-share listed manufacturing companies from 2015 to 2020,this paper explores the relationship among government subsidies,R&D investment and corporate performance.Through stepwise regression test,this paper finds that R&D investment,as a mediator,plays a key role in the process of government subsidies promoting corporate performance.Further research shows that the positive impact of government subsidies on firm performance is more significant in non-state-owned enterprises and small-scale enterprises.The findings of this paper provide new references for Chinese enterprises to improve their corporate performance.