政府补贴促进制造业企业研发投入了吗?——基于资本结构的门槛效应研究

本文以2016~2018年沪深股市的制造业上市公司为研究样本,通过建立门槛效应模型,验证了政府补贴与企业研发投入的作用关系会随着资本结构的变化而变化。研究发现,政府补贴能够促进企业研发投入,并且在资本结构的调节作用下呈现三重门槛效应。进一步研究还发现,政府补贴对非国有企业研发投入的影响系数更高。因此,政府研发补贴政策需要综合考虑企业资金状况、企业性质,建立有效甄别机制,实施差异化补贴策略,加大对非国企补贴力度,拓宽中小企业融资渠道。

Has Government Subsidies Promoted R&D Investment in Manufacturing Companies?--Based on the Threshold Effect of Capital Structure

Based on the financial data of the listed manufacturing companies in Shanghai and Shenzhen stock markets from 2016 to 2018, this paper establishes the threshold effect model. Studies show that the capital structure can regulate the role of government subsidies in R&D investment. it is verified that government subsidies can promote R&D investment, and under the adjustment of capital structure, it presents a triple threshold effect.Further explores the impact of government subsidies on R&D investment of different types of enterprises, and finds that the impact of government subsidies on R&D investment of non-state-owned enterprises is higher. Thus, it is recommended that the government needs to consider the state of the capital and the nature of the enterprise to implement a differentiated government subsidy strategy while vigorously implementing the innovation subsidy policy.Such as establishing effective screening mechanisms, increasing subsidies to non-state-owned enterprises and expanding financing channels for SMEs.