政府补贴对农业企业R&D投资行为的影响研究
|
摘要
政府创新补贴是一国扶持农业企业技术创新的重要政策工具,政策目标是促进农业企业的R&D投入杠杆效应而非形成补贴依赖,补贴绩效如何尚缺乏系统研究。本文利用手工方式从涉农上市企业公开披露信息整理出的2012-2014年三年样本数据,构建联立方程模型实证分析了政府补贴对农业企业R&D投资的影响效应及其差异性。研究结果发现,政府补贴对涉农企业R&D投入的激励效应显著,但行业之间存在较大差异;涉农企业的绩效增长短期对主营业务R&D投入会发生杠杆效应,但长期来看效应微弱,R&D投资行为具有一定的补贴依赖倾向。此外,涉农上市企业内部治理与经营水平也是影响政府补贴对R&D创新投入效率的重要因素。最后,本文从政府补贴的资助对象、方式和监管补贴用途等方面提出了相应的政策建议。
Government innovation subsidy is an important policy tool to support technological innovation for agricultural enterprises in a country,which is the best way to achieve the goal to promote the R&D investment leverage effect of agricultural enterprises rather than form subsidy dependence. However,there is still no systematic research on the effects of government innovation subsidy on technological innovation performance of agricultural enterprises. This paper firstly defines and analyzes the relevant theories and concepts of innovation subsidy,technological innovation and corporate governance mechanism based on the literatures from domestic and abroad. Next,on the basis of exploring the correlation among the variables,research hypothesis is proposed,and the conceptual model is established. Two groups of hypotheses are proposed as follows: H1,government subsidies positively influence the R&D investment for agricultural enterprises,to make technological innovation. H2,agricultural enterprises' performance affects R&D investment from the long run and short run,and vice versa. Furtherly the paper empirically identifies the relationship between government subsidies,performance and R&D investment by using simultaneous equation model based on the data collected from the Chinese listed panel data of agricultural enterprises over the period of 2012-2014 from regular reports,disclosure information as well as their own website. A total of 105 agricultural-related listed enterprises in agriculture,forestry,animal husbandry and fishery in the Shenwan industry classification were studied. The annual financial statements of the enterprise audited and approved by the CSRC were used as data sources. A complete database including 81 agricultural listed enterprises between 2012-2014 is obtained after eliminating the incomplete enterprise data of important research indicators.The results show that there is a significant positive effect of government innovation subsidy on the R&D investment for agricultural enterprises,while the effects are different among agricultural industries. Enterprises' performance affect R&D investment from the long run and short run both,while the former less effect than the latter. The result also suggests that R&D investment from agricultural enterprises significantly relies on government innovation subsidies. As regard to the industry differences,there are significant industry differences in the effects of government subsidies on agricultural innovation and R&D investment for agricultural enterprises in China. The average level of R&D investment in crop farming and animal husbandry enterprises is higher than that in forestry and fishery enterprises,while the former R&D investment is significantly different from the latter.In addition,there are much stronger stimulating effects of government subsidies on R&D investment increase for enterprises in crop farming and animal husbandry than those in forestry and fishery industry. An analogous situation exists between non-state-owned agricultural enterprises and state-owned enterprises. Compared with state-owned enterprises,there are much stronger stimulating effects of government subsidies on R&D investment increase for non-state-owned agricultural enterprises.However,the distribution of subsidies in industry,forestry,animal husbandry,and fisheries does not reflect the differences between the industry and individuals among agricultural enterprises. Moreover,individual heterogeneity and corporate governance mechanisms are also important factors affecting the efficiency of government subsidies for R&D innovation investment. Highly concentrated equity structure and incentives for corporate executives are more conducive to increase R&D investment and improve performance for agricultural enterprises as a whole. High asset-liability ratio is not conducive to promote R&D investment and performance improvement,while perfect governance structure would have a regulatory effect on R&D increase and corporate performance for agricultural enterprises. Finally,the paper provides advice on enterprise management and policy implementation from improving the R&D efficiency of agricultural enterprises and adjusting the government subsidy distribution structure.The paper argues that regulating government grants funding,improving the corporate governance and capital structure are the prerequisite of perfecting the technological innovation system,and improving business performance for agricultural enterprises.Agricultural enterprises should improve the ownership structure,executive compensation,optimize the structure of assets and liabilities,and enhance the corporate governance mechanism to maximize corporate performance from R&D investment. The implementation of the government subsidy policy should focus on raising the level of government subsidies for high-technology agricultural enterprises in crop production and animal husbandry,strengthening the supervision and control of government subsidies for agricultural enterprises,and improving the efficiency of government subsidies.
Government innovation subsidy is an important policy tool to support technological innovation for agricultural enterprises in a country,which is the best way to achieve the goal to promote the R&D investment leverage effect of agricultural enterprises rather than form subsidy dependence. However,there is still no systematic research on the effects of government innovation subsidy on technological innovation performance of agricultural enterprises. This paper firstly defines and analyzes the relevant theories and concepts of innovation subsidy,technological innovation and corporate governance mechanism based on the literatures from domestic and abroad. Next,on the basis of exploring the correlation among the variables,research hypothesis is proposed,and the conceptual model is established. Two groups of hypotheses are proposed as follows: H1,government subsidies positively influence the R&D investment for agricultural enterprises,to make technological innovation. H2,agricultural enterprises' performance affects R&D investment from the long run and short run,and vice versa. Furtherly the paper empirically identifies the relationship between government subsidies,performance and R&D investment by using simultaneous equation model based on the data collected from the Chinese listed panel data of agricultural enterprises over the period of 2012-2014 from regular reports,disclosure information as well as their own website. A total of 105 agricultural-related listed enterprises in agriculture,forestry,animal husbandry and fishery in the Shenwan industry classification were studied. The annual financial statements of the enterprise audited and approved by the CSRC were used as data sources. A complete database including 81 agricultural listed enterprises between 2012-2014 is obtained after eliminating the incomplete enterprise data of important research indicators.The results show that there is a significant positive effect of government innovation subsidy on the R&D investment for agricultural enterprises,while the effects are different among agricultural industries. Enterprises' performance affect R&D investment from the long run and short run both,while the former less effect than the latter. The result also suggests that R&D investment from agricultural enterprises significantly relies on government innovation subsidies. As regard to the industry differences,there are significant industry differences in the effects of government subsidies on agricultural innovation and R&D investment for agricultural enterprises in China. The average level of R&D investment in crop farming and animal husbandry enterprises is higher than that in forestry and fishery enterprises,while the former R&D investment is significantly different from the latter.In addition,there are much stronger stimulating effects of government subsidies on R&D investment increase for enterprises in crop farming and animal husbandry than those in forestry and fishery industry. An analogous situation exists between non-state-owned agricultural enterprises and state-owned enterprises. Compared with state-owned enterprises,there are much stronger stimulating effects of government subsidies on R&D investment increase for non-state-owned agricultural enterprises.However,the distribution of subsidies in industry,forestry,animal husbandry,and fisheries does not reflect the differences between the industry and individuals among agricultural enterprises. Moreover,individual heterogeneity and corporate governance mechanisms are also important factors affecting the efficiency of government subsidies for R&D innovation investment. Highly concentrated equity structure and incentives for corporate executives are more conducive to increase R&D investment and improve performance for agricultural enterprises as a whole. High asset-liability ratio is not conducive to promote R&D investment and performance improvement,while perfect governance structure would have a regulatory effect on R&D increase and corporate performance for agricultural enterprises. Finally,the paper provides advice on enterprise management and policy implementation from improving the R&D efficiency of agricultural enterprises and adjusting the government subsidy distribution structure.The paper argues that regulating government grants funding,improving the corporate governance and capital structure are the prerequisite of perfecting the technological innovation system,and improving business performance for agricultural enterprises.Agricultural enterprises should improve the ownership structure,executive compensation,optimize the structure of assets and liabilities,and enhance the corporate governance mechanism to maximize corporate performance from R&D investment. The implementation of the government subsidy policy should focus on raising the level of government subsidies for high-technology agricultural enterprises in crop production and animal husbandry,strengthening the supervision and control of government subsidies for agricultural enterprises,and improving the efficiency of government subsidies.
引文
[1]敖嘉焯,万俊毅,黄瓅.社会资本对农业企业绩效的影响研究[J].软科学,2013(9):117-121.Ao Jiazhuo,Wan Junyi,Huang Li.The impact of social capital on agriculture enterprises performance[J].Soft Science,2013(9):117-121.
[2]Griliches,Z.1979.Issues in assessing the contribution of research and development to productivity growth[J].Bell Journal of Economics,10(1):92-116.
[3]Wang,C.,Lu,Y.,Huang,C.,and Lee,J.R&D,productivity,and market value:An empirical study from hightechnology firms[J].Omega,2013,41(1):143-155.
[4]Arrow,K.Economic welfare and the allocation of resources to invention[M].Princeton University Press,1962.
[5]David,P.,Hall,B.,and Toole,A.A.Is public R&D a complement or substitute for private R&D?A review of the econometric evidence[J].Research Policy,2000,29(4):497-529.
[6]Gorg,H.,and Strobl,E.The effect of R&D subsidies on private R&D[J].Economica,2007,74(5):215-234.
[7]Watanabe,C.,Kishioka,M.,and Nagamatsu,A.Effect and limit of the government role in spurring technology spillover:A case of R&D consortia by the Japanese government[J].Technovation,2004,24(5):403-420.
[8]廖信林,顾炜宇,王立勇.政府R&D资助效果、影响因素与资助对象选择---基于促进企业R&D投入的视角[J].中国工业经济,2013(11):148-160.Liao Xinlin,Gu Weiyu,Wang Liyong.Research on the effects of public R&D subsidies,influencing factors and choices of objects[J].China Industrial Economics,2013(11):148-160.
[9]Chan L.K.,Lakonishok,J.,and Sougiannis,T.The stock market valuation of research and development expenditures[J].The Journal of Finance,2001,56(6):2431-2456.
[10]Girma,S.,Gorg,H.,and Strobls,E.The effect of government grants on plant level productivity[J].Economics Letters,2007,94(3):439-444.
[11]Sami,G.,Jean-Michel,S.,and Frédéric T.R&D investments and high-tech firms’stock return volatility[J].Technological Forecasting&Social Change,2013,88(88):306-312.
[12]程华,李晓菲,李冬琴,居晟.研发投入、技术能力与产出绩效关系的研究---基于帕维特产业分类的视角[J].中国科技论坛,2013(1):37-42.Cheng Hua,Li Xiaofei,Li Dongqin,Ju Cheng.The relationship among R&D input,technical ability,and the output performance-Based on Pavitt industry classification[J].Forum on Science and Technology in China,2013(1):37-42.
[13]彭中文,文亚辉,黄玉妃.政府补贴对新能源企业绩效的影响:公司内部治理的调节作用[J].中央财经大学学报,2015(7):80-85.Peng Zhongwen,Wen Yahui,Huang Yufei.The effect of government subsidies on the performance of new energy companies:The moderating role of corporate internal governance[J].Journal of Central University of Finance&Economics,2015(7):80-85.
[14]郭晓丹,何文韬,肖兴志.战略性新兴产业的政府补贴、额外行为与研发活动变动[J].宏观经济研究,2011(11):63-69+111.Guo Xiaodan,He Wentao,Xiao Xingzhi.Government funding,extension behavior and R&D changes[J].Macroeconomics,2011(11):63-69+111.
[15]梁莱歆,金杨,赵娜.基于企业生命周期的R&D投入与企业绩效关系研究---来自上市公司经验数据[J].科学学与科学技术管理,2010(12):11-17+35.Liang Laixin,Jin Yang,Zhao Na.Study on the relationship between R&D and enterprise performance based on enterprise life cycle:Empirical research in listed firm[J].Science of Science and Management of Science and Technology,2010(12):11-17+35.
[16]金颖.高新技术上市公司R&D投入与绩效的实证研究---来自2007-2009年上市公司的经验证据[J].南京农业大学学报(社会科学版),2011(3):40-47.Jin Ying.An empirical study on thenew high-tech listed company’s R&D investment and its performance:With evidence of listed firms from 2007 to 2009[J].Journal of Nanjing Agricultural University(Social Sciences Edition),2011(3):40-47.
[17]范黎波,马聪聪,马晓婕.多元化、政府补贴与农业企业绩效---基于A股农业上市企业的实证研究[J].农业经济问题,2012(11):83-90+112.Fan Libo,Ma Congcong and Ma Xiaojie.Diversification,government subsidy and agricultural firms’performance:An empirical research on Chinese agricultural listed companies[J].Issues in Agricultural Economy,2012(11):83-90+112.
[2]Griliches,Z.1979.Issues in assessing the contribution of research and development to productivity growth[J].Bell Journal of Economics,10(1):92-116.
[3]Wang,C.,Lu,Y.,Huang,C.,and Lee,J.R&D,productivity,and market value:An empirical study from hightechnology firms[J].Omega,2013,41(1):143-155.
[4]Arrow,K.Economic welfare and the allocation of resources to invention[M].Princeton University Press,1962.
[5]David,P.,Hall,B.,and Toole,A.A.Is public R&D a complement or substitute for private R&D?A review of the econometric evidence[J].Research Policy,2000,29(4):497-529.
[6]Gorg,H.,and Strobl,E.The effect of R&D subsidies on private R&D[J].Economica,2007,74(5):215-234.
[7]Watanabe,C.,Kishioka,M.,and Nagamatsu,A.Effect and limit of the government role in spurring technology spillover:A case of R&D consortia by the Japanese government[J].Technovation,2004,24(5):403-420.
[8]廖信林,顾炜宇,王立勇.政府R&D资助效果、影响因素与资助对象选择---基于促进企业R&D投入的视角[J].中国工业经济,2013(11):148-160.Liao Xinlin,Gu Weiyu,Wang Liyong.Research on the effects of public R&D subsidies,influencing factors and choices of objects[J].China Industrial Economics,2013(11):148-160.
[9]Chan L.K.,Lakonishok,J.,and Sougiannis,T.The stock market valuation of research and development expenditures[J].The Journal of Finance,2001,56(6):2431-2456.
[10]Girma,S.,Gorg,H.,and Strobls,E.The effect of government grants on plant level productivity[J].Economics Letters,2007,94(3):439-444.
[11]Sami,G.,Jean-Michel,S.,and Frédéric T.R&D investments and high-tech firms’stock return volatility[J].Technological Forecasting&Social Change,2013,88(88):306-312.
[12]程华,李晓菲,李冬琴,居晟.研发投入、技术能力与产出绩效关系的研究---基于帕维特产业分类的视角[J].中国科技论坛,2013(1):37-42.Cheng Hua,Li Xiaofei,Li Dongqin,Ju Cheng.The relationship among R&D input,technical ability,and the output performance-Based on Pavitt industry classification[J].Forum on Science and Technology in China,2013(1):37-42.
[13]彭中文,文亚辉,黄玉妃.政府补贴对新能源企业绩效的影响:公司内部治理的调节作用[J].中央财经大学学报,2015(7):80-85.Peng Zhongwen,Wen Yahui,Huang Yufei.The effect of government subsidies on the performance of new energy companies:The moderating role of corporate internal governance[J].Journal of Central University of Finance&Economics,2015(7):80-85.
[14]郭晓丹,何文韬,肖兴志.战略性新兴产业的政府补贴、额外行为与研发活动变动[J].宏观经济研究,2011(11):63-69+111.Guo Xiaodan,He Wentao,Xiao Xingzhi.Government funding,extension behavior and R&D changes[J].Macroeconomics,2011(11):63-69+111.
[15]梁莱歆,金杨,赵娜.基于企业生命周期的R&D投入与企业绩效关系研究---来自上市公司经验数据[J].科学学与科学技术管理,2010(12):11-17+35.Liang Laixin,Jin Yang,Zhao Na.Study on the relationship between R&D and enterprise performance based on enterprise life cycle:Empirical research in listed firm[J].Science of Science and Management of Science and Technology,2010(12):11-17+35.
[16]金颖.高新技术上市公司R&D投入与绩效的实证研究---来自2007-2009年上市公司的经验证据[J].南京农业大学学报(社会科学版),2011(3):40-47.Jin Ying.An empirical study on thenew high-tech listed company’s R&D investment and its performance:With evidence of listed firms from 2007 to 2009[J].Journal of Nanjing Agricultural University(Social Sciences Edition),2011(3):40-47.
[17]范黎波,马聪聪,马晓婕.多元化、政府补贴与农业企业绩效---基于A股农业上市企业的实证研究[J].农业经济问题,2012(11):83-90+112.Fan Libo,Ma Congcong and Ma Xiaojie.Diversification,government subsidy and agricultural firms’performance:An empirical research on Chinese agricultural listed companies[J].Issues in Agricultural Economy,2012(11):83-90+112.