补贴介入下军工企业研发助力的“迷失”——基于财政补贴调节效应的实证研究
|
摘要
研发投入与财政补贴是影响企业成长的内在因素和外在条件。选取我国军工上市企业2011-2017年面板数据,运用系统广义矩估计方法实证分析研发投入及财政补贴调节效应下研发投入与企业成长的内在联系。结果发现,研发投入强度对我国军工企业成长具有显著滞后性推动作用;在财政补贴调节效应下,研发投入对企业成长的激励作用有所"迷失"。研究结论为我国军工上市企业研发活动影响企业成长提供了新证据,为研究军工企业研发活动投入经济后果及如何适应军民融合进程拓展了新视角。
Research & development investments & fiscal subsidies are internal factors & external conditions that affect the growth of military enterprises. In this paper, the annual panel data of the listed military industrial enterprises from 2010 to 2017 were selected,& the systematic generalized method of moment estimation was used to analyze the internal relationship between R&D investment & enterprise growth, as well as R&D investment & enterprise growth under the effect of financial subsidies regulation. Our results reflect that the R&D investment intensity is positively correlated with the growth of military industrial enterprises. The incentive effect of R&D investment on growth is "disappeared" after financial subsidy adjustment. The research conclusion of this paper provides new evidence that the R&D activities of listed military enterprises in China affect the growth of enterprises & a new perspective for studying the economic consequences of R&D investment of military enterprises & how to adapt to the process of military & civilian integration.
Research & development investments & fiscal subsidies are internal factors & external conditions that affect the growth of military enterprises. In this paper, the annual panel data of the listed military industrial enterprises from 2010 to 2017 were selected,& the systematic generalized method of moment estimation was used to analyze the internal relationship between R&D investment & enterprise growth, as well as R&D investment & enterprise growth under the effect of financial subsidies regulation. Our results reflect that the R&D investment intensity is positively correlated with the growth of military industrial enterprises. The incentive effect of R&D investment on growth is "disappeared" after financial subsidy adjustment. The research conclusion of this paper provides new evidence that the R&D activities of listed military enterprises in China affect the growth of enterprises & a new perspective for studying the economic consequences of R&D investment of military enterprises & how to adapt to the process of military & civilian integration.
引文
[1] HULT G T M,HURLEY R F,KNIGHT G A.Innovativeness:its antecedents & impact on business performance[J].Industrial Marketing Management,2004,33(5):429-438.
[2] 郑德渊,李湛.R&D的溢出效应研究[J].中国软科学,2002(9):78-82+93.
[3] LACH S.Do R&D subsidies stimulate or displace private R&D?evidence from Israel[J].Journal of Industrial Economics,2010,50(4):369-390.
[4] WALLE D V D.Assssing the welfare impacts of public spending[J].World Development,1996,26(3):365-379.
[5] ALEX COAD,REKHA RAO.Innovaton & firm growth in high-techsectors:a quantile regression approach[J].Research Policy,2008(4):633-648.
[6] 汪建,周勤.研发、知识资本与企业成长驱动——基于分位数回归的实证研究[J].证券市场导报,2014(3):46-52.
[7] HANS LOOF,HESHMATI A.On the relationship between innovation & performance:a sensitivity analysis[C].UNU working paper,2001.
[8] 李涛,黄晓蓓,王超.企业科研投入与经营绩效的实证研究——信息业与制造业上市公司的比较[J].科学学与科学技术管理,2008,29(7):170-174.
[9] HALL B H,ORIANI R.Does the market value R&D investment by European firms?evidence from a panel of manufacturing firms in France,Germany,& Italy [J].International Journal of Industrial Organization,2006,24(5):971-993.
[10] LERNER J.The government as venture capitalist:the long-run impact of the SIBR program[J].Nber Working Papers,1996,72(3):285-318.
[11] 步丹璐,王晓艳.政府补助、软约束与薪酬差距[J].南开管理评论,2014,17(2):23-33.
[12] AGHION P,HOWITT P.A model of growth through creative destruction[J].Econometrica,1992,60(3):323-351.
[13] AGHION P,HOWITT P.Endogenous growth theory[M].Cambridge,MA:MIT Press,1998.
[14] HU A,JEFFERSON G,QIAN J.R&D & technology transfer:firm-level evidence form Chinese industry[J].Review of Economics & Statistics,2005,87(4):780-786.
[15] 海本禄,聂鸣.国际化、创新与企业绩效:基于湖北省的实证研究[J].科研管理,2012,33(4):1-9.
[16] 胡振华,胡姗姗.债务结构、创新投资与中小企业成长性研究——基于交互效应模型[J].工业技术经济,2016,35(4):53-59.
[17] 张栓兴,方小军,李京.创业板上市公司研发投入对成长性的影响研究——基于股权结构的调节作用[J].科技管理研究,2017,37(8):143-149.
[18] 孙维峰,黄祖辉.广告支出、研发支出与企业绩效[J].科研管理,2013,34(2):44-51.
[19] 沈达勇.基于技术创新能力的中小企业内生性成长性研究[J].当代经济科学,2017,39(3):116-123+128.
[20] TZELEPIS D,SKURAS D.The effects of regional capital subsidies on firm performance:an empirical study[J].Journal of Small Business & Enterprise Development,2004,11(1):121-129.
[21] CERQUA A,PELLEGRINI G.Do subsidies to private capital boost firms' growth?a multiple regression discontinuity design approach[J].Journal of Public Economics,2014,109:114-126.
[22] 杨其静.企业成长:政治关联还是能力建设[J].经济研究,2011,46(10):54-66+94.
[23] 孔东民,李天赏.政府补贴是否提升了公司绩效与社会责任[J].证券市场导报,2014(6):26-31+62.
[24] 马红,王元月.融资约束、政府补贴和公司成长性——基于我国战略性新兴产业的实证研究[J].中国管理科学,2015,23(S1):630-636.
[25] 李传宪,刘晓雨.政府补贴与民营企业成长性关系研究[J].会计之友,2016(10):94-97.
[26] BERGSTR M F.Capital subsidies & the performance of firms[J].Small Business Economics,2000,14(3):183-193.
[27] 张杰,郑文平.政府补贴如何影响中国企业出口的二元边际[J].世界经济,2015,38(6):22-48.
[28] 赵璨,王竹泉,杨德明,等.企业迎合行为与政府补贴绩效研究——基于企业不同盈利状况的分析[J].中国工业经济,2015(7):130-145.
[29] 任曙明,张静.补贴、寻租成本与加成率——基于中国装备制造企业的实证研究[J].管理世界,2013(10):118-129.
[30] 魏志华,吴育辉,曾爱民.寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据[J].经济管理,2015,37(1):1-11.
[31] 杜勇.高管政治资本、政府补贴与亏损公司未来价值[J].商业经济与管理,2017(5):77-88.
[32] JOEL S,HELLMAN,GERAINT JONES,et al.Seize the state,seize the day:state capture & influence in transition economies[J].Journal of Comparative Economics,2003,31(4):751-773.
[33] MURPHY K M,SHLEIFER A,VISHNY R W.Why is rent-seeking so costly to growth[J].American Economic Review,1993,83(2):409-414.
[34] JUNXUE JIA,GUANGRONG MA.Do R & D tax incentives work firm-level evidence from China[J].China Economic Review,2017,46:50-66.
[35] PHILIPP BOEING.The allocation & effectiveness of China's R&D subsidies-evidence from listed firms[J].Research Policy,2015,9(45):1774–1789
[36] WANG Y,WEI Y,SONG F M.Uncertainty & corporate R&D investment:evidence from Chinese listed firms[J].International Review of Economics & Finance,2017,47:176-200.
[37] 张信东,薛艳梅.R&D支出与公司成长性之关系及阶段特征——基于分位数回归技术的实证研究[J].科学学与科学技术管理,2010,31(6):28-33.
[38] 陈德萍,曾智海.资本结构与企业绩效的互动关系研究——基于创业板上市公司的实证检验[J].会计研究,2012(8):66-71+97.
[39] 杨兴全,吴昊旻.成长性、代理冲突与公司财务政策[J].会计研究,2011(8):40-45+96.
[40] 宋德舜.国有控股、经营者晋升和公司绩效[J].南开经济研究,2006(3):102-115.
[41] 杨蕙馨,王胡峰.国有企业高层管理人员激励与企业绩效实证研究[J].南开经济研究,2006(4):82-97+145.
[42] 董雨婷,贺亚楠.基于企业特征的R&D投入对企业成长的作用分析[J].商业经济研究,2015(11):106-109.
[2] 郑德渊,李湛.R&D的溢出效应研究[J].中国软科学,2002(9):78-82+93.
[3] LACH S.Do R&D subsidies stimulate or displace private R&D?evidence from Israel[J].Journal of Industrial Economics,2010,50(4):369-390.
[4] WALLE D V D.Assssing the welfare impacts of public spending[J].World Development,1996,26(3):365-379.
[5] ALEX COAD,REKHA RAO.Innovaton & firm growth in high-techsectors:a quantile regression approach[J].Research Policy,2008(4):633-648.
[6] 汪建,周勤.研发、知识资本与企业成长驱动——基于分位数回归的实证研究[J].证券市场导报,2014(3):46-52.
[7] HANS LOOF,HESHMATI A.On the relationship between innovation & performance:a sensitivity analysis[C].UNU working paper,2001.
[8] 李涛,黄晓蓓,王超.企业科研投入与经营绩效的实证研究——信息业与制造业上市公司的比较[J].科学学与科学技术管理,2008,29(7):170-174.
[9] HALL B H,ORIANI R.Does the market value R&D investment by European firms?evidence from a panel of manufacturing firms in France,Germany,& Italy [J].International Journal of Industrial Organization,2006,24(5):971-993.
[10] LERNER J.The government as venture capitalist:the long-run impact of the SIBR program[J].Nber Working Papers,1996,72(3):285-318.
[11] 步丹璐,王晓艳.政府补助、软约束与薪酬差距[J].南开管理评论,2014,17(2):23-33.
[12] AGHION P,HOWITT P.A model of growth through creative destruction[J].Econometrica,1992,60(3):323-351.
[13] AGHION P,HOWITT P.Endogenous growth theory[M].Cambridge,MA:MIT Press,1998.
[14] HU A,JEFFERSON G,QIAN J.R&D & technology transfer:firm-level evidence form Chinese industry[J].Review of Economics & Statistics,2005,87(4):780-786.
[15] 海本禄,聂鸣.国际化、创新与企业绩效:基于湖北省的实证研究[J].科研管理,2012,33(4):1-9.
[16] 胡振华,胡姗姗.债务结构、创新投资与中小企业成长性研究——基于交互效应模型[J].工业技术经济,2016,35(4):53-59.
[17] 张栓兴,方小军,李京.创业板上市公司研发投入对成长性的影响研究——基于股权结构的调节作用[J].科技管理研究,2017,37(8):143-149.
[18] 孙维峰,黄祖辉.广告支出、研发支出与企业绩效[J].科研管理,2013,34(2):44-51.
[19] 沈达勇.基于技术创新能力的中小企业内生性成长性研究[J].当代经济科学,2017,39(3):116-123+128.
[20] TZELEPIS D,SKURAS D.The effects of regional capital subsidies on firm performance:an empirical study[J].Journal of Small Business & Enterprise Development,2004,11(1):121-129.
[21] CERQUA A,PELLEGRINI G.Do subsidies to private capital boost firms' growth?a multiple regression discontinuity design approach[J].Journal of Public Economics,2014,109:114-126.
[22] 杨其静.企业成长:政治关联还是能力建设[J].经济研究,2011,46(10):54-66+94.
[23] 孔东民,李天赏.政府补贴是否提升了公司绩效与社会责任[J].证券市场导报,2014(6):26-31+62.
[24] 马红,王元月.融资约束、政府补贴和公司成长性——基于我国战略性新兴产业的实证研究[J].中国管理科学,2015,23(S1):630-636.
[25] 李传宪,刘晓雨.政府补贴与民营企业成长性关系研究[J].会计之友,2016(10):94-97.
[26] BERGSTR M F.Capital subsidies & the performance of firms[J].Small Business Economics,2000,14(3):183-193.
[27] 张杰,郑文平.政府补贴如何影响中国企业出口的二元边际[J].世界经济,2015,38(6):22-48.
[28] 赵璨,王竹泉,杨德明,等.企业迎合行为与政府补贴绩效研究——基于企业不同盈利状况的分析[J].中国工业经济,2015(7):130-145.
[29] 任曙明,张静.补贴、寻租成本与加成率——基于中国装备制造企业的实证研究[J].管理世界,2013(10):118-129.
[30] 魏志华,吴育辉,曾爱民.寻租、财政补贴与公司成长性——来自新能源概念类上市公司的实证证据[J].经济管理,2015,37(1):1-11.
[31] 杜勇.高管政治资本、政府补贴与亏损公司未来价值[J].商业经济与管理,2017(5):77-88.
[32] JOEL S,HELLMAN,GERAINT JONES,et al.Seize the state,seize the day:state capture & influence in transition economies[J].Journal of Comparative Economics,2003,31(4):751-773.
[33] MURPHY K M,SHLEIFER A,VISHNY R W.Why is rent-seeking so costly to growth[J].American Economic Review,1993,83(2):409-414.
[34] JUNXUE JIA,GUANGRONG MA.Do R & D tax incentives work firm-level evidence from China[J].China Economic Review,2017,46:50-66.
[35] PHILIPP BOEING.The allocation & effectiveness of China's R&D subsidies-evidence from listed firms[J].Research Policy,2015,9(45):1774–1789
[36] WANG Y,WEI Y,SONG F M.Uncertainty & corporate R&D investment:evidence from Chinese listed firms[J].International Review of Economics & Finance,2017,47:176-200.
[37] 张信东,薛艳梅.R&D支出与公司成长性之关系及阶段特征——基于分位数回归技术的实证研究[J].科学学与科学技术管理,2010,31(6):28-33.
[38] 陈德萍,曾智海.资本结构与企业绩效的互动关系研究——基于创业板上市公司的实证检验[J].会计研究,2012(8):66-71+97.
[39] 杨兴全,吴昊旻.成长性、代理冲突与公司财务政策[J].会计研究,2011(8):40-45+96.
[40] 宋德舜.国有控股、经营者晋升和公司绩效[J].南开经济研究,2006(3):102-115.
[41] 杨蕙馨,王胡峰.国有企业高层管理人员激励与企业绩效实证研究[J].南开经济研究,2006(4):82-97+145.
[42] 董雨婷,贺亚楠.基于企业特征的R&D投入对企业成长的作用分析[J].商业经济研究,2015(11):106-109.