政府补贴对新能源汽车企业研发投入的影响研究

Research on the Impact of Government Subsidies on R&D Investment of New Energy Vehicle Enterprises

摘要: 目前，我国新能源汽车企业面临补贴退坡的挑战，因此，研究政府补贴对企业研发投入的影响对于调整补贴政策、实现新能源汽车产业的高质量发展至关重要。本文以2009~2021年99家新能源汽车制造业上市公司的面板数据作为研究样本，构建个体固定效应模型和随机效应模型实证分析了政府补贴对企业研发投入的影响效果，同时还深入分析了是否存在所有制差异、企业年龄差异、企业规模差异和地区差异。分析结果表明，总体来看，政府补贴政策能够显著促进新能源汽车企业的研发投入。从宏观层面来看，政府补贴对研发投入在东部企业中更为显著正向影响；从微观层面来看，在国有企业、经验丰富企业和大规模企业中政府补贴对研发投入的正向影响更为显著。因此，为增强政府补贴政策效果，本文提出完善改进政府补贴的监督管理、提高研发补贴政策透明度等建议。

Abstract: Presently, Chinese new energy vehicle enterprises are confronted with the challenge of subsidy reduction. Hence, investigating the influence of government subsidies on firms’ research and development (R&D) investment becomes imperative for calibrating subsidy policies and achiev-ing the high-quality development of the new energy vehicle industry. This study utilizes panel data from 99 listed companies in the new energy vehicle manufacturing sector for the period 2009 to 2021 as the research sample. Employing both individual fixed-effects and random-effects models, we empirically analyze the impact of government subsidies on firms’ R&D investment, while also conducting in-depth examinations of potential heterogeneities such as ownership distinctions, firm age discrepancies, firm size disparities, and regional variations. The empirical findings reveal that, on the whole, government subsidy policies significantly stimulate R&D investment in new energy vehicle enterprises. From a macro-level perspective, government subsidies demonstrate a more pronounced positive influence on R&D investment in eastern enterprises. At the micro-level, such subsidies exhibit a more substantial positive effect in state-owned enterprises, experienced firms, and large-scale entities. Consequently, to augment the efficacy of government subsidy policies, this paper puts forth recommendations such as en-hancing the supervision and administration of government subsidies and bolstering the trans-parency of R&D subsidy policies.