政府补贴、企业结构与企业研发投入——来自制造业的经验证据

Government Subsidies, Corporate Structure and R&D Investment—Empirical Evidence from the Manufacturing Industry

摘要: 从企业自身结构视角出发，选取930家中国A股制造业上市公司2015~2021年的数据，对A股制造业上市公司所获得的政府补贴、企业结构与企业研发投入之间的关系进行研究。实证研究结果显示：1) 政府补贴会增加制造业企业的研发投入；2) 股权集中度越高，政府补贴对制造业企业研发投入的促进作用越小；3) 在其他条件不变的情况下，股权制衡度与管理者持股比例越高，政府补贴对制造业企业研发投入的促进效果就越大。因此，政府补助政策应具有科学性与有效性，且应强化其监督与评估机制；公司也需优化自身股权结构，加强公司股东治理机制，从而逐步提升我国企业的研发创新能力。

Abstract: From the perspective of corporate structure, this study selects data from 930 Chinese A-share manufacturing listed companies from 2015 to 2021 to study the relationship between government subsidies, corporate structure, and R&D investment received by A-share manufacturing listed companies. The empirical research results show that: 1) government subsidies will increase the R&D investment of manufacturing enterprises; 2) The higher the concentration of equity, the smaller the promoting effect of government subsidies on R&D investment of manufacturing enterprises; 3) Under other unchanged conditions, the higher the degree of equity balance and the proportion of managerial shareholding, the greater the promotion effect of government subsidies on R&D investment in manufacturing enterprises. Therefore, government subsidy policies should be scientific and effective, and their supervision and evaluation mechanisms should be strengthened; The company also needs to optimize its own equity structure, strengthen its shareholder governance mechanism, and gradually enhance the R&D and innovation capabilities of Chinese enterprises.