新能源汽车产业链企业的研发投入、政府补贴与企业价值
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引用本文:吴敬静1,任宇新2,张雪琳2.新能源汽车产业链企业的研发投入、政府补贴与企业价值[J].财经理论与实践,2022,(6):140-147
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吴敬静1,任宇新2,张雪琳2 (1.长沙理工大学 经济与管理学院湖南 长沙 410114 2.湘潭大学 商学院湖南 湘潭 411105) 
中文摘要:依据新能源汽车产业链企业2016-2020年面板数据,采用2SLS方法,考量研发投入对企业价值的影响,以及政府补贴在研发投入影响企业价值过程中的调节机制。结果显示:新能源汽车产业链企业研发投入对企业价值的影响为显著“U型”,政府补贴的调节引致研发投入与企业价值的“U型”曲线变得平缓。分样本研究发现,产业链上游和中游企业研发投入与企业价值均呈“U型”关系,下游企业研发投入与企业价值呈正线性关系,且政府补贴的调节效应各有不同。鉴于此,应当实行针对性和差异化的补贴政策提升补贴政策的成效,发挥“强链”带动“弱链”的作用实现产业链企业联动发展。
中文关键词:新能源汽车产业  产业链企业  研发投入  政府补贴  企业价值
 
Research and Development Investment, Government Subsidies and Enterprise Value of Enterprises in the New Energy Vehicle Industry Chain
Abstract:Based on the panel data of new energy vehicle industry chain enterprises from 2016 to 2020, 2SLS method was used to analyze the impact of R&D investment on enterprise value. At the same time, it explores the adjustment mechanism of government subsidy in the process of R&D investment influencing firm value. The results show that the influence of R&D investment on enterprise value of new energy vehicle industry chain enterprises is significantly “U-shaped”, and the adjustment of government subsidies makes the “U-shaped” curve between R&D investment and enterprise value smooth. The sample analysis shows that there is a U-shaped relationship between R&D input and firm value in the upstream and midstream of the industrial chain, and a positive linear relationship between R&D input and firm value in the downstream, and the moderating effect of government subsidies is different. In view of this, targeted and differentiated subsidy policies should be implemented to improve the effectiveness of subsidy policies, and the role of “strong chain” in driving “weak chain” should be brought into play to realize the linkage development of industrial chain enterprises.
keywords:new energy automobile industry  industrial chain enterprises  R&D investment  government subsidies  enterprise value
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