分类号：C93 密级：公开
学校代码：11065 学号：2019020354
学术硕士学位论文
（统招全日制）
政府补贴对不同生命周期企业研发绩效影响研究
作者姓名 郝兆兴
指导教师李苗苗
学 科 企业管理
培养单位 商学院
答辩日期2022 年 06 月 01 日 青岛大学硕士学位论文
摘要
创新驱动是中国经济高质量发展的重要保障，也是企业持续发展的根基。企业
要在复杂环境下谋求生存和发展，更加需要研发创新以寻求竞争优势。虽然中国政
府出台了一系列的补贴政策，期望能够激励企业研发投入，然而中国企业整体上却
依然呈现自主创新能力较弱、缺乏核心关键技术等特征，微观层面也爆出了部分企
业存在“研发操纵”、“骗补式创新”等问题。因此，必须准确了解政府补贴对何
种特点的企业研发绩效提升更明显、未来的补贴重点与核心应放在何处。
全文一共包括四个部分，第1、2 章为本文的第一部分，该部分以研究相关背景
及意义、国内外文献综述及理论基础分析的介绍为主。第 3 章为本文的第二部分，
主要进行的是研究假设及研究设计的相关工作。在企业生命周期理论的指导下具体
分析政府补贴对企业研发绩效的影响机制，以及所有权性质、研发投资波动对二者
关系的调节作用，进而提出了相应假设。此外，还进行了相应的研究设计以确保假
设检验能够实现。第 4 章为本文的第三部分，即实证结果的检验分析。主要利用双
向固定效应模型检验所提研究假设的可靠性。第 5 章为本文的第四部分，为研究结
论与对策建议。对前文所得结论予以总结，据此提出有关对策建议。本文的主要结
论如下：
首先，中国上市企业获取政府补贴后激励了其创新绩效和成长绩效的提升，基
于此，建议政府应继续完善政府补贴政策，目的在于实现企业自主创新能力的提升，
促进企业快速成长。其次，分生命周期阶段来看，政府补贴的双重激励作用主要体
现在企业的成长期，政府补贴的单一激励作用分别体现在成熟期企业成长绩效和衰
退期企业创新绩效的影响。基于此，建议政府在实施政府补贴政策之前需要先识别
和判断企业所处生命周期阶段，以便提高政府补贴政策的精准性。最后，从所有权
性质与研发投资波动程度的调节效应来看，政府补贴的双重激励作用主要体现在非
国有控股与研发投资波动程度较小的企业。基于此，建议政府应将政府补贴范围扩
大，更加关注非国有控股与研发投资波动程度较小的企业。
关键词：政府补贴；研发绩效；生命周期 青岛大学硕士学位论文
ABSTRACT
Innovation-driven is an important guarantee for the high-quality development of
China;s economy, and it is also the foundation for the sustainable development of
enterprises. In order to grow in a complex environment, enterprises need more R&D
innovation to seek competitive advantages. Although the Chinese government has
introduced a series of government subsidy policies, which are expected to encourage
enterprises to invest in R&D. However, Chinese enterprises as a whole are still
characterised by a weak capacity for independent innovation and a lack of core key
technologies, and at the micro level, problems such as "R&D manipulation" and
"fraudulent innovation" have been revealed in some enterprises. Therefore, it is important
to understand precisely what characteristics of enterprises; R&D performance are more
significantly enhanced by government subsidies, and where the focus and core of future
subsidies should be placed.
This article consists of four parts. Chapters 1 and 2 are the first part of this paper,
which mainly introduce the background and significance of the research, the review of
domestic and foreign literature and the analysis of theoretical basis. The second part of
the paper, Chapter 3, is an introduction to the research hypothesis and design. Under the
guidance of enterprise life cycle theory, this paper specifically analyzes the impact
mechanism of government subsidies on enterprise R&D performance, as well as the
moderating effects of ownership nature and R&D investment volatility on the relationship
between the two, and then put forward the corresponding hypotheses. The third part refers
to Chapter 4 of this paper, which is the analysis of the results of the empirical tests. The
two-way fixed effects model is mainly used to test the reliability of the proposed research
hypothesis. The fourth part refers to Chapter 5 of this article, which is a presentation of
the research conclusions and countermeasure recommendations. Based on the summary of
the conclusions, the corresponding countermeasure recommendations are presented. The
main conclusions of this paper are as follows:
First, the government subsidy policy has a significant incentive effect on the
innovation performance and growth performance of Chinese listed companies. Based on
this, it is suggested that the government should continue to improve the government
subsidy policy, the purpose is to further enhance the independent innovation ability of
enterprises and promote the rapid growth of enterprises. Secondly, from the perspective of
life cycle stages, the dual incentive effect of government subsidies is mainly reflected in
the growing stage, while the single incentive effect of government subsidies is reflected in
the influence of the growth performance of enterprises in the mature stage and the 青岛大学硕士学位论文
innovation performance of enterprises in the declining stage. Based on this, it is suggested
that the government needs to identify and judge the life cycle stage of the enterprise
before implementing the government subsidy policy, so as to improve the accuracy of the
government subsidy policy. Finally, from the perspective of the moderating effect of the
nature of ownership and the degree of volatility of R&D investment, the dual incentive
effect of government subsidies is mainly reflected in the non-state-controlled enterprises
and enterprises with less volatility in R&D investment. Based on this, it is recommended
that the government should expand the scope of government subsidies to focus more on
non-state-controlled and less volatile R&D investments.
Keywords: Government Subsidy;R&D Performance; Life Cycle青岛大学硕士学位论文
目录
1 绪论...................1
1.1 研究背景及意义............... 1
1.1.1 研究背景 ................ 1
1.1.2 研究意义 ................ 2
1.2 国内外研究动态............... 3
1.2.1 政府补贴效果的研究................. 3
1.2.2 企业研发绩效的影响因素研究............... 4
1.2.3 政府补贴对企业研发绩效的影响研究 ..........5
1.2.4 研发投资波动的相关研究................ 6
1.2.5 文献述评 ................ 7
1.3 研究内容与研究方法.............. 8
1.3.1 研究内容 ................ 8
1.3.2 研究思路及方法................ 10
1.4 创新点.......................10
2 概念界定与理论基础................ 12
2.1 核心概念界定 ................. 12
2.1.1 企业研发绩效 .................... 12
2.1.2 政府补贴 ..................... 12
2.1.3 企业生命周期 .................... 13
2.1.4 企业研发投资波动................... 13
2.2 理论基础...................14
2.2.1 企业生命周期理论................... 14
2.2.2 企业技术创新理论................... 15
2.2.3 企业成长理论 .................... 16
2.4 本章小结...................17
3 研究假设与研究设计................ 18
3.1 研究假设...................18
3.1.1 政府补贴与不同生命周期企业创新绩效...........18
3.1.2 政府补贴与不同生命周期企业成长绩效...........18
3.1.3 企业所有制的调节效应 .................. 19
3.1.4 研发投资波动的调节效应.............. 20
3.2 研究设计...................21
3.2.1 样本及数据来源................ 21