基于中国水资源企业2012—2020年的微观数据,对企业研发投入与企业成长的关系进行实证分析。为消除企业研发投入中存在的内生性问题以及跨期影响等特点,采用系统广义矩估计法(SYS-GMM)对政府研发补助、研发投入与企业成长之间关系进行了实证分析。结果表明:水资源企业成长与企业研发投入之间呈U形曲线关系；政府研发补助对企业研发投入和企业成长两者间的关系具有调节作用,使两者呈现出的U形曲线坡度变缓。
BasedonChina'smicrodatafrom2012to2020,thisarticletakeswaterresourcesenterprisesastheresearchobjects,andconductsanempiricalanalysisoftherelationshipbetweenR&Dinvestmentsandenterprisegrowth.Thisarticlemeasuresthegrowthofanenterprisewithacomprehensivefactorscore.Moreover,inordertoeliminatetheendogenousproblemsandintertemporaleffectsoftheR&Dinvestmentsofenterprises,thisarticleusesSystemGeneralizedMomentEstimation(SYS-GMM)toconductanempiricalanalysisoftherelationshipbetweenR&Dinvestmentsandenterprisegrowth.Inaddition,thisarticlealsoexaminestheroleofgovernmentR&Dsubsidiesinregulatingthisrelationship.TheresultsshowthatthereisaU-shapedrelationshipbetweenthegrowthofwaterresourcesenterprisesandtheirR&Dinvestments.Besides,governmentR&DsubsidiescanadjusttherelationshipbetweenR&Dinvestmentsandenterprisegrowth,andmaketheU-shapedcurveslopeoftherelationshipbetweenthetwomoregentle.
许长新,黄杏婷,陈灿君.政府补助对企业研发投入与成长的调节作用[J].水利经济,2022,40(4):69-73.(XUChangxin,HUANGXingting,CHENCanjun.R&Dinvestmentandenterprisegrowth:theregulatoryroleofgovernmentsubsidies[J].JournalofEconomicsofWaterResources,2022,40(4):69-73.(inChinese))