新能源汽车财政补贴与制造商研发投入强度差异——制造商战略决策层面异质性视角被引量：25

The Difference of Fiscal Subsidies for New Energy Vehicles and R&D Investment Intensity of the Manufacturers: An Analysis Based on the Heterogeneity of the Manufacturer's Strategic Decision

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摘要新能源汽车财政补贴对于厂商研发积极性的实际激励效果一直令人感到困惑。在考虑新能源汽车制造商存在异质性的基础上,将制造商战略决策层面的异质性因素引入到财政补贴对研发投入的关系分析中,应用新能源汽车上市公司微观层面数据开展了门限面板数据模型分析。结果表明,新能源汽车财政补贴力度总体较大,但是制造商研发投入强度相对较小,适度的财政补贴对于制造商研发投入表现为激励效应,超过一定额度则表现为挤出效应。较高的高管持股比例、股权集中度和独立董事比重等战略决策层要素对于有效发挥财政补贴在研发投入中激励效应有着十分显著的影响。在新能源汽车产业发展的现阶段,财政补贴对于新能源汽车产业发展意义重大,但是必须要将财政补贴力度退坡到"适度区间",要实施对不同制造商的差异化财政补贴方案,对高管持股比例高、股权集中度高、独立董事人数较多的制造商适度倾斜,以进一步充分发挥财政补贴对于新能源汽车制造商研发创新的激励效应。 The effect of financial subsidies for new energy vehicles on the manufacturer＇s enthusiasm of innova- tion has always been confusing. This paper used the micro data of new energy vehicle listed companies to carry out the analysis of the threshold panel data model. It analyzed the relationship between fiscal subsidy and R＆D investment based on the heterogeneity of strategic decision of new energy vehicle manufacturers. The empirical results show that R＆D investment intensity of the manufacturers is smaller compared to fiscal subsidies for new energy vehicles. Appropriate fiscal subsidies show incentive effect for R＆D investment of manufacturers and too much subsidies will have a negative effect. Strategic decision-making elements such as the executive shareholding ratio, ownership concentration and proportion of independent directors have a significant impact on the incentive effect of vehicles fiscal subsidy industry is of in R＆D investment. At this stage, the fiscal subsidies on the development of new energy great significance, but it must be reduced to the appropriate range. For different manufac- turers to implement different subsidies, the higher executive shareholding ratio, ownership concentration and propor- tion of independent directors of the manufacturers to give more subsidies to help show incentive effect for R＆D investment.

作者熊勇清范世伟刘晓燕 XIONG Yongqing;FAN Shiwei;LIU Xiaoyan(School of Business, Central South University, Changsha 410083, China;Department of Planning and Finance, Central South University, Changsha 410083, China)

机构地区中南大学商学院中南大学计划财务处

出处《科学学与科学技术管理》 CSSCI CSCD 北大核心 2018年第6期72-83,共12页 Science of Science and Management of S.& T.

基金国家自然科学基金项目(71473276)

关键词财政补贴研发投入公司异质性激励效应挤出效应 fiscal subsidies R＆D investment company heterogeneity incentive effect crowing-out effect

分类号 F273.1 [经济管理—企业管理]