系统管理学报2025，Vol.34Issue(5)：753-765,13.DOI:10.3969/j.issn2097-4558.2025.03.011
"诅咒"还是"福音":政府补贴如何影响专精特新企业投资决策
"Curse"or"Gospel":Impact of Government Subsidies on Investment Decisions of Specialized and Emerging New Enterprises
摘要
Abstract
This paper investigates the impact of government subsidies on the investment decisions of specialized and emerging"small giant"public companies using data from 2020 to 2021.The analysis reveals an inverted U-shaped relationship between the amount of government subsidies and the corporate research and development(R&D)investment.Further subgroup test shows that in firms receiving low levels of government subsidies,subsidies are significantly positively related to the R&D investment and show no significant relationship with enterprises diversification.This suggests that moderate government subsidies are conducive to specialized and emerging enterprises to cultivate their core business.Conversely,in the high-subsidy group,government subsidies are significantly negatively correlated with R&D investment and positively correlated with enterprise diversification.This indicates that excessive government subsidies tend to lead specialized and new enterprises to deviate from the core business and pursue unrelated diversification.Given the generally low level of corporate governance among these enterprises,there is a significant negative relationship between diversification and enterprise value,which is manifested as a"diversification discount".关键词
政府补贴/专精特新/研发投入/多元化Key words
government subsidies/specialized and new/research and development(R&D)investment/diversification分类
经济学引用本文复制引用
武琼,徐涛,柳扬,刘孟晖.."诅咒"还是"福音":政府补贴如何影响专精特新企业投资决策[J].系统管理学报,2025,34(5):753-765,13.基金项目
国家自然科学基金青年科学基金资助项目(72202088) （72202088）
甘肃省基础研究计划—软科学专项资助项目(22JR4ZA039) （22JR4ZA039）
甘肃省软科学专项青年项目(23JRZA391) （23JRZA391）
中央高校基本科研业务费专项资金资助项目(22lzujbkydx028) （22lzujbkydx028）
