四川大学硕士学位论文
面板数据作为研究样本，构建中介效应模型，探究政府补贴、研发投入对企业
成长的影响。
通过对国内新能源上市公司进行实证分析可知，政府补贴和上市新能源公
司的收入增长率之间存在显著的正相关关系，和其净利润增长率也存在显著的
正相关关系；研发投入和其收入增长率之间存在显著的正相关关系；和其净利
率增长率也存在正相关关系；而政府补贴和上市新能源公司的研发投入存在显
著的正相关关系。基于此，可以假设政府补贴通过正向作用于研发资金投入，
而提升其收入增长率和净利润增长率，其中，研发投入发挥了中介作用。根据
实证结果和分析，为促进我国新能源上市企业不断成长以及协调政府补贴和研
发活动之间的关系提供参考，为新能源上市企业成长中存在的问题提出相关建
议。
关键词：政府补贴；研发投入；企业成长；新能源；中介效应
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四川大学硕士学位论文
The research on the influence of government subsidy and
R&D capital investment on the growth of enterprises
——Evidence from new energy industry chain enterprises
Major: Master of Finance
Postgraduate: He Jinyu
Supervisor: Du Jiang
Abstract: In the process of enterprise development and growth, the role of
traditional cost advantage is less and less obvious. For new energy listed companies,
they must have strong R&D and innovation strength to avoid the homogenization of
their products with their peers and form core competitive advantages. In reality, the
innovation achievements of enterprises are easy to be imitated or even obtained by
competitors because of technology spillover, which will reduce the economic
benefits of enterprises and weaken the incentive effect of innovation. The lack of
innovation incentive makes R&D personnel have slack psychology, which will limit
the development and growth of enterprises. Through subsidies, the government can
mobilize the subjective initiative of enterprise R&D. In the context of innovation
driven and low-carbon economy, in order to make the new energy industry develop
effectively, the government has specially formulated a series of supportive policies
and systems. Some scholars take the relationship between government subsidies,
R&D investment and enterprise growth as research topics, analyze from different
dimensions and combined with different theories, and put forward different
arguments. Most of the existing relevant research literature analyzes the impact of
government subsidies and enterprise growth, and discusses whether enterprises
develop under government subsidies, but the research literature on the mechanism
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四川大学硕士学位论文
of government subsidies is not very in-depth. For the decision-making and
implementation of government subsidy investment, the mechanism of financial
subsidy on enterprise growth can provide very referential information. Based on this,
this paper takes the mechanism of government subsidies on enterprise growth as a
research problem, deeply analyzes the role of government subsidies and R&D
investment on enterprise development through empirical research, and empirically
analyzes the specific mechanism of government subsidies on enterprise development.
Firstly, this paper summarizes the existing research results, summarizes the
related concepts and theories, and provides theoretical support for the research. At
the same time, combined with the actual situation, this paper analyzes the mechanism
of government subsidies and R&D capital investment affecting the growth of
enterprises, and puts forward research hypotheses on this basis. After several rounds
of screening, this paper selects the panel data of electrical equipment industry in
Shanghai and Shenzhen A-share listed companies from 2009 to 2019 as the research
sample, constructs the intermediary effect model, and explores the influence of
government subsidies and R&D capital investment on enterprise growth.
Through empirical analysis of the listed companies of new energy in China, it
is found that there is a significant positive correlation between government subsidies
and the income growth rate of listed new energy companies, and there is also a
significant positive correlation with the growth rate of net profit; There is a
significant positive correlation between R&D capital investment and its income
growth rate; There is also a positive correlation with the growth rate of net interest
rate; There is a significant positive correlation between government subsidy and
R&D investment of listed new energy companies. Based on this, it can be assumed
that government subsidies have a positive effect on R&D investment, and improve
its income growth rate and net profit growth rate, in which R&D investment plays
an intermediary role. According to the empirical results and analysis, this paper
provides reference for promoting the continuous growth of new energy listed
enterprises and coordinating the relationship between government subsidies and
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