摘要
基于新冠疫情爆发给证券市场带来冲击的背景,以沪深证券交易所上市的285家5G相关企业为样本,采用事件研究法实证研究并检验政府资助与企业价值的关系。结果表明:政府资助对研发投入和企业价值有正向影响;研发投入在政府资助和企业价值之间起到了完全中介作用;公司成长性不仅调节了研发投入和企业价值之间的关系,还进一步调节了研发投入的中介效应,即成长性越高的公司,政府资助通过研发投入对企业价值的间接影响越强。
Based on the impact of the outbreak of the Covid-19 on the stock market,this paper investigates the relationship between government subsidies and firm value by the event study method,based on taking 2855G related enterprises listed on Shanghai Stock Exchange and Shenzhen Stock Exchange as samples.Empirical results test show that,government subsidies have a positive impact on R&D investment and firm value.R&D investment plays a complete mediating role between government subsidies and firm value.Corporate growth not only moderates the relationship between R&D investment and firm value,but also moderates the mediating effect of R&D investment.That is to say,the higher the growth rate of the company,the stronger the indirect impact of government funding on enterprise value through R&D investment.
作者
陈守明
王杰
CHEN Shou-ming;WANG Jie(School of Economics and Management,Tongji University,Shanghai 200092)
出处
《软科学》
CSSCI
北大核心
2021年第11期25-31,共7页
Soft Science
基金
国家自然科学基金专项项目(71941023)。
