CAJ | 학술논문

研发补助通过两种路径影响企业价值,不同规模企业融资实力、财务约束的差异导致补助影响企业价值效果的差异。本文利用上市公司2007～2009年的数据,以股票回报率、财务业绩和市场价值作为企业价值的代理,对研发补助影响企业价值的效果及其规模差异进行了检验。发现补助并不能显著增加企业价值,但中小企业的研发补助显著增加了企业价值,对补助的负作用有显著抑制作用。本文的结论为评价和改进我国补助政策、设立中小企业创新基金提供了重要证据。
연발보조통과량충로경영향기업개치,불동규모기업융자실력、재무약속적차이도치보조영향기업개치효과적차이。본문이용상시공사2007～2009년적수거,이고표회보솔、재무업적화시장개치작위기업개치적대리,대연발보조영향기업개치적효과급기규모차이진행료검험。발현보조병불능현저증가기업개치,단중소기업적연발보조현저증가료기업개치,대보조적부작용유현저억제작용。본문적결론위평개화개진아국보조정책、설립중소기업창신기금제공료중요증거。
RD subsidies affect company value through two ways,and the differences of financing power and financial constraints among different size companies result in different effect of subsidies on company value.The paper tests how RD subsidies affect company value and its size effect based on data of publicly traded company from 2007 to 2009,and replaced company value with stock return ratio,performance and market value.The results show that subsidies could not increase company value significantly,but RD subsidies of SME（small and medium sized enterprise）could enhance company value significantly,and resist on negative effect of subsidies.The results could be used as evidence to evaluate and improve subsidies policy,and to set up creativity fund of SME.