政府补助对软件企业R&D投资行为的影响及经济后果研究

【作者】 赵越；

【导师】 杨忠莲；

【作者基本信息】 上海财经大学 ， 工商管理（专业学位）， 2022， 硕士

【摘要】 随着我国综合国力不断上升,软件产业成为战略性新兴产业在国民经济中具有不可替代的作用。且长期以来,我国软件技术受国外发达国家封锁的情况严重,基础软件和发达国家技术还有着一定的距离,冲破技术封锁并加大对软件企业的研发力度进而形成技术创新已经上升到我们国家的战略地位。然而,从技术创新角度来看,软件企业存在着研发失败、新技术存在市场“沉默期”、新技术配套产业不成熟和研发成功后被人模仿的系列风险。这些都在某种程度上打击了软件企业研究开发的积极性。此外,技术产品的外溢性等原因都会使得软件企业在R&D活动上缺乏投入。同时,企业与政府、提供资金的机构在R&D活动的投入与产出方面存在信息不对称,这也会降低企业技术创新的效率。在欧美发达国家,政府对研发活动的补助相当普遍,因为可以有效提高商品市场的效率,改善资源配置,在一定程度上弥补融资市场的不足。在我国,国家“十三五”的核心是大力实施创新驱动发展战略,因此科技创新是重中之重,尤其是近几年,作为高新技术企业的软件企业发展对国民经济的贡献有目共睹。为了加快信息与工业化融合,为了支持和促进软件企业发展,国家也出台了一系列财政政策来促进软件企业技术创新,而政府补助为政策之一。但是,政府补助到底是刺激还是抑制企业的R&D投资行为,对企业的经济后果有何影响?截至目前,国内外诸多学者已经从不同角度进行了深入的研究,并就政府补助对企业R&D投资行为的影响及经济后果进行了大量的理论分析和实证研究,也分别得出了不同的结论。本文所研究的上市公司中国软件,是一家国资委控股的国有大型上市公司,具有一定的中国特色,在国有软件企业中具有一定的代表性,所形成的研究结论具有一定的借鉴性。本文从以往的文献研究中发现从中央企业负责人经营业绩考核的角度分析政府补助对国有企业经济后果的研究相对较少,为了弥补这一角度的欠缺,本文用文献分析法、描述统计法和案例分析法,侧重从中央企业负责人经营业绩考核角度进行分析,研究在此角度下政府补助政策究竟会对中国软件R&D投资行为和经济后果有何影响,对政府在制定相关政策实施上有良好的借鉴意义。尤其在当前的国产替代、新一代信息技术创新的大环境下,如何提高政府补助的政策效率,以更好地促进企业现阶段的R&D投资行为,具有十分重要的研究价值。本文依据对中国软件使用政府补助政策并形成的效果进行研究和分析,得如下结论,中国软件的自我创新意识较强,公司的R&D投资行为不随政府补助的减少而减少。公司R&D投资行为和中央企业负责人经营业绩考核制度有关,政府补助不影响中国软件自身研发投入和创新活动。政府补助对中国软件的R&D投资行为有一定作用,但对中国软件的经济后果有着更明显的影响。研究表明,此现象和中国软件作为国有企业,经营管理层受中央企业负责人经营业绩考核制度有关。由此以来,中国软件的R&D投入受制度考核影响因素较大,而受政府补助影响因素较小。从经济后果角度判断,政府补助对中国软件较大的贡献,是使得中国软件在亏损的年度里扭亏为盈,对中国软件的盈余管理贡献颇大,可以让公司在二级市场继续增发股票融资且不会被ST并退市。同时,因为信息披露不完善和信息不对称的原因,使得本文无法从二级市场披露的信息中判断出,中国软件申请的政府补助是否有效投入到指定的研发项目中并形成预期的成果。基于此,本文提出相应几点主要对策建议:第一,将政府补助对利润总额的影响因素也考虑到中央企业负责人绩效考核的指标体系中;第二,合理筹划政府补助;第三,避免政府补助成为调节利润的手段;第四,规范年报政府补助编排格式;第五,政府、中国软件需要健全政府补助制度;第六,构建政企信息互通体系;第七,在政府层面和企业层面需要建立和完善政府补助信息披露制度。更多还原

【Abstract】 With the continuous rise of China’s comprehensive national strength and gradual industrial upgrading,vigorously developing strategic emerging industries has become the top priority of China’s economic development.As a strategic emerging industry in China,the software industry plays an irreplaceable role in the national economy.And for a long time,China’s software technology by foreign developed countries blockade serious situation,basic software and developed countries technology still has a certain distance,break through the technology blockade and increase the research and development of software enterprises to form technological innovation has risen to the strategic position of our country.However,from the perspective of technological innovation,software enterprises will have a series of risks such as R&D failure,market "silent period" of new technology,immature supporting industry of new technology and being imitated after successful R&D.All of these in a certain commitment to hit the software enterprise research and development enthusiasm.In addition,the spillover of technology products and other reasons will make software enterprises lack of investment in R&D activities.At the same time,there is information asymmetry between the input and output of R&D activities between enterprises and the government and the institutions providing funds,which will also reduce the efficiency of technological innovation of enterprises.In developed countries in Europe and the United States,government subsidies for R&D activities are quite common,because they can effectively improve the efficiency of commodity markets,improve resource allocation,and to some extent make up for the shortage of financing markets.In China,the core of the country’s "13th Five-Year" is to vigorously implement the innovation-driven development strategy,so scientific and technological innovation is the top priority,especially in recent years,as a high-tech enterprise software enterprise development contribution to the national economy for all to see.In order to accelerate the integration of information and industrialization,in order to support and promote the development of software enterprises,China has also introduced a series of fiscal policies to promote the technical innovation of software enterprises,and government subsidies are one of the policies.However,whether government subsidies stimulate or inhibit the R & D investment behavior of enterprises,and what impact does it have on the economic consequences of enterprises? Up to now,many scholars at home and abroad have conducted in-depth research from different angles,conducted a lot of theoretical analysis and empirical research on the impact of government subsidies on Enterprise R&D investment behavior and economic consequences,and reached different conclusions.The listed company studied in this paper,China Software,is a large state-owned listed company controlled by the State Capital Commission.It has certain Chinese characteristics and is representative among state-owned software enterprises to some extent.The research conclusions formed in this paper have certain reference.Found based on the previous literature research analysis from the perspective of the central enterprise operating performance evaluation,head of the government subsidies to state-owned enterprises economic consequences research is relatively small,in order to make up for the lack of this Angle,this article described in the literature analysis,statistics and case analysis,focusing on the analysis from the viewpoint of,head of the central enterprise operating performance evaluation,From this perspective,the paper studies how the government subsidy policy will affect the R&D investment behavior and economic consequences of China software,which has a good reference for the government to formulate relevant policies and implement.Especially in the current environment of domestic substitution and new generation of information technology innovation,how to improve the efficiency of government subsidy policy,in order to better promote the R&D investment behavior of enterprises at the present stage,has a very important research value.Based on the research and analysis of the effects of government subsidy policies on China software,this paper draws the following conclusions: Chinese software has a strong sense of self innovation,and the company’s R & D investment behavior will not decrease with the reduction of government subsidies.The research shows that This phenomenon is related to the fact that as a state-owned enterprise,the management of China software is subject to the business performance evaluation system of the person in charge of the central enterprise.Since then,China software’s R&D investment is more affected by institutional assessment than by government subsidy.Judging from the perspective of economic consequences,the major contribution of government subsidies to Chinese software is that it makes Chinese software turn a loss into a profit in the year of loss,and makes a great contribution to earnings management of Chinese software.It can enable the company to continue to issue shares in the secondary market for financing and will not be delisted by ST.At the same time,due to the imperfect information disclosure and asymmetric information,this paper cannot judge from the information disclosed in the secondary market whether the government subsidies applied for by Chinese software are effectively invested in the designated R&D projects and produce the expected results.Correspondingly,this paper offers a few measures based on that.First and foremost,the effect of government subsidies to general profits should be taken into consideration for the performance assessment of central enterprises;Second,planning the government subsidy reasonably;Third,avoid government subsidies as a means of adjusting profits;Fourth,standardize the annual report government subsidy arrangement format;Fifth,the government and Chinese software need to improve the government subsidy system;Sixth,the establishment of government and enterprise information exchange system;Seventh,the government and enterprises need to establish and improve the government subsidy information disclosure system.更多还原