The Impact of R&D Investment on Innovation Performance of New Energy Vehicle Enterprises:Analysis of the Moderating Effect Based on Government Subsidies
To explore how the intersection of R&D investment and government subsidies will affect the innovation performance of enterprises,this paper empirically analyzes the impact of R&D investment on innovation performance of new energy vehicle enterprises using listed new energy vehicle companies as a sample from 2012-2019,focusing on the moderating effect of government subsidies received by new energy vehicle enterprises on the relationship between R&D investment and innovation performance.The findings are as follows,The R&D investment of new energy vehicle enterprises significantly improves innovation performance,and the effect is more significant in the middle and lower reaches of the industry chain and the post-subsidy era.The government subsidies received by new energy vehicle enterprises have a negative moderating effect on the relationship between R&D investment and innovation performance,that is,they have a crowding-out effect on the innovation performance of enterprises when the two are crossed together,and the crowding-out effect is more significant in state-owned enterprises,inexperienced enterprises and the post-subsidy era.It is further found that the impact of corporate R&D investment on developmental innovation performance is greater,and the moderating effect of government subsidies exists only in the impact of R&D investment on developmental innovation performance.The findings will help new energy vehicle companies rationally arrange R&D investment and government subsidy resources,thereby providing theoretical basis and policy reference for promoting the improvement of innovation performance.
R&D investmentgovernment subsidiescrowding out effectmoderating effectinnovation performance
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