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以2011~2014年江浙中小民营上市公司为研究对象,分析政府研发补助、公司治理因素(股权结构、薪酬激励、实际控制人特征)与R&D投资强度的关系后发现:无论企业处于何种财务状况,Z-score值越高,企业的破产风险越小,R&D投资强度越大。当企业处于无破产区时,政府研发补助与R&D投资强度显著正相关;而当企业处于灰色区或者破产区时,政府研发补助与R&D投资强度没有明显的相关关系。不同的财务状况下,民营企业R&D投资强度不同程度地受到股权结构、薪酬激励、实际控制人特征这三个方面的影响。
Taking the small and medium-sized private listed companies in Jiangsu and Zhejiang from 2011 to 2014 as the research object, this paper analyzes the relationship between government R & D subsidy, corporate governance factors (ownership structure, compensation incentive and actual controller characteristics) and R & D investment intensity and finds that no matter what kind of financial position , The higher the Z-score value, the smaller the risk of bankruptcy and the greater the R & D investment intensity. When the enterprises are in the area without bankruptcy, there is a significant positive correlation between government R & D subsidy and the intensity of R & D investment. When the enterprises are in the gray area or the bankruptcy area, there is no obvious correlation between the government R & D subsidy and R & D investment intensity. Under different financial conditions, the R & D investment intensity of private-owned enterprises is affected by the ownership structure, remuneration incentives and the actual controller characteristics to varying degrees.