정부보조금이 연구개발투자에 미치는 영향: 중국 신삼판 기업을 중심으로*

This paper analyzed the impact of government subsidies on corporate R&D investment in the Chinese New Third Board market. The Newey-West method was used to control for autocorrelation and heteroscedasticity, considering the sustainability of R&D investment. The research period was from 2014 to 2022, and the analysis was conducted on five industries with R&D intensity above the median among non-financial companies with December settlement listed on the Chinese New Third Board. The analysis results showed that government subsidies had a significant positive impact on R&D intensity, regardless of the size of the largest shareholder’s stake, state ownership, or political connections. It was confirmed that government subsidies weaken financial constraints for start-up companies and have a positive impact on technological innovation activities. However, government subsidies had a significant negative impact on R&D investment efficiency, and this significant negative relationship was found regardless of the size of the largest shareholder’s stake, state ownership, or political connections. As R&D expenditure and efficiency are interrelated, government subsidies can be used to increase R&D expenditure to a certain level for small and medium-sized venture companies in the New Third Board market. However, to receive government subsidies, companies’ R&D investment efficiency decreases significantly due to incentives for advanced technology investment that meets government requirements. Therefore, these research results indicate that government subsidies should be supported in a direction that can increase not only R&D investment expenditure but also efficiency, as government subsidies have different effects on R&D investment efficiency, which is the degree of effective utilization of R&D investment expenditure and resources by companies.