作　　者： (董德彪）;

机构地区： 山东科技大学经济管理学院,山东省青岛市266590 中国煤炭科工集团有限公司,北京市朝阳区100013

出　　处： 《中国煤炭》 2017年第9期15-21,共7页

摘　　要： 对2009-2015年进行过兼并重组多元化发展的煤炭上市企业进行筛选,运用相关性分析和面板数据模型对上市煤炭企业研发投入、政府补贴和企业绩效的关系进行研究。结果表明:当期和滞后期的研发投入均对煤炭企业绩效存在正向促进作用;当期的政府补贴对企业绩效具有抑制作用,滞后期的政府补贴能够发挥对煤炭企业绩效的正向促进作用;煤炭企业兼并重组行为能够为煤炭企业绩效的提升带来持续的积极影响;滞后期的政府补贴和企业兼并重组行为能够为企业研发投入的提升带来显著的正向促进作用。未来煤炭企业应努力提升技术创新能力,同时需合理规划政府补贴,实现政府补贴希望改善企业绩效的初衷。 This paper selected the coal-listed enterprises that have been merged and reorganized, and experienced diversified develop- ment in 2009--2015, and then used correlation analysis and panel data model to study the relationship between R ＆ D investment, gov- ernment subsidy and performance of listed coal enterprises. The results showed that current and lagged R＆ D investment had positive effect on coal enterprise performances. The current government subsidies had inhibitory effect on corporate performance, and the lagged government subsidies can play positive role in coal enterprise performance. The merger and reorganization of coal enterprises could bring a- bout a sustained positive effect on the promotion of coal enterprises performance. Lagged government subsidies and corporate mergers and acquisitions can bring significant positive effects to the promotion of R ＆ D investment. Coal enterprises should strive to enhance the tech- nological innovation capability in the future and need to plan the government subsidies legitimately in order to achieve the original intention of government subsidies and to improve business performance.

关 键 词： 兼并重组 政府补贴 企业绩效 面板数据模型 相关性分析