Abstract: There exists a quite big difference in R&D strategy between enterprises with high degree of product diversification and ones with a single product, which may influence the performance of the subsidy policy. Under this background, using the data of the non-financial listed companies consecutive trading for eight years from 2008 to 2015 on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, this article studies the impact of China's R&D subsidy policy on corporate R&D investment, and whether the product diversification affects the performance of the R&D subsidy policy. The empirical results show that higher the degree of enterprise product diversification is, worse the performance of R&D subsidy will be. It enlightens us that in order to improve the overall performance of R&D subsidy policy, we should reduce the subsidy for enterprises with high degree of product diversification. The result can help to scientifically and rationally develop R&D subsidy policy.

Key words: enterprise R&, D investment

摘要： 产品多样化企业在研发战略上可能与产品单一型企业存在很大不同，这种区别可能会影响到对企业进行研发补贴的政策效果。在此背景下，以2008－2015年在上交所和深交所连续八年交易的所有非金融类上市公司为样本，研究中国研发补贴对企业研发投入的影响，并在此基础上验证企业产品多样化对研发补贴政策绩效的调节作用。实证结果发现：企业产品多样化的程度越高，研发补贴促进企业研发投入的政策绩效越差。结果表明，为了提高研发补贴政策的整体实施绩效，应减少对产品多样化程度过高的企业的资助，这一结果可以为如何科学合理的制定研发补贴政策提供参考建议。