理论研究表明企业研发投入具有价值相关性，政府补助对企业研发投入与企业价值的关系具有调节作用。以2010—2014年278家战略性新兴产业上市公司为研究对象，利用固定效应面板模型实证研究发现：企业研发投入会显著降低企业当期财务绩效和市场价值，提高企业滞后两期的财务绩效以及滞后三期的企业市场价值；滞后一期的政府补助与企业的财务绩效与市场价值显著负相关，但对企业财务绩效的创造具有增量解释作用。

Theoretical studies have show that R&D investment has value relevance, and government subsidies has moderating effect on the relationship between R&D investment and corporate value. Based on data of 278 strategic emerging companies from 2010 to 2014, the paper investigates how subsidies affect R&D creating company value. Results show that R&D investment significantly reduces current financial performance and market value, while significantly improves financial performance lagged two periods and the enterprise value lagged three periods. The relationship between the lagged government subsidies and company value is significantly negative, while lagged government subsidies have additional effect of corporate financial performance .