Abstract: This paper investigates the impact of government subsidies on the investment decisions of specialized and emerging “small giant” public companies using data from 2020 to 2021. The analysis reveals an inverted U-shaped relationship between the amount of government subsidies and the corporate research and development (R&D) investment. Further subgroup test shows that in firms receiving low levels of government subsidies, subsidies are significantly positively related to the R&D investment and show no significant relationship with enterprises diversification. This suggests that moderate government subsidies are conducive to specialized and emerging enterprises to cultivate their core business. Conversely, in the high-subsidy group, government subsidies are significantly negatively correlated with R&D investment and positively correlated with enterprise diversification. This indicates that excessive government subsidies tend to lead specialized and new enterprises to deviate from the core business and pursue unrelated diversification. Given the generally low level of corporate governance among these enterprises, there is a significant negative relationship between diversification and enterprise value, which is manifested as a “diversification discount”.

Key words: government subsidies, specialized and new, research and development (R&D) investment, diversification

摘要： 专精特新企业作为长期专注于特定工业细分领域技术攻关的中小企业，是我国突破技术“卡脖子”难题的关键主体。研究基于2020~2021年专精特新“小巨人”公众公司样本数据，实证检验了政府补贴政策对企业投资决策的影响机制。研究发现：政府补贴金额与企业研发投入呈现显著倒U型关系。进一步分组检验表明，在低补贴组中，政府补贴显著促进研发投入，但对企业多元化战略无显著影响，说明适度补贴有助于企业聚焦主业发展；而在高补贴组中，政府补贴不仅抑制研发投入，还显著推动企业多元化扩张，反映过量补贴可能导致企业偏离专业化发展路径。由于专精特新中小企业公司治理机制不完善的问题，其多元化战略与企业价值呈现出显著的负向关系，表现为典型的“多元化折价”现象。结果表明，补贴政策需实施定向调控，提高政策精准度；同时建立健全补贴资金的使用监督机制，防范专精特新企业的多元化发展陷阱。

关键词: 政府补贴, 专精特新, 研发投入, 多元化