财政补贴、融资约束与高端装备制造企业研发投入  

Financial Subsidy,Financing Constraint and R&D Investment of High-end Equipment Manufacturing Enterprises

作　　者：王海杰[1] 安康 Wang Haijie;An Kang(Business School,Zhengzhou University,Zhengzhou 450001,China)

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《科技管理研究》2021年第6期124-131,共8页Science and Technology Management Research

基　　金：国家社会科学基金项目“中国经济管理学科发展报告”(19FGLB026);河南省哲学社会科学规划项目、“开放式创新、平台战略与河南先进制造业企业价值生态系统构建”(2017BJJ059);河南省政府决策研究招标课题“河南省先进制造业企业技术创新网络构建研究”(2017B018)。

摘　　要：选取2010-2017年我国高端装备制造业上市公司的微观数据,考察财政补贴、融资约束与企业研发投入之间的关系。研究结果表明:财政补贴对高端装备制造企业的研发投入强度具有显著的促进作用,且这种促进作用在国有企业、年轻型企业和成长型企业中更明显;而融资约束不仅直接对高端装备制造企业的研发投入强度产生抑制作用,还抑制财政补贴对高端装备制造企业研发投入的促进作用,且非国有企业、年轻型企业和成长型企业受到的抑制作用更强。为此,提出政府加大研发补贴力度,引导企业和社会资本投入到研发创新活动中,加快优化企业的融资结构、规范信息披露行为,以及有针对性地制定和调整相关补贴政策等对策建议。This paper selects the micro data of high-end equipment manufacturing listed companies of China in 2010-2017 to investigate the relationship between financial subsidies,financing constraints and R&D investment.The results show that:financial subsidies have a significant promoting effect on the R&D investment intensity of high-end equipment manufacturing enterprises,and this effect is more obvious in state-owned enterprises,young enterprises and growth enterprises;however,financing constraints not only directly inhibit the R&D investment,the intensity of high-end equipment manufacturing enterprises,but also inhibit the financial subsidies to promote the R&D investment of high-end equipment manufacturing enterprises,and non-state-owned enterprises,young enterprises and,growth enterprises are subject to stronger inhibition.To this end,the paper puts forward some countermeasures and suggestions such as increasing R&D subsidies,guiding enterprises and social capital into R&D innovation activities,speeding up the optimization of financing structure and standardizing information disclosure behavior,and formulating and adjusting relevant subsidy policies,etc.

关 键 词：财政补贴 融资约束 高端装备制造业 研发投入 

分 类 号：F124.3[经济管理—世界经济] F264.2