政府补贴、融资结构与企业创新投入研究--来自中国战略性新兴产业的经验证据  

Government subsidies,financing structure and firm innovation investment--Empirical evidence from China's strategic emerging industry

作　　者：王千红[1] 胡锦锋 Wang Qianhong;Hu Jinfeng(Glorious Sun School of Business and Management,Donghua University,Shanghai,200051)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《上海经济》2022年第1期13-31,共19页Shanghai Economy

基　　金：国家自然科学基金项目“宏观经济波动下的动态复杂银行网络系统稳定性及宏观审慎监管研究”(项目号:71971054)。

摘　　要：党的十九届五中全会提出要大力发展战略性新兴产业,加大对科技的创新投入实现技术突破。而资金支持对于战略性新兴产业的创新投入显得非常重要,既要推进社会资本投资,也要政府做好政策与资金的引导工作。基于以上背景,本文选取中国战略性新兴产业上市企业2015—2019年的数据来分析政府补贴、融资结构与企业创新投入之间的关系。研究发现:当前中国战略性新兴产业,股权融资和债权融资对企业创新投入都具有抑制作用,并且债权融资的抑制程度强于股权融资;民营企业股权融资对创新投入具有抑制作用,而国有企业股权融资对创新投入并不会产生影响;政府补贴对民营企业创新投入的正向促进作用强于国有企业;政府补贴只会显著增强民营企业股权融资和债权融资对创新投入的抑制作用,而对国有企业不会产生调节作用。因此提出,政府在继续加强对战略性新兴产业补贴力度的同时,要建立客观高效的补贴对象筛选标准,极力避免筛选过程中的“产权歧视”问题;我国应当继续完善股权融资制度,强调长期价值投资理念,营造有利于战略性新兴产业企业创新的环境;银行应提供可灵活调整信贷周期的金融产品,并改进抵押贷款模式,降低对战略性新兴企业的贷款门槛;债券市场应多发行战略性新兴产业企业可转债,在降低风险的同时能够调配资金使用期限,给企业更多的自主权,来促进战略性新兴产业企业创新投入,推动实现技术突破。The fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to vigorously develop strategic emerging industry,increase investment in scientific and technological innovation to achieve technological breakthroughs.Financial support is very important for innovation investment in strategic emerging industry.It is necessary not only to promote social capital investment,but also to guide government policies and funds.Based on the above background,this paper selects the data of listed enterprises in China's strategic emerging industry from 2015 to 2019 to analyze the relationship between government subsidies,financing structure and enterprise innovation investment.The results show that both equity financing and debt financing have a restraining effect on enterprise innovation investment in China's strategic emerging industry,and debt financing has a stronger restraining effect than equity financing.Private enterprise equity financing has a restraining effect on innovation input,while state-owned enterprise equity financing has no effect on innovation input.The positive effect of government subsidy on innovation input of private enterprises is stronger than that of state-owned enterprises.Government subsidy can only significantly enhance the inhibition effect of private equity financing and debt financing on innovation input,but has no moderating effect on state-owned enterprises.Therefore,it is suggested that the government should establish objective and efficient criteria for the selection of subsidy objects while continuing to strengthen the subsidies to strategic emerging industry,so as to avoid the problem of"property rights discrimination"in the selection process.China should continue to improve the equity financing system,emphasize the concept of long-term value investment,and create an environment conducive to the innovation of strategic emerging industry.Banks should provide financial products that can adjust the credit cycle flexibly,improve mortgage loan models and lower th

关 键 词：政府补贴 融资结构 企业创新投入 战略性新兴产业 

分 类 号：F842.0[经济管理—保险] F842.4