融资约束视角下政府补贴与企业技术创新:机理分析与广东数据检验  

Government Subsidies and Enterprise Technological Innovation from the Perspective of Financing Constraints:Mechanism Analysis and Test with the Data of Guangdong

作　　者：黄文娣 李远 Huang Wendi;Li Yuan(School of Economics and Management,Huizhou University,Huizhou 516007,China;School of Political Science and Law,Huizhou University,Huizhou 516007,China)

机构地区：[1]惠州学院经济管理学院 [2]惠州学院政法学院,广东惠州516007

出　　处：《科技管理研究》2022年第11期49-55,共7页Science and Technology Management Research

基　　金：广东省哲学社会科学规划项目“政府补贴对广东战略性新兴产业企业技术创新绩效的门槛效应研究”(GD20CYJ24)。

摘　　要：在深入分析政府补贴与企业技术创新两者作用机理基础上,建立门槛回归模型,利用2011—2019年广东战略性新兴产业上市企业数据,通过计量回归和门槛检验,得出研究结论:其一,企业融资约束对企业技术创新有负向影响,且存在单门槛效应,对于融资约束指数SA大于-3.352的企业,政府补贴对其创新的促进效果更显著;其二,政府补贴可以缓解企业融资约束,促进企业技术创新,但是对产权性质不同的企业的影响有差异,对非国有企业的影响更显著;其三,政府补贴不仅对企业技术创新有直接作用效应,也可通过缓解企业的融资约束间接促进企业技术创新,但是直接效应比间接效应更显著;其四,政府补贴并不是越多越好,存在单门槛效应,当补贴强度大于4.417%时,企业技术创新政策效果会显著减弱。Based on the in-depth analysis of the mechanism of the two of government subsidies and enterprise technological innovation, this paper establishes a threshold regression model, uses the data of listed enterprises in Guangdong strategic emerging industries from 2011 to 2019, carries out econometric regression and threshold test, and draws the following conclusions: first, corporate financing constraints have a negative impact on enterprise technological innovation, And there is a single threshold effect. For enterprises whose financing constraint index SA is greater than-3.352, the promotion effect of government subsidies on their innovation is more significant;Second, government subsidies can alleviate the financing constraints of enterprises and promote technological innovation of enterprises,but the impact on enterprises with different property rights is different, especially on non-state-owned enterprises;Third, government subsidies not only have a direct effect on enterprise technological innovation, but also indirectly promote enterprise technological innovation by alleviating enterprise financing constraints, but the direct effect is more significant than the indirect effect;Fourth, the more government subsidies, the better. There is a single threshold effect.When the subsidy intensity is greater than 4.417%, the effect of enterprise technological innovation policy will be significantly weakened.

关 键 词：政府补贴 融资约束 技术创新 SA指数 门槛效应 

分 类 号：F812.0[经济管理—财政学] F427