政府科技补贴与企业研发投资——基于融资约束视角  

Government Technology Subsidies and Enterprise R&D Investment:From the Perspective of Financing Constraints

作　　者：夏黎翔 程华[2] XIA Lixiang;CHENG Hua(Hangzhou Dianzi University Information Engineering College,Hangzhou 310018,China;School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China)

机构地区：[1]杭州电子科技大学信息工程学院,杭州310018 [2]浙江理工大学经济管理学院,杭州310018

出　　处：《科技与经济》2024年第6期31-35,共5页Science & Technology and Economy

基　　金：国家社会科学基金一般项目——“企业基础研究的驱动因素及其对技术创新的传导机制研究”(项目编号:23BGL080,项目负责人:程华)成果之一。

摘　　要：以2016—2018年中国创业板340家上市企业为研究对象,探讨政府科技补贴对企业研发投资的影响,以及融资约束的情境下二者的内在作用机制。研究发现,政府科技补贴促进企业研发投资;融资约束负向调节政府科技补贴与企业研发投资间的关系。进一步分组分析发现,融资约束负向调节国有企业与小规模企业中政府科技补贴与研发投资的激励关系;在非国有企业与大规模企业中,融资约束对政府科技补贴与企业研发投资的关系无显著影响。This paper takes 340 listed companies on the Chinese ChiNext from 2016 to 2018 as the research object to explore the impact of government technology subsidies on innovation investment of enterprises,as well as the internal mechanism of the two in the context of financing constraints.The research has found that government technology subsidies promote enterprise R&D investment.Financing constraints negatively regulate the relationship between government technology subsidies and enterprise R&D investment.Further grouping analysis found that financing constraints negatively regulate the incentive relationship between government technology subsidies and innovation investment in state-owned enterprises and small-scale enterprises;however,in non-state-owned enterprises and large-scale enterprises,financing constraints have no significant impact on the relationship between government technology subsidies and enterprise R&D investment.

关 键 词：政府科技补贴 研发投资 融资约束 产权性质 规模异质性 

分 类 号：F273.1[经济管理—企业管理] F812.45[经济管理—国民经济] F832.51F275