区别已有研究,本文从政府补贴与融资约束交互效应的角度,运用SA指数作为融资约束替代变量,以1244家上市公司2007-2013年的数据进行分析,考察融资约束异质性、行业异质性,研究企业在面临着融资约束的情况下,政府补贴对技术创新的影响。研究表明：政府补贴能够促进技术创新,而融资约束会抑制技术创新；当企业面临的融资约束情况越严重时,政府补贴对技术创新的促进作用越小,尤其当融资约束超过一定程度时,政府补贴对技术创新产生了抑制作用；技术密集型企业获得的政府补贴对技术创新的促进作用最大,资本密集型企业次之,劳动密集型企业最小；从总体上看,上市公司发生寻租行为的可能性不大,维持政府关系而发生的费用能够促进技术创新。

Distinguished from previous research, this paper use SA indicator which present the financial constraint to analyze how government subsidies and financial constraints influence innovation through the sample of 1244 listed companies with the heterogeneity of financial constraints and industries during 2007 to 2013The conclusion included some important details. First, the government subsidies could promote the innovation, and the financial constraint could limit the innovation. Second, the stimulation of government subsidy would become weaker even reverse when the enterprise faced harder financial constraint, especially financial constraint is over the limit. Third, the stimulation in technological enterprise is the best, that in the capital is the second place, and that in the labor is the worse. Last, the probability is little that listed companies have the rent-seeking behaviors, and the cost what the enterprise keep in touch with the government could promote the innovation.

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