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 Guangdong data test

摘要:

融资约束不仅直接制约企业内部研发资金投入，还间接影响政府补贴促进企业技术创新的政策效果。理论上政府补贴不仅可以直接作用于企业技术创新，还可以通过缓解企业融资约束、降低企业研发成本，间接促进企业创新。同时对于不同融资约束条件下的企业，其政策效应会有较大差异。借鉴2011—2019年广东战略新兴产业上市企业数据，通过计量回归和门槛检验得出了以下结论：融资约束对企业技术创新有负向影响，且存在单门槛效应，政府补贴对融资约束指数SA大于-3.352的企业的创新促进效果更显著；政府补贴可以缓解企业融资约束，促进企业研发投入，而且对非国有企业的影响更显著；政府补贴对企业技术创新的直接作用效应比通过缓解融资约束促进创新的间接效应更强，但补贴并不是越多越好，同样存在单门槛效应，当补贴强度大于4.417%时，政策效应会显著减弱。

Abstract:

Financing constraints not only directly restrict the internal R & D capital investment of enterprises, but also indirectly affect the policy effect of government subsidies to promote enterprise technological innovation. Theoretically, government subsidies can not only directly affect enterprise technological innovation, but also indirectly promote enterprise innovation by alleviating enterprise financing constraints and reducing enterprise R & D costs. At the same time, for enterprises under different financing constraints, the policy effects will be quite different. Based on the data of listed enterprises in strategic emerging industries in Guangdong from 2011 to 2019, through econometric regression and threshold test, the following conclusions are drawn: financing constraints have a negative impact on enterprise technological innovation, and there is a single threshold effect, and the innovation promotion effect of government subsidies on enterprises with financing constraint index SA greater than -3.352 is more significant; Government subsidies can alleviate the financing constraints of enterprises and promote the R & D investment of enterprises, and have a more significant impact on non-state-owned enterprises; The direct effect of government subsidies on enterprise technological innovation is stronger than the indirect effect of promoting innovation by alleviating financing constraints, but the more subsidies are not the better. There is also a single threshold effect. When the subsidy intensity is greater than 4.417%, the policy effect will be significantly weakened.