摘要
利用2012—2016年中国中小板上市公司的相关数据,从政府补贴相关性分类计量的视角,探索了打开融资约束下政府补贴激励中小企业研发投资的"黑箱"。结果表明:与收益相关的政府补贴虽然能够缓解中小企业的融资约束对其研发投入的抑制作用,但是对企业的研发投入不具有激励效应;与资产相关的政府补贴同时具有缓解企业融资约束与激励企业研发投入的"正U形"拐点效应,这在东部地区和高新技术产业的企业中表现更为显著。
Using the panel data of small and medium-sized listed companies from 2012 to 2016,this paper explores the regulatory "box" of government subsidies effecting R&D investment of small and medium-sized enterprises(SMEs)within financing constraints from the perspective of correlation measurement.The results show as follows:financial restraints have a significant inhibitory effect on R&D investment of SMEs;government subsidies related to income have a negative regulation on the relationship between financing constraints and R&D investment of SMEs;the regulation of government subsidies related to asset for the relationship between financing constraints and R&D investment shows a positive U-type relationship with its subsidy intensity,which is more significant in small and medium enterprises in the eastern region and high-tech industry.
出处
《技术经济》
CSSCI
北大核心
2018年第1期18-25,共8页
Journal of Technology Economics
基金
山东省软科学研究计划项目"山东省促进科技型企业技术创新的财政激励政策研究"(2017RKE28003)
教育部人文社会科学研究青年基金项目"融资约束下科技型初创企业持续成长驱动因素研究"(16YJC630043)
青岛市社会科学规划研究项目"青岛市政府补助激励科技型企业技术创新的影响因素及对策研究"(QDSKL1701034)
关键词
政府补贴
融资约束
研发投入
中小企业
激励效应
government subsidy
financing constraint
R&D investment
small and medium-sized enterprise
incentive effect
