摘要
采用2016年全国企业调查数据分析了财政补助对企业自主研发投入的影响,并且检验了长期信贷、股权融资的中介效应与调节效应。结果发现,财政补助增加了长期信贷、股权融资和企业研发投入,其对东部企业的研发激励效应比中西部企业更显著,对非战略性新兴产业的研发激励效应比战略性新兴产业更显著,对国有企业、私有企业、外资企业的研发激励效应依次减弱,对小微企业的研发激励效应比大中型企业更显著。
Based on the survey data of national association in 2016,we made a research on the effect of financial aid on enterprise independent R&D investment,and tested the mesomeric effect and moderating effect of long-term credit and equity financing.Then we know that financial subsidies have attracted more long-term credit and equity financing into enterprise R&D,which is more obvious in eastern enterprises than that in Midwestern enterprises.And financial subsidies have stimulated non-strategic emerging industries more strongly than strategic emerging industries.Moreover,the incentive effect of financial subsidies reveals a declining tendency among state-owned enterprises,private enterprises and foreign-funded enterprises in turn,and it is more effective in micro and small enterprises than that in large and medium-sized enterprises.
作者
林小玲
LIN Xiao-ling(School of Economics,Shenzhen University,Shenzhen 518060,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2019年第5期68-80,共13页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社会科学重点研究基地重大项目(14JJD790041
关键词
财政补助
外部融资
自主研发投入
长期借贷
调节效应
financial subsidy
external financing
independent R&D investment
long-term borrowing
moderating effect
