| 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 |
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| 引用本文： | 黄文娣,李远.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[J].科技管理研究,2022(11):49-55. |
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| 作者姓名： | 黄文娣 李远 |
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| 作者单位： | 惠州学院经济管理学院,惠州学院政法学院 |
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| 基金项目： | 广东省哲学社会科学规划项目“政府补贴对广东战略新兴产业企业技术创新绩效的门槛效应研究”(项目编号:GD20CYJ24) |
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| 摘 要： | 在深入分析政府补贴与企业技术创新两者作用机理基础上，建立门槛回归模型，利用2011—2019年广东战略性新兴产业上市企业数据，通过计量回归和门槛检验，得出研究结论：其一，企业融资约束对企业技术创新有负向影响，且存在单门槛效应，对于融资约束指数SA大于-3.352的企业，政府补贴对其创新的促进效果更显著；其二，政府补贴可以缓解企业融资约束，促进企业技术创新，但是对产权性质不同的企业的影响有差异，对非国有企业的影响更显著；其三，政府补贴不仅对企业技术创新有直接作用效应，也可通过缓解企业的融资约束间接促进企业技术创新，但是直接效应比间接效应更显著；其四，政府补贴并不是越多越好，存在单门槛效应，当补贴强度大于4.417%时，企业技术创新政策效果会显著减弱。
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| 关 键 词： | 政府补贴 融资约束 技术创新 SA指数 门槛效应 |
| 收稿时间： | 2021/12/19 0:00:00 |
| 修稿时间： | 2022/1/6 0:00:00 |
Government subsidies and enterprise technological innovation from the perspective of financing constraints: mechanism analysis and Guangdong data test |
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| 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. |
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| Keywords: | Government subsidy Financing constraints Technological innovation SA index Threshold effect |
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