摘要
以内部资本市场为中介变量、中美贸易摩擦为调节变量,构建了一个有调节的中介模型,探讨中美贸易摩擦背景下政府补助、内部资本市场与企业R&D投入之间的关系。研究结果表明:政府补助能够提高企业R&D投入水平,内部资本市场在此过程中具有部分中介作用;中美贸易摩擦在政府补助对企业R&D投入影响中起到了有调节的中介作用,既可直接正向调节,也可通过提高内部资本市场对研发投入的影响程度间接调节政府补助与研发投入的关系。
Taking internal capital market as a mediator,and Sino-American trade friction as a moderator,this paper tries to construct an adjustable mediation model,aiming to reveal the relations among government subsidies,internal capital markets and R&D investment under the background of Sino-American trade friction.Results show that government subsidies can increase R&D investment of enterprises,and the internal capital market plays an intermediary role in this process;The Sino-US trade friction has played a mediating role in the impact of government subsidies on corporate R&D investment.It can be directly regulated,or it can indirectly adjust the relationship between government subsidies and R&D investment by increasing the impact of internal capital markets on R&D investment.The conclusion is conducive to promoting the government to increase support enterprises,while enterprise groups continue to take advantage of internal capital markets to improve their R&D and innovation capabilities.
作者
臧秀清
韩旭
ZANG Xiuqing;HAN Xu(School of Economics and Management,Yanshan University,Qinhuangdao 066004,China;Center for Finance and Accounting Research,Yanshan University,Qinhuangdao 066004,China)
出处
《燕山大学学报（哲学社会科学版）》
2020年第3期125-131,共7页
Journal of Yanshan University:Philosophy and Social Science
基金
河北省社会科学基金项目“多元化投资战略下内部资本市场效率对现金持有水平影响研究”(HB18GL077)。
关键词
政府补助
内部资本市场
R&D投入
中美贸易摩擦
government subsidy
internal capital market
R&D investment
Sino-US trade friction
