摘要
基于融资约束与企业风险承担的中介视角,研究政府补贴对企业创新投入的影响,以2009~2016年中国沪深两市A股上市企业为样本进行实证检验。研究发现:①政府补贴与企业创新投入显著正相关,政府补贴越多,企业创新投入越大;②融资约束在政府补贴对企业创新投入的影响中起到部分中介效应,即政府补贴通过缓解企业的融资约束,提高了企业创新投入;③企业风险承担在政府补贴对企业创新投入的影响中起到部分中介效应,即政府补贴通过提高企业的风险承担水平,促进了企业创新投入;④融资约束与企业风险承担的中介效应,因企业所属产权性质、行业性质及制度环境的异质性而存在差异,政府补贴对企业创新投入的促进作用亦因此在非国有企业、高科技企业及所在地区市场化程度高的企业中更大。
Based on the perspectives of financing constraints and risk taking,this studyresearches the impact of government subsidies on enterprise innovation investment,using the samples of A-share listed companies in Shanghai and Shenzhen stock exchange from 2009 to 2016 to conduct the empirical tests.The results show that:①Government subsidies are positively related to enterprise innovation investment.The more government subsidies,the more enterprise innovation investment.②The financing constraints play the mediating role between government subsidies and enterprise innovation investment,that is,government subsidies improve enterprise innovation investment by relieving the financing constraints on enterprises.③The enterprises’risk-taking also plays the mediating role between government subsidies and enterprise innovation investment,that is,government subsidies promote enterprise innovation investment by improving enterprises’risk-taking ability.④Due to the heterogeneities of property rights,industrial characteristics and institutional environments,the mediating effects of financing constraints and risk-taking are different among enterprises.
作者
严若森
陈静
李浩
YAN Ruosen;CHEN Jing;LI Hao(Wuhan University,Wuhan,China)
出处
《管理学报》
CSSCI
北大核心
2020年第8期1188-1198,共11页
Chinese Journal of Management
基金
国家自然科学基金资助项目(71872136)
教育部人文社会科学研究规划基金资助项目(18YJA630126)。
关键词
政府补贴
企业创新投入
融资约束
企业风险承担
government subsidies
enterprise innovation investment
financing constraints
risk-taking
