摘要
本文以国内A股上市企业2014-2019年的面板数据为样本进行研究,发现融资约束均会抑制企业策略性创新和实质性创新选择,而政府补贴则会促进两种创新选择。进一步对企业样本按生命周期划分进行分组回归分析,发现成长期企业和成熟期企业的两种创新选择受政府补贴的调节作用明显;处于衰退期的企业,政府补贴对企业策略性创新有一定的调节作用但对实质性创新作用不明显。
This paper uses the panel data of domestic A-share listed companies as a sample for research. The research finds that financing constraints will inhibit corporate strategic innovation and substantive innovation choices, while government subsidies will promote two innovation choices. Further grouping regression analysis of enterprise samples divided by life cycle, it is found that the two innovation options of growth-stage and mature-stage enterprises are significantly regulated by government subsidies;for enterprises in a recession period, government subsidies have a certain effect on corporate strategic innovation Regulating effect but not obvious effect on substantive innovation.
作者
夏喆
章梓钰
XIA Zhe;ZHANG Zi-yu(Hubei University of Economics,Wuhan 430205,China)
出处
《湖北经济学院学报》
2021年第2期51-59,126,共10页
Journal of Hubei University of Economics
基金
教育部人文社会科学基金项目(18YJC630203)
省部级软科学项目(2018ADC096)。
关键词
融资约束
政府补贴
实质性创新
策略性创新
financing constraint
government subsidies
substantive innovation
strategic innovation
