摘要
伴随政府创新补助的不断加大,中国企业如何利用现有技术重点提升企业实质性创新水平成为热点话题,基于信号传递理论、信息不对称理论、前景理论以及融资优序理论,基于2010—2020年A股上市公司为研究对象,采用中介效应实证研究方法,探讨政府补助通过降低企业融资约束促进实质性创新这一路径的可行性以及进一步研究企业异质性与企业规模对其产生的影响。研究发现:(1)政府补助显著促进企业实质性创新;(2)融资约束显著降低企业实质性创新;(3)政府补助通过降低企业融资约束显著促进实质性创新以及进一步研究发现在非国有企业这一路径更为明显;研究结果拓展了政府补助、融资约束、实质性创新三者相关研究深度,为企业缓解融资约束、提升实质性创新,提供思路与经验证据。
Government innovation benefits increasing,China's enterprises how to make use of existing technical key improve enterprise innovation level become hot topics in real terms,based on the signal transmission theory,information asymmetry theory,prospect theory and optimal sequence financing theory,this article is based on 2010-2020 a-share listed companies as the research object,adopt empirical research method,the mediation effect This paper discusses the feasibility of government subsidies to promote substantial innovation by reducing firm financing constraints and further studies the influence of firm heterogeneity and firm size on it.The results show that:(1)government subsidies significantly promote substantial innovation;(2)Financing constraints significantly reduce firm substantial innovation.(3)Government subsidies significantly promote substantial innovation by reducing firm financial constraints.Further research shows that this path is more obvious in non-state-owned enterprises or large-scale enterprises.This paper expands the research depth of government subsidies,financing constraints and substantive innovation,and provides ideas and empirical evidence for enterprises to alleviate financing constraints and improve substantive innovation.
作者
乔鹏程
张岩松
庞成成
Qiao Pengcheng;Zhang Yansong;Pang Chengcheng(School of Finance and Economics,Xizang Minzu University,Xianyang,Shaanxi 712082;School of Management,Xizang Minzu University,Xianyang,Shaanxi 712082;Binzhou Senior Technical School,Binzhou,Shandong 256600)
基金
国家社会科学基金一般项目(19BJL130)
西藏哲社科学资金一般项目(21BJY02)
西藏2011协同创新中心重大委托课题《西藏特色产业高质量发展研究(2022)》之子课题《西藏边贸物流产业高质量发展研究》(WT-ZD20220206)。
关键词
政府补助
融资约束
实质性创新
高质量发展
Government subsidies
Financing constraints
Substantive innovation
High-quality development
