财政补贴、融资约束与高新技术企业创新投入
Fiscal Subsidies, Financing Constraints and Innovation Input of High-tech Enterprises
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研究目的：本研究旨在研究财政补贴，融资约束与高新技术企业创新投入三者之间的关系。研究方法：以356家中国A股上市高新技术企业2016-2021年的数据为依据，利用EXECL对部分指标进行计算整理，利用Stata16.0对数据进行回归分析。研究内容：分析了财政补贴对高新技术企业创新投入的影响，融资约束的中介作用。结论与建议：财政补贴与企业创新投入呈显著的正相关，财政补贴可以缓解高新技术企业的融资约束, 融资约束在财政补贴对企业创新投入的影响中起到了部分中介作用。将样本按所有制进行分组回归，得出政府财政补贴对高新技术企业创新投入的影响存在所有制异质性。政府应放宽融资政策，增加政府财政补贴，从而提高企业创新投入。
Abstract
The purpose of this study is to study the relationship among financial subsidies, financing constraints and innovation input of high-tech enterprises.Based on the data of 356 Chinese A-share listed high-tech enterprises from 2016 to 2021, EXECL is used to calculate and collate some indicators, and Stata 16.0 is used to perform regression analysis on the data.This paper analyzes the influence of financial subsidies on innovation input of high-tech enterprises and the mediating role of financing constraints.There is a significant positive correlation between fiscal subsidies and enterprises’ innovation input. Fiscal subsidies can alleviate the financing constraints of high-tech enterprises, and financing constraints play a partial intermediary role in the influence of fiscal subsidies on enterprises’ innovation input. By grouping the samples according to ownership, it is concluded that the influence of government subsidies on innovation input of high-tech enterprises has ownership heterogeneity. The government should relax financing policies and increase government subsidies, so as to improve enterprise innovation input.
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