政府补贴缓解研发融资约束效应实证研究——来自高新技术上市公司的经验证据

Empirical Research on Mitigation of Government Subsidies on Financing Constraints of Research and Development Investment:Empirical Evidence from Public Company of High and New Technology

运用高新技术上市公司数据,对政府补贴缓解研发融资约束效应进行了实证研究。结果表明:我国高新技术上市公司普遍存在研发融资约束现象,且表现出显著的研发投资现金流敏感性特征;政府补贴缓解研发融资的直接效应显著,间接效应不显著;我国资本市场债务融资对高新技术上市公司研发投资的促进作用不明显,而权益融资对高新技术上市公司研发投资具有显著的促进作用。

The article is an empirical research on mitigation of government subsidies on financing constraints of R＆amp;D based on the data of public company of high and new technology .The research results show that there are ubiquitous financing constraints of R＆amp;D in public company of high and new technology in China ,Which is significant R＆amp;D cash flow sensitivi-ty ;There are significant direct mitigation of government subsidies on financing constraints of R＆amp;D ,but no significant in-direct mitigation of government subsidies on financing constraints of R＆amp;D ;There are significant effects that equity finan-cing have on R＆amp;D but no significant effects that debt financing have on R＆amp;D in public company of high and new technolo-gy in China .