金融环境、政府补贴与中小企业技术创新——基于中小板上市公司的实证研究

Financial Environment,Government Subsidies and Technological Innovation of SMES——an Empirical Study on the SME Board based on Listing Corporation

以2007-2013年中小企业上市公司面板数据为样本,实证分析了金融环境、政府补贴与中小企业技术创新间的关系。研究表明,良好的金融环境对中小企业R&D投入和专利产出有显著正向影响,且金融环境对技术创新的作用因企业所处地区和规模不同而有差异,其对东部地区及规模较小企业的R&D投入影响显著,而对非东部地区和规模较大企业的专利产出作用显著;政府补贴对专利产出有显著影响,且对规模较小企业的R&D投入和专利产出均有显著正向影响。

Using the panel data of the small and medium-sized enterprise in China from 2007 to 2013, we analysis the rela- tionship among financial environment, government subsidies and technological innovation. This study shows there is a sig- nificant positive effect of financial environment on R＆D investment and patent output, and the effect is different because of the locations and size,financial environment has significant positive effect on R＆D investment in eastern region and large enterprises, but it has significant positive effect on patent output in non-eastern region and small enterprises. Government subsidies have significant positive effect on patent output. And it is very interesting government subsidies have positive effect on R＆D investment and patent output in small enterprises.