经济不确定性、政府补贴与企业技术创新投入

Economic Uncertainty,Government Subsidies and Corporate Technological Innovation Investment

技术创新投入是经济不确定性下的企业一项重要财务活动。文章通过运用我国2009-2013年A股制造业上市公司数据,实证研究了政府补贴缓解经济不确定性对企业技术创新投入的影响。结果表明:企业在技术创新投入过程中受到外部经济不确定性的影响,经济不确定性对企业技术创新投入产生负面影响;政府补贴能促进企业技术创新投入;在缓解经济不确定性对企业技术创新投入的负面影响中,政府补贴的直接效应和间接效应均比较显著。

Technological innovation investment is an important corporate financial activity in the context the economic uncertainty. The paper, using the data of A-share listed companies of Chinese manufacturing industry from 2009 to 2013, makes an empirical study on the impact of government subsidies to ease economic uncertainty on corporate technological innovation investment. The results show that： The process of corporate technological innovation investment is affected by economic uncertainly, and economic uncertainty has a negative impact on corporate technological innovation investment. Government subsidies can promote corporate technological innovation investment. The direct and indirect effects of government subsidies are significant in easing the negative impact of economic uncertainty on corporate technological innovation investment.