不同融资约束背景下政府研发补助效应研究

Research on the Effects of Government R&D Subsidies under Different Financing Constraints

运用倾向得分匹配法检验了政府研发补贴对企业自身研发投入的影响,以及不同融资约束背景下政府研发补贴诱导效应的差异。实证结果显示,政府研发补贴对企业自身研发投入具有诱导作用;在强融资约束背景下,政府研发投入补助能够更有效地刺激企业加大自身研发力度,诱导效应更强。

This paper examines the impact of government R＆D subsidies on enterprise’s R＆D investment with the propensity score matching method.The empirical result shows that the government R＆D subsidies has an inducing effect on enterprise’s R＆D investment.Then,it uses the propensity score matching method to further test the differences of inductive effects of government R＆D subsidies under different financing constraints.The empirical results show that in the context of strong financing constraints,government R＆D investment subsidies can stimulate enterprises to increase their R＆D intensity more effectively,the inductive effects become even stronger.