摘要
本文基于2012-2015年创业板上市公司的非平衡面板数据,利用层次回归模型,研究政府补助与企业研发投入的关系,考察资本结构对二者关系的调节作用,并进一步分析三者之间关系的地区差异。研究表明,政府补助促进企业研发投入,而且东部沿海地区的促进作用更显著。资本结构调节政府补助与企业研发投入的关系,在东部沿海地区是负向调节作用,中西部地区是正向调节作用。
Based on the unbalanced panel data from 2012 to 2015 of China's 276 listed companies of GEM,using hierarchical regression model,this study tests the relationship between government subsidies and R&D input,analyzes the moderating role of capital structure on such relationship,and further examines the influence of different regions.The results show that government subsidies stimulate enterprise R&D input,and the promoting effect is more significant in eastern coastal areas.Capital structure can adjust the relationship between government subsidies and enterprise R&D input,and the moderating effect of capital structure is negative in eastern coastal areas,but is positive in the central and western regions.
出处
《财会通讯（下）》
北大核心
2017年第5期53-56,共4页
Communication of Finance and Accounting
关键词
政府补助
资本结构
研发投入
Government subsidies
Capital structure
R&D input
