政府补贴对企业R&D投资周期性的影响研究——基于融资约束视角

How government subsidies affect the cyclicity of enterprises' R&D investment——Based on financing constraints

借鉴Aghion不同资本市场条件下企业长短期投资结构呈现不同周期性特征的基本思想,构建了资本市场不完善下政府补贴缓解融资约束、对R&D投资周期性影响的理论模型,其求解结果发现在资本市场不完善条件下,政府补贴缓解融资约束对企业R&D投资顺周期有一定的平滑作用。基于上述理论模型利用2007-2014年我国制造业1580个上市企业的面板数据进行回归得到:(1)我国制造业企业普遍存在融资约束,且非国有企业的融资约束显著高于国有企业;(2)由于资本市场不完善、企业受外部融资约束,国有企业、非国有企业及全部样本都显示研发投资呈顺周期特征,且非国有企业的融资约束比国有企业严重,研发投资顺周期性也比国有企业更明显;(3)政府补贴可以在一定程度上减少企业研发投资的融资约束和顺周期特征,且非国有企业比国有企业显著。

According to Aghion（2005） , enterprises＇ cyclic structure of short and long term investment is different. Based on his theo- ry, we build a theoretical model under imperfect capital market in which government subsides ease financing constraints and thus affect the cyclicity of R＆D investment. Using panel data of 1580 listed manufacturing enterprises during the period 2007 - 2014, we conclude that ： （ 1 ） There exist universal financing constraints in manufacturing enterprises in China, and state - owned enterprises suffer more financing constraints than non - state - owned enterprises; （2） Due to imperfection of capital market and external financing con- straints, enterprises＂ R＆D investment shows procyelicality when we use state - owned enterprises, non - state - owned enterprises and all samples, and the proeyclicality of R＆D investment is more obvious in non - state - owned enterprises than in state - owned enterpri- ses; （3） Government subsidies can alleviate financing constraints and the procyclicality of R＆D investment to a certain extent. The effect of government subsidies is more obvious on non - state - owned enterprises than on state - owned enterprises.