政府科技补助、融资约束与企业创新

Government Technology Subsidies, Financing Constraints and Enterprise Innovation

基于2009-2018年中国A股非金融类上市公司的面板数据,通过构建KZ指数测度上市公司融资约束程度。在此基础上,采用PVAR模型对政府科技补助、融资约束与企业创新之间的动态关系进行实证研究。结果表明:政府科技补助激励了企业创新,融资约束会抑制企业创新,政府科技补助有助于缓解融资约束,这三种影响民营上市公司均比国有上市公司更显著;反过来,企业创新会促进政府科技补助,同时也进一步加大了企业融资约束程度。

Based on the panel data of China's A-share non-financial listed companies from 2009 to 2018, the KZ index is constructed to measure the degree of financing constraints of listed companies. On this basis, the Panel-VAR model is applied to explore the relationship between government technology subsidies, financing constraints and enterprise innovation. The results show that: Government technology subsidies can encourage enterprise innovation, financing constraints restrain enterprise innovation, and government technology subsidies help alleviate financing constraints;Private listed companies are more significant than state-owned listed companies for these three effects;In turn, enterprise innovation can promote government technology subsidies, while further increasing the degree of financing constraints.