政府研发补贴、融资约束对中小微企业创新的影响——基于A股上市公司的实证研究

R&D Subsidy,Financing Constraint Relief and Innovation of Small and Micro Enterprises--An Empirical Study on A-share Listed Companies

以2014年至2018年沪深A股上市公司为样本,实证研究发现政府研发补贴对公司研发创新具有激励作用,融资约束对公司研发创新具有负面作用。与大型国有企业相比,中小微企业在融资约束的限制下政府研发补贴对企业创新的正向影响会减弱,即融资约束对政府研发补贴实际效果的发挥具有负面影响。这种负面影响在中小微企业研发创新中更加显著。在进行稳健性测试后研究结论依然成立。政府研发补贴政策的运用要增强政策透明度、具体实施要结合企业微观特征,同时要鼓励中小金融机构发挥更大作用,改善营商环境,提升市场法治化水平。

Taking A-share listed companies in Shanghai and Shenzhen from 2014 to 2018 as a sample,the empirical study finds that government R&D subsidies have an incentive effect on R&D innovation of companies,and financing constraints have a negative effect on R&D innovation of companies.Compared with large-scale stateowned enterprises,the incentive effect of Government R&D subsidy will be weakened when small and micro enterprises face financing constraints,that is,financing constraints have a negative impact on the actual effect of Government R&D subsidy.This negative impact is more significant in the R&D innovation of small and micro enterprises.After the robustness test,the conclusion is still valid.The use of Government R&D subsidy policy should enhance the transparency of policy,and the specific implementation should be combined with the micro characteristics of enterprises.At the same time,small and medium-sized financial institutions should be encouraged to play a greater role,improve the business environment and the level of market rule of law.