政府研发资助对企业技术创新投入强度的影响——基于A股制造业上市公司的经验分析

The Impact of Government R&D Funding on the Intensity of Enterprises’ Technological Innovation: An Empirical Research on Chinese A-share Manufacturing Listed Firms

以2010~2017年中国沪深A股制造业上市公司为样本,从信号传递及资金获取的角度探讨政府研发资助对企业技术创新投入强度的影响。研究认为政府研发资助对企业技术创新投入强度有显著正向影响,即政府资助资金越多,对企业技术创新投入强度的激励效应越大;融资约束在政府研发资助与企业技术创新投入强度之间具有部分中介效应,即政府研发资助通过降低企业内部与外部融资约束的程度,进而提高企业技术创新投入强度;知识基础和行业竞争性均在高科技行业政府研发资助与企业技术创新投入强度间起正向调节作用,而在非高科技行业中的调节作用不显著。

Using China’s Shanghai and Shenzhen A-share manufacturing listed companies from 2010 to2017 as a sample,this paper explores the impact of government R&D funding on the intensity of enterprises’ technological innovation investment from the perspective of signal transmission and capital acquisition. The empirical results show that government R&D funding has a significantly positive impact on the intensity of enterprises’ technological innovation investment,that is,the more government R&D funding,the greater the incentive effect on the intensity of enterprises’ technology innovation investment. The financing constraints play the mediating role between government R&D funding and enterprises’ technological innovation investment,that is,government R&D funding reduces the degree of internal and external financing constraints of the enterprise,thereby increasing the intensity of enterprises’ technological innovation investment. Both the knowledge base and industry competitiveness positively regulate the relationship between government R&D funding and enterprises’ technological innovation investment model in high-tech industrial groups,while the regulatory role is not significant in the non-high-tech industrial groups.