政府补助、融资结构与中小企业研发投入--基于动态面板系统GMM与门槛效应分析

Government Subsidy,Financing Structure and R&D Input of Small and Medium-sized Enterprises:Based on Dynamic Panel System GMM and Threshold Effect Analysis

采用2015—2019年中小板上市企业面板数据,实证检验政府补助对中小企业研发投入的影响,并基于融资结构视角,进一步应用动态面板门槛模型研究发现:政府补助能够显著促进企业研发投入,且由于财务冗余以及资金使用偏好等因素的存在,该影响表现出滞后性与门槛异质性特点。当内源融资水平低于或等于0.353、债权融资水平与股权融资水平分别处于20.938—30.728、-0.357—14.489区间时,补助效果最佳。据此提出完善监督机制、优化补助政策、加大资本市场改革力度等提高政府补助使用效率的相关建议。

Using the small and medium-sized board listed companies panel data from 2015 to 2019,make an empirical test of the influence of r&d investment in the government subsidies for small and medium-sized enterprises,and based on the perspective of financing structure,further using the dynamic threshold panel model study found:government subsidies can significantly promote the enterprise r&d input,and due to the existence of factors such as financial redundancy and fund use preference,the effects show the characteristics of hysteresis and threshold heterogeneity,when the level of endogenous financing is less than or equal to 0.353,the level of debt financing and equity financing level respectively is 20.938~30.728,-0.357~14.489 range,accessorial effect is best.Based on this,some suggestions are put forward to improve the efficiency of government subsidies,such as improving the supervision mechanism,optimizing subsidy policies and strengthening the reform of capital market.