政府研发与非研发补贴“光环效应”对企业外部融资的影响——来自新能源企业的实证

The"Halo Effect"of Government R&D and Non-R&D Subsidies on the External Financing of Enterprises——Based on the Analysis of the New Energy Enterprises

主要探讨政府研发补贴与非研发补贴“光环效应”对企业外部融资的影响,以及专利强度在二者间的调节作用。通过对中国2008-2018年228家新能源企业数据进行研究,结果发现:①政府研发和非研发补贴对企业外部融资有正向影响,即政府通过为企业提供资金支持产生光环效应,增加企业获取外部融资的机会;②专利强度显著正向调节政府研发和非研发补贴与企业长短期债务融资的关系,而对企业获得股权融资则无显著影响,即银行和其它金融机构在决定是否对企业进行投资时更关注企业创新能力。

This study mainly discusses the influence of government R&D subsidies and non-R&D subsidies on external financing of enterprises through"halo effect"and the moderating effect of patent intensity between the two.Based on the data of 228 new energy enterprises in China from 2008 to 2018,the results show that:①government R&D and non-R&D subsidies have a positive impact on the external financing of enterprises,that is,the government has a halo effect by providing financial support to enterprises,expanding the opportunities for enterprises to obtain external financing;②patent intensity significantly positively regulates the relationship between government R&D and non-R&D subsidies and long-term and short-term debt financing of enterprises,but has no obvious impact on enterprises'equity financing,that is,banks and other financial institutions pay more attention to the innovation ability of enterprises when deciding whether to invest in enterprises.