政府补助、债务融资与技术创新关系研究——以创业板上市公司为例

Research on the Relationship among Government Subsidy,Debt Financing and Technological Innovation—Take the GEM listed companies as an example

技术创新不仅可以提高企业自身的综合竞争力,而且其产生的“外溢性”对整个社会、国家而言有着至关重要的积极作用。政府补助、债务融资是企业获得技术创新资金的重要途径。本文以2016-2018年我国创业板上市公司作为样本,研究政府补助与技术创新、债务融资与技术创新以及两者交互作用对技术创新的影响。结果表明,政府补助能够促进企业的技术创新,债务融资能够抑制企业的技术创新,政府补助能够缓解债务融资对技术创新的负向影响。根据研究结果,本文从政府措施、外部债权人监督、企业自身等方面提出相关建议,对促进创业板上市公司技术创新有一定的现实意义。

The technological innovation of a company can not only improve its comprehensive competitiveness,but also produce spillover effect on the whole society and country.Government subsidies and debt financing are important sources of funds for technological innovation of companies.Taking the data of companies listed on the Growth Enterprise Market in China from 2016 to 2018 as samples,this paper studies the influence of government subsidies and technological innovation,debt financing and technological innovation and their interaction on technological innovation.The results show that government subsidies can positively promote technological innovation,while debt financing can inhibit technological innovation.The positive signals from government subsidies can adjust the negative impact of debt financing on technological innovation.Finally,according to the research results,some suggestions are given from the aspects of government measures,external creditor supervision,the company itself,etc.,which has certain practical significance for promoting the GEM listed companies to improve the level of technological innovation.