外部融资约束与企业创新投入——基于政府补助和金融科技视角

External Financing Constraints and Enterprise Innovation Investment——A Study From the Perspective of Government Subsidies and Financial Technology

本文基于政府补助和金融科技视角,分析2015-2020年中国A股上市企业数据,探究外部融资约束与企业研发创新投入之间的关系。研究发现,外部融资约束对企业研发创新有抑制作用,政府补助和金融科技有助于缓解企业外部融资约束,从而促进企业研发创新。借助金融科技可以较为精准地评估企业信用和财务状况,降低企业融资门槛。从企业产权性质上看,政府补助和金融科技对企业外部融资的缓解作用在非国有企业中更加显著。

From the perspective of government subsidies and fintech,this paper analyzes the data of Chinese A-share listed enterprises from 2015-2020,and explores the relationship between external financing constraints and enterprise research &development innovation investment.According to the findings,external financing constraints have an inhibitory effect on corporate R&D innovation,and government subsidies and fintech can help alleviate the external financing constraints of enterprises,thereby promoting enterprise R&D innovation.With the help of fintech,the credit and financial status of enterprises can be more accurately assessed,and the threshold of enterprise financing can be lowered.In terms of the nature of enterprise property rights,government subsidies and fintech have a more significant effect on alleviating enterprises’ external financing in nonstate-owned enterprises.