融资优惠政策、股权融资与民营企业技术创新

Preferential Financing Policies,Equity Financing and Technological Innovation of Private Enterprises

基于2010-2019年创业板A股上市公司民营企业数据,利用固定效应模型实证检验融资优惠政策、股权融资与民营企业技术创新之间的关联性。研究结果表明:虽然政府补助和税收优惠政策均可以促进民营企业的技术创新,但税收优惠政策比政府补助更能促进民营企业技术创新;融资优惠政策和股权融资对年龄较小企业的技术创新促进效果优于企业年龄较大的企业;股权融资对民营企业的技术创新会产生正向影响,但其又对政府补助的技术创新正向促进作用产生抑制效应。

Based on the data of A-share listed private enterprises on GEM from 2010 to 2019,this paper empirically analyzes the correlation between preferential financing policies,equity financing and technological innovation of private enterprises using fixed effects model.The results show that although both government subsidy and preferential tax policies can promote the technological innovation of private enterprises,the effect of preferential tax policies on the technological innovation of private enterprises is more significant than that of government subsidy.The promotion effect of preferential financing policies and equity financing on the technological innovation of younger enterprises is better than that of older enterprises.Although equity financing has a positive impact on the technological innovation of private enterprises,it has a restraining effect on the positive promotion of technological innovation by government subsidy.