金融支持、政府补助对产教融合型上市公司创新投入的影响

The Impact of Financial Support and Government Subsidy on Research and Development Expenses of Listed Industry-education Integration Enterprises

基于2019—2022年我国279家A股上市的产教融合型企业的面板数据,构建计量模型,实证探究金融支持对产教融合型企业创新投入的影响效应,政府补助在其中的调节作用以及金融支持影响产教融合型企业创新的作用机制,结果发现:(1)金融支持对产教融合型企业创新投入会产生显著的促进效应。(2)政府部门向企业提供的补助越多,产教融合型企业的创新投入也越多,且政府补助可以强化金融支持对产教融合型企业创新投入的正向效应。(3)金融支持能够通过减轻企业面临的融资约束,从而提升产教融合型企业的创新投入。融资约束在金融支持影响产教融合型企业创新投入中发挥全部中介作用。基于此,可以从改善金融环境、加大政府补助力度、重视金融和财政的协同作用等方面着手,持续推动产教融合型企业增加创新投入,全面提升产教融合型企业创新能力。

Based on the panel data of 279 A-share listed industry-education integration enterprises in China from 2019 to 2022,this study constructs an econometric model to empirically examine the impact of financial support and government subsidy on research and development expenses of industry-education inte-gration enterprises,the moderating role of government subsidy,and the mechanism of financial support af-fects the innovation of industry-education integration enterprises.The results reveal that:(1)Financial support has a significant positive effect on research and development expenses of industry-education integration en-terprises.(2)The more subsidies provided by the government to enterprises,the more these enterprises invest in innovation.Additionally,government subsidies can enhance the positive effect of financial support on inno-vation investment.(3)Financial support can enhance research and development expenses of industry-education integration enterprises by alleviating the financing constraints faced by enterprises.Financing constraints play full intermediary role in the impact of financial support on research and development expenses of industry-e-ducation integration enterprises.Based on these findings,efforts should be made to improve the financial en-vironment,strengthen government subsidy,and emphasize the synergistic effect of finance and fiscal policies to continually promote increased corporate research and development expenses thereby comprehensively en-hancing their innovation capabilities.