作　　者： ; ; (贺建风）;

机构地区： 华南理工大学经济与贸易学院

出　　处： 《证券市场导报》 2019年第8期41-49,共9页

摘　　要： 创新驱动发展是中国经济实现跨越式发展的关键所在,有效的政府政策将有助于更好的实现企业创新。在此背景下,政府补助行为能否引导社会资金发展企业创新值得深入探究。本文使用2010~2017年深市创业板上市公司的数据,探讨政府补助能否缓解科技型企业融资约束,发挥信号传递作用,增加企业外源融资,进而促进企业研发投入。研究结果表明:政府补助能够缓解科技型企业融资约束,发挥信号传递作用,增加企业股权融资,刺激股权融资对企业研发投入的促进作用。进一步研究表明,政府补助在科技型企业创新过程中的信号传递作用存在地区差异,政府补助在东部地区的表现与本文主要结果一致,而在中西部地区,政府补助虽然能通过信号传递作用增加科技型企业股权融资,但并不能刺激股权融资对企业研发投入的促进作用。 Whether innovation can drive development is the key to realizing leapfrog development of China's economy in the new era,and effective government policies will help better realize enterprise innovation.In this context,whether government subsidies can guide social capital to promote enterprise innovation is worth further exploration.This paper uses the data of Shenzhen GEM listed companies from 2010 to 2017 to explore whether government subsidies ease the financing constraints of technology-based enterprises,whether government subsidies play signaling roles rising external financing of enterprises and whether government subsidies promote R&D investments of enterprises through signaling effects.The results show that government subsidies can ease financing constraints of technology-based enterprises.Government subsidies play signaling roles to increase equity financing of enterprises.Moreover,government subsidies stimulate the promotion effect of equity financing on enterprises’ R&D investments.Further study shows that there are regional differences in the signaling effects of government subsidies in the innovation process of technology-based enterprises.The performance of government subsidies in the eastern region is consistent with the main results of this paper.In the central and western regions,although government subsidies can increase equity financing of technology-based enterprises through signaling effects,they cannot stimulate the promotion of equity financing to enterprises’ R&D investments.

关 键 词： 政府补助 融资约束 信号传递作用 研发投入

领　　域： [经济管理—财政学]