摘要
区别已有研究,从政府补贴与融资约束交互效应的角度,运用SA指数作为融资约束替代变量,以1 244家上市公司2007—2013年的数据进行分析,考察融资约束异质性、行业异质性,研究企业在面临融资约束的情况下政府补贴对技术创新的影响。结果表明:政府补贴能够促进技术创新,而融资约束会抑制技术创新;当企业面临的融资约束情况越严重时,政府补贴对技术创新的促进作用越小,尤其当融资约束超过一定程度时,政府补贴对技术创新产生了抑制作用;技术密集型企业获得的政府补贴对技术创新的促进作用最大,资本密集型企业次之,劳动密集型企业最小;从总体上看,上市公司发生寻租行为的可能性不大,维持政府关系而发生的费用能够促进技术创新。
Distinguished from previous research, this paper uses SA indicators which present the financial constraint to ana- lyze how government subsidies and financial constraints influence innovationthrough the sample of 1 244 listed companies with the heterogeneity of financial constraints and industries during 2007 to 2013. The conclusion included some important details. First, the government subsidies could promote the innovation, and the financial constraint could limit the innova- tion. Second, the stimulation of government subsidy would become weaker even reversed when the enterprise faced harder financial constraint, especially when financial constraint is over the limit. Third, the stimulation in technological enterprise is the best followed by the capital intensive enterprises and labor intensive enterprises. Last, it is impossible that listed companies have the rent - seeking behaviors, because the companies would prefer using the cost needed for keeping in tou- ch with the government to promote the innovation.
出处
《科技管理研究》
CSSCI
北大核心
2016年第6期11-18,共8页
Science and Technology Management Research
关键词
政府补贴
融资约束
技术创新
融资约束异质性:行业异质性
government subsidies
financial constraints
innovation
the heterogeneity of financial constraints
the hetero- geneity of industries
