Government Subsidies And R&D Investment Of Enterprises

At present,China is in a critical period of industrial structure upgrading,which can not be separated from the promotion of technological innovation.However,technological R & D is spillover,and the R & D investment under market regulation is lower than the optimal level of society,so government intervention is needed.At present,governments at all levels in the country have introduced corresponding subsidy measures to encourage enterprises to carry out R & D innovation and promote industrial structure upgrading and sustainable and healthy economic development.Scholars have not reached a consensus on the impact of government subsidies on enterprise innovation;the specific impact mechanism of government subsidies on enterprise innovation,the existing literature research has a rich part to be supplemented.Among the factors that affect enterprise innovation,financing constraint is one of the difficulties that hinder enterprises to increase R & D investment.Specifically,the equity refinancing decision-making of listed companies is affected by the market fluctuation,and the number of refinancing is also limited by policies,so the frequency of equity refinancing is not high.China's bond issuance market lags behind,and the issuance qualification requirements are strict,so there are fewer enterprises issuing corporate bonds for financing.In terms of loan financing,there is information asymmetry between banks and innovative enterprises,which improves the borrowing cost of enterprises.Is there an intermediary effect? Does government subsidy promote R & D investment by easing financing constraints? This is the content of this paper.Enterprises receive government subsidies,and their innovation ability is equivalent to being recognized by the government.The subsidy of drawing water is not enough to change the restrictive conditions of equity financing and bond financing and ensure the success of refinancing and bond issuance.However,for banks and supply chain enterprises that have close contacts with innovative enterprises,they need to master the information of innovative enterprises.The good signals of government subsidies can enhance the credit of innovative enterprises and reduce the borrowing costs to banks and other enterprises,To alleviate the financing constraints of innovative enterprises,and then stimulate the innovation vitality of enterprises.In the empirical aspect,this paper selects the financial data of Shanghai and Shenzhen A-share high-tech listed companies from 2014 to 2018 as the data sample.Based on the perspective of intermediary effect of financing constraints,this paper empirically tests the impact of government subsidies on R & D investment of enterprises,explores the mechanism of the promotion effect of government subsidies,and draws the following conclusions: government subsidies directly promote R & D investment of enterprises,and there is intermediary effect at the same time.Government subsidies increase R & D investment of enterprises by alleviating the financing constraints of enterprises,which affects private enterprises In the industry sample,state-owned enterprises are not sensitive to subsidies.Furthermore,this paper tests the mechanism of intermediary effect.The results show that the government subsidy can solve the problem of what kind of financing way is sluggish.The results show that the equity financing and bond financing channels are less affected by the government subsidy,but the "certification effect" of the subsidy can significantly affect the enterprise's loan financing channels and increase the enterprise's loan funds.After variable replacement,Heckman two-stage test,reverse causality test and heterogeneity test of subsidy intensity financing constraint degree,the main regression is still stable.Finally,this paper puts forward some suggestions.First,the government should strengthen the examination and supervision of subsidy objects,select the best and supplement;second,improve the laws and regulations and property rights protection,and optimize the financing environment of enterprises;third,enterprises should standardize information disclosure,apply for subsidies,and actively innovate.