| Innovation is the first driving force leading development.high-tech enterprises are the main force to improve China’s innovation ability.The number of high-tech enterprises in China is growing rapidly and the innovation strength is gradually enhanced,but there is still a large gap in R&D intensity with some developed countries.Due to the complexity and particularity of scientific and technological innovation activities,it is common for high-tech enterprises to lack funds for innovation projects.The financing activities of enterprises are related to their stable development.When external financing channels can not alleviate the shortage of R&D funds,government subsidies will play a more key guiding role.Government subsidies to enterprises can directly provide cash flow for innovation activities and improve capital utilization efficiency.At the same time,it can also release favorable signals to external investors,alleviate the financing constraints faced by science and technology enterprises,and give strong support to enterprises’ innovation activities.Based on the above background,this paper takes the listed high-tech enterprises with sustainable operation from 2011 to 2020 as samples,constructs the Financing efficiency,uses the regression model to study the relationship between Financing efficiency and Innovation investment.Then further consider the regulatory role of government subsidies on the two,and expands the research on the performance of different enterprise categories.The research shows that: first,the overall financing efficiency of sample enterprises is low,and there are differences in different dimensions.Second,there is a significant positive correlation between enterprise financing efficiency and innovation,especially the promotion effect of state-owned,eastern regions and high-tech enterprises with low risk of intellectual property protection is more significant.Third,government subsidies can positively regulate the relationship between financing efficiency and innovation capital investment,and there are property rights and regional heterogeneity at the same time.Fourth,based on the threshold effect expansion research,it is found that the regulatory effect of government subsidies on high-tech enterprises is nonlinear.When the government subsidies are low,there is no significant relationship between them.The more subsidies,the more significant the promotion effect of enterprise financing efficiency on innovation investment. |
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