| At present,our country’s physical enterprises have experienced rapid growth and are in a period of high-quality development and transformation.However,in order to transform and upgrade,our country’s physical enterprises must innovate through research and development.In the process of R&D and innovation,the financing constraints are one of the main difficulties faced by enterprises.In this paper,it is worthy of in-depth exploration whether the behavior of enterprises implementing the combination of industry and finance and the behavior of the government providing government subsidies can alleviate the financing constraints faced by enterprises and promote the R&D innovation of enterprises.High-tech enterprises are the main body of R&D innovation in our country.It is of practical significance to study the impact of enterprises’ implementation of industry-finance integration and government subsidies on financing constraints,R&D innovation investment,and R&D innovation performance faced by high-tech enterprises.Existing research pays more attention to the impact of R&D investment in R&D innovation activities on enterprise R&D innovation,and less attention to the innovation output effect of enterprise R&D innovation activities.When studying the R&D innovation of enterprises,this paper tries to expand the existing research direction.At the same time,starting from the two dimensions of R&D investment and innovation output,it introduces government subsidies as a regulatory means of government intervention,and comprehensively studies the impact of the integration of industry and finance,financing constraints,government subsidies on the R&D innovation of high-tech enterprises.It has improved the integrity,rationality and scientificity of related research fields,and made its conclusions and recommendations more meaningful.Through literature review and analysis,based on the theory of industry-finance integration,financing constraints,and R&D innovation,this paper selects the relevant data of R&D and innovation activities of listed high-tech enterprises in Shanghai and Shenzhen A-shares that participated in financial institutions from 2007 to 2020 as the research sample,and makes it an empirical study.The content of the study is as follows:(1)Whether the integration of industry and finance can ease the financing constraints of the enterprise and promote the R&D innovation of the enterprise;(2)The enterprise implements the integration of industry and finance and obtains government subsidies at the same time,whether it can alleviate the financing constraints of the enterprise and promote the R&D innovation of the enterprise.Research indicates:(1)The combination of industry and finance has a significant positive correlation with R&D investment,and financing constraints have a significant negative correlation with R&D investment;(2)The integration of industry and finance can ease the financing constraints of enterprises and increase their R&D investment;(3)Enterprises implement the integration of industry and finance,and at the same time obtain government subsidies,which can ease the financing constraints of enterprises and increase their R&D investment;(4)The integration of industry and finance is significantly negatively correlated with innovation performance,and the financing constraints are significantly negatively correlated with innovation performance.When the shareholding ratio of an enterprise’s shareholding in a financial institution reaches 15% or more,the combination of industry and finance is positively correlated with innovation performance;(5)The combination of industry and finance can ease the financing constraints of enterprises and promote the innovation performance of enterprises;(6)Enterprises implement the integration of industry and finance,and at the same time obtain government subsidies,which can ease the financing constraints of enterprises and promote the innovation performance of enterprises;(7)Compared with the state-owned enterprises,the implementation of industry-finance integration in the non-state-owned enterprises can alleviate the financing constraints of enterprises and promote the R&D innovation of enterprises.(8)Compared with the state-owned enterprises,the non-state-owned enterprises participate in financial institutions and obtain government subsidies,which can alleviate the financing constraints of enterprises and promote enterprises’ R&D innovation. |
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