摘要
本文使用2010-2017年中国节能环保企业上市公司的数据,分析了政府补贴方式、融资约束与企业创新之间的关系。实证结果表明:政府补贴能有效的促进企业创新项目,特别是对民营企业来说激励效果明显;当企业融资约束程度较重,政府补贴的激励效应就越小;而税收优惠反而抑制了企业的创新投资,其中对民营企业的抑制作用更明显;市场补偿对企业的创新投资产生不显著的负向激励作用。
This paper analyzes the relationship between government subsidies, financing constraints and corporate innovation, using data from listed companies in China’s energy conservation and environmental protection companies from 2010 to 2017. The empirical results show that government subsidies can effectively promote enterprise innovation projects, especially for private enterprises;when corporate financing con-straints are more serious, the incentive effect of government subsidies is smaller;and tax incentives in-hibit enterprises. Innovative investment, in which the inhibition of private enterprises is more obvious;market compensation has no significant negative incentive effect on the innovation investment of enterpris-es.
作者
林学梅
LIN Xue-mei(School of Economics and Management ,Zhejiang Sci-tech University ,310018,Hangzhou ,Zhejiang ,China)
出处
《特区经济》
2019年第1期55-58,共4页
Special Zone Economy
关键词
企业创新
政府补贴方式
融资约束
enterpriseinnovation
government subsidy
financing constraints
作者简介
林学梅(1991-),女,河南信阳人,浙江理工大学.经济与管理学院研究生。研究方向:环保投融资。
