Based on the data of A-share agriculture-related listed companies from 2015 to 2021, this paper discusses the impact of government subsidies on innovation investment of agriculture-related enterprises, and explores the regulatory role of financing constraints. The findings show that during the study period, China's government subsidies have a significant positive incentive effect on the innovation investment of agriculture-related enterprises, while financing constraints have an inhibitory effect on the innovation investment of agriculture-related enterprises. When examining the impact of the interaction between financing constraints and government subsidies on innovation investment, it is found that financing constraints have a reverse inhibitory effect on the positive incentive of government subsidies to agricultural enterprises' innovation investment. Moreover, the above effects are particularly evident in the economic upswing period, the nature of non-state-owned property rights, and small and medium-sized agricultural enterprises.
关键词
政府补助/涉农企业/融资约束/创新投资/调节效应
Key words
government subsidy/agriculture-related enterprise/financing constraint/innovation investment/effect of regulation
万方数据