The Impact of Government Subsidies on Innovation Investment of SMEs
SMEs in China generally face the problem of difficult and expensive financing,which serious-ly restricts their innovation investment.This paper uses data from listed companies on the Growth En-terprise Market from 2017 to 2021 as the research sample to empirically test the impact and action mechanism of government subsidies on innovation investment of SMEs from the perspective of financ-ing constraints.The research results indicate that government subsidies are an important means to alle-viate financing constraints for SMEs,and can effectively increase their investment level in innovation activities.In addition,government subsidies have a more significant effect on promoting innovation in-vestment for non-state-owned SMEs and SMEs in highly market-oriented regions.
government subsidiesinnovation investmentfinancing constraints
NETL
NSTL
万方数据
