Government Technology Subsidies and Enterprise R&D Investment:From the Perspective of Financing Constraints
This paper takes 340 listed companies on the Chinese ChiNext from 2016 to 2018 as the research object to explore the im-pact of government technology subsidies on innovation investment of enterprises,as well as the internal mechanism of the two in the context of financing constraints.The research has found that government technology subsidies promote enterprise R&D investment.Fi-nancing constraints negatively regulate the relationship between government technology subsidies and enterprise R&D investment.Fur-ther grouping analysis found that financing constraints negatively regulate the incentive relationship between government technology sub-sidies and innovation investment in state-owned enterprises and small-scale enterprises;however,in non-state-owned enterprises and large-scale enterprises,financing constraints have no significant impact on the relationship between government technology subsidies and enterprise R&D investment.
government technology subsidiesenterprise R&D investmentfinancing constraintsnature of property rightsheteroge-neity of scale
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