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.
关键词
政府科技补贴/研发投资/融资约束/产权性质/规模异质性
Key words
government technology subsidies/enterprise R&D investment/financing constraints/nature of property rights/heteroge-neity of scale
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