The Impact of Government Innovation Incentive Policies on Corporate Financing Structure
Government Innovation Incentive Policies(GIIP)are the important method to promote the innovative development of Small and Medium-sized Enterprises(SMEs).We study the causal impact of superior New Specialized Sophisticated Distinctive(NSSD)enterprise cultivation policies on corporate financing structure.The results show that after the government implemented innovation incentive policies,the debt financing ratio of superior NSSD enterprises increase significantly by 2.1 percentage points.This effect was approximately 8.4％of the average debt financing ratio of all sample.However,the proportion of equity financing and inner financing do not change significantly.Mechanism research shows that the signaling and innovation-stimulat-ing effects are the key factors that determine the effect of GIIP on debt financing proportion.Therefore,improving GIIP system and optimizing the financing structure of SMEs could promote enterprise innovative development.
Superior NSSD enterprisesFinancing structureDebt financingBond financing
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