政府研发补贴、融资约束与企业创新绩效——基于所有权性质视角

政府研发补贴是克服研发市场失灵，促进企业研发活动的重要手段之一。然而，目前鲜有关于考察政府研发补贴、融资约束以及所有权性质对企业创新绩效的复杂关系研究。基于2001-2018年间我国上市制造业企业数据分析，结果表明：首先，政府研发补贴和融资约束对企业创新绩效的影响取决于企业所有制性质，国有企业的创新绩效受其影响最为显著。其次，企业在接受政府研发补贴后，其融资约束的程度都会被减缓；与国有企业相比，政府研发补贴对民营企业融资约束的缓解更强。最后，对任何所有权性质的企业而言，政府研发补贴都会挤出企业的研发投资。

Government R&D Subsidy,Financing Constraint and Enterprise Innovation Performance：From the Perspective of Ownership Nature

Government R&D subsidy is one of the important means to overcome R&D market failure and promote enterprise R&D activities. However, studies examining the complex relationship between government R&D subsidies, financing constraints and ownership nature on enterprise innovation performance are rare. This study is based on the data of listed manufacturing enterprises in China from 2001 to 2018. The results show that: first of all, the impact of government R&D subsidies and financing constraints on the innovation performance of enterprises depends on the nature of enterprise ownership, and the innovation performance of state-owned enterprises is significantly affected by it. Second, the financing constraints of enterprises will be eased after they receive government R&D subsidies. Compared with state-owned enterprises, the government R&D subsidy has a stronger effect on the financing constraints of private enterprises. Finally, for any ownership enterprise, government R & D subsidies will crowd out R & D investment.