价值工程
價值工程
개치공정
VALUE ENGINEERING
2014年
9期
116-117,118
,共3页
融资约束%政府财政资助%企业研发投入
融資約束%政府財政資助%企業研髮投入
융자약속%정부재정자조%기업연발투입
financing constraints%government financial assistance%corporate R&D investment
本文在不同融资约束背景下对政府财政资助与企业研发投入的关系进行了实证检验。实证结果表明,无论融资约束强的企业还是融资约束弱的企业,政府财政资助对企业研发投入都具有诱导效应。与融资约束强的企业相比,政府财政资助对企业研发投入的诱导效果在融资约束弱的企业中表现得更好,且与企业的股权性质无关;此外,与非国有控股企业相比,国有控股企业的诱导效应对融资约束的强弱更加敏感。
本文在不同融資約束揹景下對政府財政資助與企業研髮投入的關繫進行瞭實證檢驗。實證結果錶明,無論融資約束彊的企業還是融資約束弱的企業,政府財政資助對企業研髮投入都具有誘導效應。與融資約束彊的企業相比,政府財政資助對企業研髮投入的誘導效果在融資約束弱的企業中錶現得更好,且與企業的股權性質無關;此外,與非國有控股企業相比,國有控股企業的誘導效應對融資約束的彊弱更加敏感。
본문재불동융자약속배경하대정부재정자조여기업연발투입적관계진행료실증검험。실증결과표명,무론융자약속강적기업환시융자약속약적기업,정부재정자조대기업연발투입도구유유도효응。여융자약속강적기업상비,정부재정자조대기업연발투입적유도효과재융자약속약적기업중표현득경호,차여기업적고권성질무관;차외,여비국유공고기업상비,국유공고기업적유도효응대융자약속적강약경가민감。
This paper carried on an empirical test for the relationship between government financial assistance and corporate R&D investment in the context of different financing constraints. The empirical results show that whether corporate has strong or weak financing constraints, government financial assistance has induced effects for corporate R&D investment. Compared with the corporate with strong financing constraints, the induced effects of government financial assistance perform better in corporate with weak financing constraints, and has nothing to do with the equity nature of the corporate;in addition, compared with the non-state-owned enterprises, the induced effects of state-owned holding enterprises are more sensitive to the strength of financing constraints.