CAJ | 학술논문

运用高新技术上市公司数据，对政府补贴缓解研发融资约束效应进行了实证研究。结果表明：我国高新技术上市公司普遍存在研发融资约束现象，且表现出显著的研发投资现金流敏感性特征；政府补贴缓解研发融资的直接效应显著，间接效应不显著；我国资本市场债务融资对高新技术上市公司研发投资的促进作用不明显，而权益融资对高新技术上市公司研发投资具有显著的促进作用。
운용고신기술상시공사수거，대정부보첩완해연발융자약속효응진행료실증연구。결과표명：아국고신기술상시공사보편존재연발융자약속현상，차표현출현저적연발투자현금류민감성특정；정부보첩완해연발융자적직접효응현저，간접효응불현저；아국자본시장채무융자대고신기술상시공사연발투자적촉진작용불명현，이권익융자대고신기술상시공사연발투자구유현저적촉진작용。
The article is an empirical research on mitigation of government subsidies on financing constraints of R＆amp;D based on the data of public company of high and new technology .The research results show that there are ubiquitous financing constraints of R＆amp;D in public company of high and new technology in China ,Which is significant R＆amp;D cash flow sensitivi-ty ;There are significant direct mitigation of government subsidies on financing constraints of R＆amp;D ,but no significant in-direct mitigation of government subsidies on financing constraints of R＆amp;D ;There are significant effects that equity finan-cing have on R＆amp;D but no significant effects that debt financing have on R＆amp;D in public company of high and new technolo-gy in China .