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        财政补贴、融资约束与高新技术企业创新投入

        丁一丹,제혜금 인문사회 21 2023 인문사회 21 Vol.14 No.3

        The purpose of this study is to study the relationship among financial subsidies, financing constraints and innovation input of high-tech enterprises.Based on the data of 356 Chinese A-share listed high-tech enterprises from 2016 to 2021, EXECL is used to calculate and collate some indicators, and Stata 16.0 is used to perform regression analysis on the data.This paper analyzes the influence of financial subsidies on innovation input of high-tech enterprises and the mediating role of financing constraints.There is a significant positive correlation between fiscal subsidies and enterprises’ innovation input. Fiscal subsidies can alleviate the financing constraints of high-tech enterprises, and financing constraints play a partial intermediary role in the influence of fiscal subsidies on enterprises’ innovation input. By grouping the samples according to ownership, it is concluded that the influence of government subsidies on innovation input of high-tech enterprises has ownership heterogeneity. The government should relax financing policies and increase government subsidies, so as to improve enterprise innovation input.

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