Research On The Impact Mechanism Of Government Subsidies On Technology-based Enterprises' Research And Development Expenditure

Whether innovation can drive development is the key to realizing leapfrog development of China's economy,and effective government policies will help better realize enterprise innovation.Financing constraint is one of the main difficulties in the innovation and development of enterprises.In this context,whether government subsidies can guide social capital to develop enterprises' innovation is worth further exploration.Technology-based enterprises are important subjects of innovation activities.It is of practical significance to study the influences of government subsidies on financing and R&D expenditure of technology-based enterprises.The research on the relationship between government subsidies and enterprises' R&D expenditure is an important research field in economics.Existing studies focus more on the linear or nonlinear relationship between them,less on the mechanism of action between them;and the research on the mechanism of action is not deep enough.This paper attempts to conduct an in-depth study on the relationship among government subsidies,enterprises' financing and enterprises' R&D expenditure.Among them,enterprises' financing includes enterprises' financing constraints and financing methods.This study helps to clarify the mechanism of action among government subsidies,enterprises' financing and enterprises' R&D expenditure,and enrich the research results in related fields,so that this study has certain theoretical significance.Based on relevant literatures and basic theories,this paper conducts an empirical analysis on the unbalanced panel data of Shenzhen Growth Enterprises Market(GEM)listed companies from 2009 to 2017,and discusses the following contents:(1)the crowding in effect of government subsidies on R&D expenditure of technology-based enterprises;(2)the intermediary mechanism of financing constraints in the promotion of government subsidies to R&D expenditure of technology-based enterprises;(3)the deep mechanism of signal transmission in the promotion effect of government subsidies on R&D expenditure of technology-based enterprises;(4)differences in the influence mechanism of government subsidies on R&D expenditure of technology-based enterprises in different financial development degrees from the perspective of enterprise financing;(5)differences in the influence mechanism of government subsidies on R&D expenditure of technology-based enterprises with different innovation environment from the perspective of enterprise financing.The main research results of this paper are as follows:(1)Government subsidies can promote R&D expenditure of technology-based enterprises.(2)Government subsidies can ease the financing constraints of technology-based enterprises,and government subsidies can promote the R&D expenditure of enterprises by easing the financing constraints of technology-based enterprises.The easing of financing constraints accounted for 12.13% of the explanation of the promotion effect of government subsidies on R&D expenditure of technology-based enterprises.(3)Government subsidies can play a role in signal transmission and increase external financing of technology-based enterprises,among which equity financing of technology-based enterprises is significantly increased,while debt financing of technology-based enterprises is not significantly increased.Government subsidies can ease financing constraints of technology-based enterprises by playing a signaling role(increasing external financing).Among them,government subsidies can ease the financing constraints of technology-based enterprises by increasing equity financing.Government subsidies can stimulate the promotion of external financing to the R&D expenditure of technology-based enterprises.Among them,government subsidies can stimulate the promotion of equity financing to the R&D expenditure of enterprises,but it cannot prove that government subsidies can stimulate the promotion of debt financing to the R&D expenditure of enterprises.(4)With different degrees of financial development,government subsidies have different promoting effects on R&D expenditure of technology-based enterprises,among which,government subsidies have a greater promoting effect on R&D expenditure of technology-based enterprises in better financial development regions.With different degrees of financial development,government subsidies can promote R&D expenditure of technology-based enterprises by easing financing constraints,and government subsidies can ease financing constraints of technology-based enterprises by playing the role of signal transmission.However,there are differences in the mechanism of government subsidies on R&D expenditure of technology-based enterprises.The differences lie in the following: for the group with good financial development,government subsidies can stimulate the promotion effect of external financing(especially equity financing)on R&D expenditure of technology-based enterprises;for the group with lagging financial development,government subsidies could not stimulate the promotion effect of external financing on R&D expenditure of technology-based enterprises.(5)With different innovation environment,government subsidies have different promoting effects on R&D expenditure of technology-based enterprises,among which,government subsidies have a greater promoting effect on R&D expenditure of technology-based enterprises in cities with better innovation environment.With different innvation environment,government subsidies can promote R&D expenditure of technology-based enterprises by easing financing constraints,and government subsidies can ease financing constraints of technology-based enterprises by playing the role of signal transmission.However,there are differences in the mechanism of government subsidies on R&D expenditure of technology-based enterprises.The differences lie in the following: for the group of cities with better innovation environment,government subsidies can stimulate the promotion effect of external financing(especially equity financing)on R&D expenditure of technology-based enterprises;for the group of cities with worse innovation environment,government subsidies cannot stimulate the promotion effect of external financing(especially equity financing)on R&D expenditure of technology-based enterprises,but the increase of government subsidies can affect the allocation of enterprise debt financing funds,making enterprises allocate more debt financing funds to enterprise R&D activities.The purpose of this paper is to provide policy suggestions for promoting R&D expenditure of technology-based enterprises.The results of this paper confirm the positive impacts of government subsidies on increasing technology-based enterprises' external financing,easing technology-based enterprises' financing constraints,and promoting technology-based enterprises' R&D expenditure.This paper puts forward some policy suggestions,such as giving full play to the guiding role of government subsidies in enterprise R&D,vigorously developing the government guide funds,and vigorously developing the technology financial.