| Since the 18 th national congress of the communist party of China(CPC),innovation has been the top of the five new theories of development and has become the main strategic support of our country.In the nineteenth report,innovation is the first driving force for development.Around the innovation development strategy,all-round to carry out technological innovation,focus on outstanding enterprises in the main role in innovation,in order to drive the society as a whole to improve the innovation ability.To achieve this,the government continues to enterprise technology innovation strength of subsidies.So whether the government subsidy funds effectively played a promoting role,for the research has important practical significance for this problem.Throughout the domestic and foreign existing research results,the effect of government subsidy to the enterprise R&D strength has not yet formed a unified conclusion.Therefore,in this paper,combining the theory of innovation,financing constraints theory,externality theory and the theory of financial development on the basis of existing literature to research government subsidies and the relationship of corporate R&D input,and add a financial intermediary development and financial development directly influence both corporate debt financing and equity financing of the financial market factors,further makes a research on the government subsidies are at different level of financial development of the gem listed companies R&D intensity difference.This paper choose the GEM listed companies all industry as the research object,a total of 345 companies in 2013-2016 data as a sample,inspects the government subsidies to the gem enterprise R&D strength,on this basis,we consider the development of financial intermediaries and direct financial development two aspects to study the effect of government subsidy to the enterprise development.The empirical results show that: first,the enterprise R&D investment and internal cash flow is positively correlated relationship,R&D financing constraints;Second,the government subsidy to the gem a significant role in promoting corporate R&D input,and produce incentive effect,with the improvement of government R&D subsidies,namely enterprise R&D intensity increases;The third;The level of regional financial development improve significantly promoted the enterprise R&D investment;Fourth,from two aspects of financial intermediation development and financial development directly measure the level of regional financial development,financial intermediation development on government subsidies incentive effect is not obvious,the influence of financial development significantly reduced the government subsidies directly to the enterprise R&D incentive effects,namely the more mature securities market development,area the higher the level of financial development directly,a decline in government subsidies for the promotion of enterprise R&D spending.Therefore,the government not only need to increase the intensity of the gem enterprise R&D subsidy,should also be considered in different parts of the level of financial development,targeted government subsidy policy,in order to play the optimal utility of government investment,at the same time to improve the operating mechanism of banking and securities markets provide better financial environment for the enterprise. |
