Research On The Threshold Effect Of Government Subsidies On Technological Innovation Investment Of Listed Companies Of Small And Medium-sized Enterprises From The Perspective Of Financial Constraints

Small and medium-sized enterprises(SMEs)are the new force of economic development and social progress.They are also the main entities of the state in building technological innovation system,cultivating high-tech industries and building an innovative country.The difficult and expensive financial plight faced by SMEs will seriously inhibit SMEs from carrying out existing technological innovation activities and launching new technological innovation projects.Our government has given full support to technological innovation of small and medium-sized enterprises in the form of government subsidies.Firstly,this thesis systematically combs and reviews the existing domestic and foreign research on this issue.Based on the existing theories,hypotheses of this thesis are put forward through theoretical analysis.Taking 223 small and medium-sized enterprises listed on the SME board and GEM board in Shenzhen Stock Exchange from 2010 to 2017 as research objects.It is found that the total amount and average value of government subsidies and R&D funds of non-state-owned and state-owned SMEs are increasing year by year,and the average value of government subsidies and R&D funds of state-owned SMEs is larger than that of non-state-owned SMEs;both non-state-owned and state-owned SMEs are facing certain financial constraints,and the financial constraints of non-state-owned SMEs are more serious.Secondly,from the perspective of financial constraints,the empirical test finds that the effect of government subsidies on technological innovation investment of non-state-owned SMEs has a double threshold effect of financing constraints.With the increase of financial constraints,the effect of government subsidies in promoting technological innovation investment of non-state-owned SMEs increases first and then decreases.When the financial constraints of non-state-owned SMEs are under weak financial constraints(Fc ? 1.8301),the regression coefficient between government subsidies and technological innovation investment is 0.2234.With the increase of financial constraints and crossing the first threshold value of 1.8301,non-state-owned SMEs are under medium financial constraints(1.8301 < Fc ?1.9715),and the government subsidies has the greatest effect on promoting technological innovation investment,with a coefficient of 2.6765.When the level of financial constraints crosses the second threshold value of 1.9715,the non-state-owned SMEs are under strong financial constraints(Fc>1.9715),the coefficient of government subsidies and technological innovation investment is 0.3589,while the effect of government subsidies in promoting technological innovation investment decreases,but the coefficient is 0.3589 greater than 0.2234,which shows that for non-state-owned SMEs,the effect of government subsidies under strong financial constraints is greater than that under weak financial constraints.Thirdly,from the perspective of financial constraints,the empirical test finds that the effect of government subsidies on technological innovation investment of state-owned SMEs has a single threshold effect of financing constraints.The promotion effect of government subsidies on technological innovation investment decreases with the increase of financial constraints of state-owned SMEs.When the state-owned SMEs are under weak financial constraints(Fc?2.1144),the regression coefficient of government subsidies and technological innovation investment is 2.2632,which has the greatest promotion effect.When the state-owned SMEs are under strong financial constraints(Fc > 2.1144),the coefficient of government subsidies and technological innovation investment is 0.1579,the promotion effect decreases significantly.Finally,according to the theoretical analysis and research results,combined with the actual situation of small and medium-sized enterprises in China,the thesis puts forward corresponding policy recommendations to improve the effect of government subsidies for SMEs,alleviate the financing constraints faced by SMEs and improve their technological innovation.