The Influence Of Government Subsidy And Debt Financing On R&D Innovation

In recent years,China's economy is transforming from "investment driven" to"innovation driven",in which the "transformation and upgrading" of manufacturing enterprises is the focus of economic transformation,so it is of practical significance to study the R&D innovation of manufacturing enterprises in China's economic development.R&D innovation activities cannot be carried out without financial support,and R&D funds are mainly composed of enterprise funds(debt financing,etc.)and government subsidies.Only by clarifying the relationship between government subsidies,debt financing and R&D innovation can government subsidies and debt financing have a more profound positive impact on R&D innovation.So what is the relationship between government subsidies,debt financing and R&D innovation?In order to carry out this research,this thesis first uses R&D investment and R&D investment proportion to express R&D innovation.R&D investment measures the capital investment of enterprises in R&D innovation activities,which is an important factor affecting the innovation ability of enterprises;R&D investment proportion indicates the proportion of R&D investment in the total investment of enterprises,which reflects the distribution of investment funds of enterprises.Then,in order to study the impact of government subsidies,debt financing and their interaction on R&D innovation,this thesis sets the core explanatory variables as government subsidies and debt financing,and introduces the interaction of government subsidies and debt financing.Finally,this thesis takes 2013-2018 A-share listed manufacturing enterprises as the research object,and uses panel quantile regression model to study the impact of government subsidies and debt financing on R&D innovation at different quantile levels.The results of this thesis are as follows:(1)the impact of government subsidies and debt financing on R&D investment.At present,the overall level of R&D investment of Chinese enterprises is low.Government subsidies can improve the R&D investment of enterprises,and the higher the level of R&D investment,the stronger the role of promoting enterprises.The inhibitory effect of debt financing on R&D investment is inverted "U" type,but when the level of R&D investment rises to a certain value,the impact of debt financing on R&D investment turns into promoting effect.(2)The impact of government subsidies and debt financing on the proportion of R&D investment.When the proportion of R&D investment of Chinese enterprises is generally low,government subsidies can promote the proportion of R&D investment,and the higher the proportion of R&D investment,the stronger the role of government subsidies.With the increase of R&D investment proportion,the effect of debt financing on R&D investment proportion has changed from promotion to inhibition.(3)The interaction of debt financing and government subsidies has a positive impact on R&D investment and R&D investment proportion,and a negative impact on R&D investment and R&D investment proportion.(4)The difference of enterprise ownership will affect the marginal effect of government subsidies and debt financing on R&D investment and R&D investment proportion.Compared with state-owned enterprises,government subsidies and debt financing can have a more favorable impact on R&D innovation in non-state-owned enterprises.Based on the above empirical conclusions,this thesis puts forward suggestions to promote enterprise innovation from three aspects:government,financial institutions and enterprises.