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论文编号：	13214
作者编号：	2120202849
上传时间：	2022/6/7 16:21:04
中文题目：	政府补贴和外部融资对战略性新兴企业创新的影响
英文题目：	Influence of Government Subsidies and External Financing on Innovation of Strategic Emerging Enterprises
指导老师：	李莉
中文关键字：	政府补贴；外部融资；战略性新兴企业；企业创新
英文关键字：	Government subsidies; External financing; Strategic emerging enterprises; Enterprise innovation
中文摘要：	我国经济正在向高质量发展阶段迈进，战略性新兴企业掌握着关键技术，所以提高其创新能力至关重要。然而战略性新兴企业的创新项目一般保密性强，由于信息不对称，外部融资会更加困难；同时又需要投入大量资金，且项目风险不确定性大、风险较高，所以企业进行创新投入的意愿不强或无法获得足够的资金支持。为了提高战略性新兴企业研发创新的积极性，政府采用补贴政策来激励企业创新，但财政资源配置是否有效率，政府补贴是否达到激励效果，尚未达成一致结论。因此，本文探究政府补贴对战略性新兴企业创新的影响。同时，创新活动的难度日益加大，战略性新兴企业处于产业生命周期的发展初期阶段，在技术、资金、人力等方面资源匮乏，完全依靠自身力量无法满足创新的需求，需要依靠金融机构和金融市场中的外部资源。因此，本文探究不同融资方式对战略性新兴企业创新的影响。 本文选取2017年-2020年我国战略性新兴产业综合指数（新兴综指000891）中951家成分股为样本，研究政府补贴和外部融资对战略性新兴企业创新的影响。其中，政府补贴分为财政补贴和税收优惠，外部融资分为债务融资和股权融资。考虑到政府补贴和外部融资的相互作用，本文又研究了两种方式产生的四个交互项对企业创新的影响。 实证结果表明：第一，政府补贴与外部融资对企业创新的激励效应具有差异性。财政补贴和税收优惠对战略性新兴企业的创新具有显著促进作用，且财政补贴的促进效果优于税收优惠；债务融资和股权融资对战略性新兴企业的创新具有抑制作用。第二，财政补贴和税收优惠在外部融资的调节下抑制了对战略性新兴企业创新的激励作用。 本文的研究在理论方面，构建了政府补贴、外部融资以及两者的协同配合对创新投入影响的理论模型；在实践方面，帮助管理者充分认识到不同的融资方式对企业创新产生的差异性影响，合理调整融资结构，同时也为政府制定企业补助政策提供一定的参考。
英文摘要：	China's economy is moving towards a high-quality development stage. Because strategic emerging enterprises master key technologies, it is very important to improve their innovation ability. However, the innovation projects of strategic emerging enterprises are generally confidential. Due to information asymmetry, external financing will be more difficult, and a large amount of funds need to be invested. Moreover, the project risk is uncertain and high. Therefore, enterprises are not willing to invest in innovation or can not obtain sufficient financial support. In order to improve the enthusiasm of R&D and innovation of strategic emerging enterprises, the government adopts subsidy policies to encourage enterprise innovation, but whether the allocation of financial resources is efficient and whether government subsidies achieve the incentive effect has not reached an agreed conclusion. Therefore, this paper explores the impact of government subsidies on the innovation of strategic emerging enterprises. At the same time, the difficulty of innovation activities is increasing. Strategic emerging enterprises are in the early stage of development of the industrial life cycle. They are lack of resources in technology, capital and human resources. They can not meet the needs of innovation by relying solely on their own strength. They need to rely on external resources in financial institutions and financial markets. Therefore, this paper explores the impact of different financing methods on the innovation of strategic emerging enterprises. The sample of this paper is 951 constituent stocks in China's strategic emerging industry comprehensive index (emerging composite index 000891) from 2017 to 2020 to study the impact of government subsidies and external financing on the innovation of strategic emerging enterprises. Government subsidies are divided into financial subsidies and tax incentives, and external financing is divided into debt financing and equity financing. Considering the interaction between government subsidies and external financing, It also studies the impact of the four interactive items produced by the two ways on enterprise innovation. The empirical results show that: first, the incentive effects of government subsidies and external financing on enterprise innovation are different. Financial subsidies and tax incentives can significantly promote the innovation of strategic emerging enterprises, and the promotion effect of financial subsidies is better than that of tax incentives; Debt financing and equity financing inhibit the innovation of strategic emerging enterprises. Second, financial subsidies and tax incentives restrain the incentive effect on the innovation of strategic emerging enterprises under the regulation of external financing. In terms of theory, this paper constructs a theoretical model of the impact of government subsidies, external financing and their cooperation on innovation investment; In practice, help managers fully understand the differential impact of different financing methods on enterprise innovation, reasonably adjust the financing structure, and provide some reference for the government to formulate subsidy policies for enterprises.
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