政府支持、金融环境对企业创新投入影响的实证分析

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Abstract To give full play to the government innovation support policy and push for corporate innovation, it is necessary to reasonably understand the effect and mechanism of the government support on corporate innovation. Based on the panel data of 1760 A-share listed companies in China from 2017 to 2020, this paper constructs an econometric model to empirically analyze the impact of two types of government support policies, tax rebate and government subsidy, on corporate innovation input and the regulation of financial environment. The findings are as follows:（1）At national level, the government support gives a strong impetus to corporate innovation input: 1% increase in tax rebates results in 0.0411% increase in corporate R&D expenditures; 1% increase in government subsidies results in 0.0939% corporate R&D expenditures.（2）The more advanced the financial environment, the more research expenditure of enterprises. A good financial environment enhances the positive effect of government support on corporate innovation input.（3）Compared with other types of enterprises, manufacturing enterprises are more willing to invest in scientific research and development.（4） There is regional disparity in the impact of government support and financial environment on corporate innovation input. The promotion effect of government support on enterprise innovation investment is the largest in the western region, followed by the central region and the smallest in the eastern region. The effect of financial environment on the government policy is also the most obvious in western China. In view of this, we should keep pushing enterprises to increase innovation investment and improve innovation capability by building a modern financial hub, increasing government support, and balancing innovation support resources among regions.

Key words： tax rebate government subsidies corporate innovation investment financial environment regional differences industrial differences

Received: 18 February 2022

PACS:	F202
	F270.7

Fund:国家社科基金一般项目“共享发展理念下我国养老社会保障中的政府责任研究”(16BKS049); 上饶市加速发展大工业专项课题“推进上饶工业中部走前列发展战略研究”（21SRSK1-02）

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	YAO Jin-hai
	ZHONG Guo-hui

Cite this article:

YAO Jin-hai,ZHONG Guo-hui. The Impact of Government Support and Financial Environment on Corporate Innovation Investment[J]. , 2022, 39(4): 64-73.

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https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2022/V39/I4/64

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