Threshold Effect of Internal and External Capital Holding on R&D Subsidy Incentive Effect: An Empirical Analysis of Private Technology Enterprises
Shang Hongtao1,Hu Yingying1,Wang Shixiao2
(1.College of Economics and Management, Beijing University of Technology, Beijing 100124, China;2.Economic and Management Station, Huo County People's Government, Tongzhou District, Beijing 101100, China)
[1] NOLAHEWITT-DUNDAS,STEPHEN ROPER.Output additionality of public support for innovation: evidence for irish manufacturing plants[J].European Planning Studies,2010,18(1) : 107-122. [2] 王德祥,李昕.政府补贴、政治关联与企业创新投入[J].财政研究,2017,38(8):79-89. [3] PHILIPPBOEING.The allocation and effectiveness of China's R&D subsidies——evidence from listed firms[J].Research Policy,2016,45(9) : 1774-1789. [4] FERNANDA BROLLO.The political resource curse[J].The American Economic Review,2013,103(5) : 1759-1796. [5] CZARNITZKI D,TOOLE A.Business R&D and the interplay of R&D subsidies and product market uncertainty[J].Review of Industrial Organization,2007,31(3): 169-181. [6] 杨洋,魏江,罗来军.谁在利用政府补贴进行创新——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015,31(1):75-86,98,188. [7] 马永强,阳丹,巩亚林.经济周期、政府扶持与企业创新[J].会计研究,2022,43(5):49-64. [8] LACH S.Do R&D subsidies stimulate or displace private R&D? evidence from Israel[J].The Journal of Industrial Economics,2002,50(4): 369-390. [9] 曹平,王桂军.选择性产业政策、企业创新与创新生存时间——来自中国工业企业数据的经验证据[J].产业经济研究,2018,17(4):26-39. [10] 戴静,刘贯春,张建华.债务期限结构、政府补贴援助与企业技术升级[J].国际金融研究,2021,37(11):33-42. [11] 于建忠,陈燕红.政府补贴对企业研发投入的门槛效应——基于融资约束差异的视角[J].浙江社会科学,2021,37(10):12-22,155. [12] 郑飞,石青梅,李腾,等.财政补贴促进了企业创新吗——基于产业生命周期的经验证据[J].宏观经济研究,2021,67(2):41-52,161. [13] 刘斌斌,左勇华.金融错配影响技术创新的政府补贴效应分析——基于企业控股权性质差异视角[J].科研管理,2022,43(1):61-69. [14] 喻贞,胡婷,沈红波.地方政府的财政补贴:激励创新抑或政策性负担[J].复旦学报(社会科学版),2020,62(6):145-153. [15] 尚洪涛,王士晓.创新补贴,企业技术产出与价值实现[J].科技进步与对策,2020,37(23):108-114. [16] MEULEMAN M,DE MAESENEIRE W.Do R&D subsidies affect SMEs' access to external financing[J].Research Policy,2012,41(3): 580-591. [17] 詹宇波,孙鑫,曾军辉.信贷约束、盈利能力与创新决策——来自中国高科技企业的面板证据[J].上海经济研究,2018,35(11):11. [18] FELDMAN M P,KELLEY M R.The exante assessment of knowledge spillovers: government R&D policy,economic incentives and private firm behavior[J].Research policy,2006,35(10): 1509-1521. [19] 王刚刚,谢富纪,贾友.R&D补贴政策激励机制的重新审视——基于外部融资激励机制的考察[J].中国工业经济,2017,34(2):60-78. [20] MYERS S C.Capital structure puzzle[J].Social Science Electronic Publishing,1984,39(3):575-592. [21] BROWN J R,MARTINSSON G,PETERSEN B C.Do financing constraints matter for R&D[J].Social Science Electronic Publishing,2012,56(8):1512-1629. [22] 常媛,曾永鹏,黄顺春.现金持有、研发投入与企业高质量发展——基于中介效应与面板门槛模型分析[J].华东经济管理,2022,36(6):58-67. [23] 唐清泉,肖海莲.融资约束与企业创新投资—现金流敏感性——基于企业R&D异质性视角[J].南方经济,2012,30(11):40-54. [24] CHEN V Z,LI J,SHAPIRO D M,et al.Ownership structure and innovation: an emerging market perspective[J].Asia Pacific Journal of Management,2014,31(1): 1-24. [25] 毕晓方,翟淑萍,姜宝强.政府补贴、财务冗余对高新技术企业双元创新的影响[J].会计研究,2017,38(1):46-52. [26] 吴松彬,张凯,黄惠丹.R&D税收激励与中国高新制造企业创新的非线性关系研究——基于企业规模、市场竞争程度的调节效应分析[J].现代经济探讨,2018,37(12):61-69. [27] 李平,王春晖.政府科技资助对企业技术创新的非线性研究——基于中国2001—2008年省级面板数据的门槛回归分析[J].中国软科学,2010,25(8):138-147. [28] 李万福,杜静,张怀.创新补助究竟有没有激励企业创新自主投资——来自中国上市公司的新证据[J].金融研究,2017,60(10):134-149. [29] JENSEN M C.Agency costs of free cash flow,corporate finance,and takeovers[J].The American Economic Review,1986,76(2): 323-329. [30] 常蕊,韩宝山.超额现金如何影响企业研发投入——基于企业异质性和影响机制的实证研究[J].经济与管理研究,2022,43(4):126-144. [31] HOTTENROTT H,PETERS B.Innovative capability and financing constraints for innovation: more money,more innovation[J].Review of Economics and Statistics,2012,94(4): 1126-1142. [32] 解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011,54(5):171-183. [33] 张璇,刘贝贝,汪婷,等.信贷寻租、融资约束与企业创新[J].经济研究,2017,52(5):161-174. [34] 韩剑,严兵.中国企业为什么缺乏创造性破坏——基于融资约束的解释[J].南开管理评论,2013,16(4):124-132. [35] AYYAGARI M, DEMIRGü?-KUNT A, MAKSIMOVIC V.Firm innovation in emerging markets: the role of finance,governance,and competition[J].Journal of Financial and Quantitative Analysis,2011,46(6): 1545-1580. [36] 李汇东,唐跃军,左晶晶.用自己的钱还是用别人的钱创新——基于中国上市公司融资结构与公司创新的研究[J].金融研究,2013,56(2):170-183. [37] BERZKALNE I,ZELGALVE E.Capital structure and innovation：a study of baltic listed companies[J].Changes in Social and Business Environment,2013(5):13-21. [38] CHEN J,HENG C S,TAN B C Y,et al.The distinct signaling effects of R&D subsidy and non-R&D subsidy on IPO performance of IT entrepreneurial firms in China[J].Research Policy,2018,47(1): 108-120. [39] BRUCE E HANSEN.Threshold effects in non-dynamic panels: estimation,testing,and inference[J].Journal of Econometrics,1999,93(2): 345-368.
