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| The Signaling Effects of R&D Subsidy and Enterprise Innovation on Investors' Investment Decisions of Technology-based SMEs |
| Liu Xinmin1,2,Song Hongru3,Fan Liu4 |
| (1.College of Economics and Management,Shandong University of Science and Technology; 2.Qingdao Agricultural University;3.College of Mathematics and Systems Science,Shandong University of Science and Technology;4.Management College，Ocean University of China,Qingdao 266100,China) |
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Abstract Based on the signaling theory and the perspective of internal and external signals,using thedataofChina'slisted technology-based SMEsfrom2012to2018,the paper develops a clustered robust two-way fixed effect model and empirically tests the influence mechanism of R&D subsidy and enterprise innovation and their interaction on investor’sinvestment decisions.The results show that R&D subsidy is a significant positive correlated with external investor’s investment decision,which can bring more external investment to technology-based SMEs.High-risk enterprise innovation will inhibit the investment behavior of external investor,and send negative signals to external investor.On the interaction between government subsidy and enterprise innovation,direct subsidy can weaken the negative impact of innovation output,while indirect subsidy are positively regulate the negative signals that innovation output delivers to investors.At the end of the paper,some policy suggestions are put forward to ease the financing constraints of technology-based SMEs.
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Received: 04 July 2019
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