政府研发与非研发补贴“光环效应”对企业外部融资的影响——来自新能源企业的实证

doi:10.6049/kjjbydc.2020060421

SCIENCE & TECHNOLOGY PROGRESS AND POLICY

2021, Vol. 38

Issue (4): 70-77 DOI: 10.6049/kjjbydc.2020060421

Enterprise Innovation Management

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The "Halo Effect" of Government R&D and Non-R&D Subsidies on the External Financing of Enterprises

Gong Hong^1,2,Zhu Ling Xi¹

(1.Economics and Management School of Wuhan University，Wuhan 430072，China;2.Research Center for China Industry University Research Institute Collaboration of Wuhan University，Wuhan 430072，China)

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Abstract This study mainly discusses the influence of government R&D subsidies and non-R&D subsidies on external financing of enterprises through "halo effect" and the moderating effect of patent intensity between the two. Based on the data of 228 new energy enterprises in China from 2008 to 2018,the results show that: ①government R&D and non-R&D subsidies have a positive impact on the external financing of enterprises,that is,the government has a halo effect by providing financial support to enterprises,expanding the opportunities for enterprises to obtain external financing; ②patent intensity significantly positively regulates the relationship between government R&D and non-R&D subsidies and long-term and short-term debt financing of enterprises,but has no obvious impact on enterprises' equity financing,that is,banks and other financial institutions pay more attention to the innovation ability of enterprises when deciding whether to invest in enterprises.

Key words： Government Subsidy Halo Effect External Financing Patent Intensity

Received: 15 June 2020

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Gong Hong,Zhu Ling Xi. The "Halo Effect" of Government R&D and Non-R&D Subsidies on the External Financing of Enterprises[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2021, 38(4): 70-77.

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http://www.kjjb.org/EN/10.6049/kjjbydc.2020060421 OR http://www.kjjb.org/EN/Y2021/V38/I4/70

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