政府补助、金融化与制造业创新——基于上市公司的实证研究
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Government Subsidies, Financialization and Manufacturing Innovation:An empirical study based on listed companies
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    摘要:

    选取2011—2020年制造业上市公司数据,以信号理论为视角研究政府补助、金融化与制造业创新之间的关系。研究发现:研发补助、非研发补助对创新产出的作用具有非对称性,金融化在信号传递的过程中发挥了调节效应;研发补助和创新产出存在倒“U”型关系,非研发补助和创新产出呈正相关;金融化可以正向调节研发补助、非研发补助和创新产出的关系,与其他制造企业相比,金融化的调节作用在民营制造企业表现得最为明显。

    Abstract:

    Based on the data of listed manufacturing companies from 2011 to 2020 and from the perspective of signal theory.The relationship among government subsidies,financialization and manufacturing innovation is studied.It is found that the effects of R&D subsidies and non R&D subsidies on innovation output are asymmetric, financialization has played a regulatory role in the process of signal transmission. There is an inverted U-shaped relationship between R&D subsidies and innovation output, and there is a positive correlation between non R&D subsidies and innovation output. Financialization can positively regulate the relationship between R&D subsidies, non R&D subsidies and innovation output. Compared with other manufacturing enterprises, the moderating effect of financialization is most obvious in private manufacturing enterprises.

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岳媛媛.政府补助、金融化与制造业创新——基于上市公司的实证研究[J].科技与产业,2022,22(08):276-280

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  • 在线发布日期: 2022-08-23