›› 2018, Vol. 34 ›› Issue (2): 69-77.

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Social Capital Investment,Government Subsidies and R&D Investment: An Analysis Based on Chinese Private Listed Companies

CHU Youwei   

  1. School of Accounting,Dongbei University of Finance and Economics,Dalian 116025,China
  • Received:2017-05-09 Online:2018-02-10 Published:2018-02-10

社会资本投资、政府补贴与研发投资——基于民营上市公司的研究

楚有为   

  1. 东北财经大学会计学院,辽宁 大连 116025
  • 作者简介:楚有为(1988-),男,黑龙江哈尔滨人,东北财经大学会计学院博士生。
  • 基金资助:
    国家自然科学基金资助项目(71302056)

Abstract: Based on the data of Chinese private listed companies from 2010 to 2014,this article examines the influence of social capital investment on the government subsidies and the utilization efficiency of subsidies in R&D activities. The study finds that social capital investment brings more government subsidies to the company. The more the companies invest insocial capital,the more subsidies will be spent on R&D activities. This phenomenon is more significant withcompanies which are more financing constrained or companies in less financial-developed areas. This article shows that social capital investment of private companies is a helpless choice when facing financing constraintin R&D activities rather than a contribution to the misallocation of resources.

Key words: Social Capital Investment, Government Subsidies, R&D Investment, Financing Constraints

摘要: 本文利用2010~2014年民营上市公司样本,考察民营企业社会资本投资对企业政府补贴获取以及研发活动中补贴利用效率的影响。研究发现,民营企业社会资本投资会为企业带来更多的政府补贴,并且社会资本投资更多的企业会将政府补贴更多地投入到研发活动中。这种作用与企业融资约束程度及所处的金融市场化水平有关,融资约束严重、金融市场化程度较低时,社会资本投资较多的民营企业会将其获得补贴更多投入研发活动。本文的研究表明,民营企业社会资本投资并不一定会造成资源错配,社会资本投资可能是民营企业研发活动面临融资约束时,为获取政府支持而选择的非正式手段。

关键词: 社会资本投资, 政府补贴, 研发投资, 融资约束

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