【作者】 张琳；

【导师】 李新；

【作者基本信息】 首都经济贸易大学 ， 金融（专业学位）， 2022， 硕士

【摘要】 创新是引领社会经济发展的第一动力,是国家核心竞争力的来源,更是企业可持续发展的根本保障。数量众多的科技型企业是我国创新研发的主要阵地,但由于创新项目风险高、周期长以及企业自身规模较小等原因,科技型企业往往在融资方面存在困难。为此,政府出台了大量扶持政策,旨在帮助科技型企业缓解融资约束,进而促进企业创新。本文将政府补助和税收减免统称为政府资助,分别研究两种政府资助方式影响企业创新的直接路径,以及融资约束作为中介变量的中介路径,并进一步将样本按生命周期进行分组,分别考察两种方式下,不同生命周期企业中介效应的异质性。最终得出以下结论:(1)在直接效应中,政府补助和税收减免对科技型企业创新均存在正向影响。(2)在中介路径中,政府补助和税收减免均可通过改变融资约束水平来促进科技型企业创新。(3)政府补助视角下,融资约束的中介效应主要存在于成熟期,而税收减免视角下,融资约束的中介效应则主要存在于成长期。基于上述结论,本文从政府和科技型企业层面分别提出对策建议。从政府角度看应做到(1)针对不同生命周期企业精准施策,将政府补助更多应用于成熟期企业,税收减免则更多惠及成长期企业;(2)加强后续监管,建立激励对象的常态化退出和补充机制。从科技型企业角度看应做到(3)努力提升自身的自主创新能力和经营水平;(4)提高资金使用效率,加快科技成果转化。更多还原

【Abstract】 Innovation is the primary driving force leading social and economic development,the source of national core competitiveness,but also the fundamental guarantee of sustainable development of enterprises.A large number of science and technology enterprises are the main front of innovation research and development in China.However,due to the high risk,long cycle and small scale of innovation projects,science and technology enterprises often have difficulties in financing.To this end,the government has introduced a large number of supportive policies aimed at helping technology-based enterprises ease financing constraints,thus promoting enterprise innovation.This article will government subsidies and tax reduction and exemption are collectively referred to as government funding,research respectively two government funding ways affect the direct path of enterprise innovation,and financing constraints as intermediary variable intermediary path,and further the sample group,according to life cycle respectively under two kinds of methods,different life cycle enterprise intermediary effect of heterogeneity.Finally,the following conclusions are drawn:(1)in the direct effect,both government subsidies and tax reduction and exemption have a positive impact on the innovation of technology-based enterprises.(2)In the intermediary path,both government subsidies and tax relief can promote the innovation of technology-based firms by changing the level of financing constraints.(3)From the perspective of government subsidies,the mediating effect of financing constraints mainly exists in the mature stage,while from the perspective of tax reduction and exemption,the mediating effect of financing constraints mainly exists in the growth stage.Based on the above conclusions,this paper puts forward countermeasures and suggestions from the government and technology-based enterprises.From the perspective of the government,we should(1)take precise measures for enterprises in different life cycles,and apply more government subsidies to mature enterprises,while more tax breaks and exemptions benefit growing enterprises;(2)Strengthen follow-up supervision and establish a normal withdrawal and supplement mechanism for incentive objects.From the perspective of technology-based enterprises,they should(3)strive to improve their independent innovation ability and management level;(4)Improve the efficiency of capital use and speed up the transformation of scientific and technological achievements.更多还原