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以2010—2013年的中小板和创业板上市公司为样本,利用平衡面板模型回归预测了企业创新投资水平,进而区分企业创新投资不足或投资过度,即非效率创新投资,并在此基础上利用非平衡面板检验政府资助对企业创新投资不足或过度的影响。研究发现:政府资助对自由现金流短缺且创新投资不足具有缓解效果,从而使得自由现金流充足的企业创新投资过度更加严重。依此,为政府资助政策的制定提供有益启示,并提供了评价政府资助效果的新视角。
Based on the sample of SME and GEM listed companies in 2010-2013, the equilibrium panel model was used to predict the level of corporate innovation investment, and then to distinguish the underinvestment or overinvestment of enterprises, that is, the inefficient investment in innovation. On the basis of this, The unbalanced panel tests whether government subsidies under- or over-invest corporate innovation. The study finds that government subsidies have a relieving effect on the shortage of free cash flow and insufficient investment in innovation so that the innovation investment of enterprises with sufficient free cash flow will be more and more serious. Therefore, it provides useful enlightenment for the formulation of government subsidy policy and provides a new perspective for evaluating the effect of government subsidy.