Abstract： Based on the perspectives of financing constraints and risk taking, this studyresearches the impact of government subsidies on enterprise innovation investment, using the samples of A-share listed companies in Shanghai and Shenzhen stock exchange from 2009 to 2016 to conduct the empirical tests. The results show that: ①Government subsidies are positively related to enterprise innovation investment. The more government subsidies, the more enterprise innovation investment. ②The financing constraints play the mediating role between government subsidies and enterprise innovation investment, that is, government subsidies improve enterprise innovation investment by relieving the financing constraints on enterprises. ③The enterprises’ risk-taking also plays the mediating role between government subsidies and enterprise innovation investment, that is, government subsidies promote enterprise innovation investment by improving enterprises’ risk-taking ability. ④ Due to the heterogeneities of property rights, industrial characteristics and institutional environments, the mediating effects of financing constraints and risk-taking are different among enterprises.
严若森，陈静，李浩. 基于融资约束与企业风险承担中介效应的政府补贴对企业创新投入的影响研究[J]. 管理学报, 2020, 17(8): 1188-.
YAN Ruosen，CHEN Jing，LI Hao. The Impact of Government Subsidies on Enterprise Innovation Investment Based on the Mediating Effects of Financing Constraints and Risk-Taking. Chinese Journal of Management, 2020, 17(8): 1188-.
