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| The Impact of Government Subsidies on Enterprise Innovation Investment Based on the Mediating Effects of Financing Constraints and Risk-Taking |
| YAN Ruosen，CHEN Jing，LI Hao |
| Wuhan University, Wuhan, China |
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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.
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Received: 21 November 2019
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