统计与数据科学学院知识库

       创新不仅是推动社会发展和科学技术进步的重要动力，同时也是一个国家经 济发展的重要引擎，创建新型国家必定是国家积极创新的动力，也是未来发展的 趋势。对于一个国家的创新体系而言，制造业始终占据着重要位置，属于驱动国 家创新不可或缺的因素，与国家生产力和未来经济发展趋势存在密切关系。然而 其中依然存在诸多问题，包括缺乏创新力和投入研发力度不足等等。出现这些问 题的主要原因是，研发项目本身具有较多不确定性，投入大且回报周期长，制造 业企业要进行研发就必定有较高的融资需求。就目前来看，制造业企业融资环境 并不乐观，已有较大一部分项目因为缺乏资金而停止运行。面对融资歧视和金融 市场不成熟的大环境，政府补助能够让企业融资渠道更加完善，降低融资压力， 一方面能够让制造业企业有更高的热情开展研发活动，另一方面能够确保研发项 目顺利进行。所以，制造业企业融资会在一定程度上受到政府补助的影响，在此 基础上对制造业企业研发活动产生影响。

       此次研究运用了多种理论，包括委托代理和信息不对称等等，综合使用实证 研究和理论分析等研究方法，选择融资约束来作为中介变量，探讨了制造业企业 研发投资会受到政府补助的影响，准确判断融资约束、制造业企业研发活动和政 府补助三者之间的作用机理，此次研究选取的研究对象为2015年到2019年之间， 在深圳和上海两个股市上市的制造业企业，共计 6284 个研究样本，主要研究结 论如下：（1）政府补助能够让制造业企业加大研发投资的力度，进而得到更加 优质的研发成果，此种成果在非国有制造业企业和政府补助较多时更加明显；（2） 政府补助能够让制造业企业面临的融资难题得到有力缓解；（3）就制造业企业 而言，融资约束能够发挥出比较明显的抑制作用；（4）政府补助能够让融资约 束造成的影响降低，从而让企业研发投资发展加快，所以制造业企业研发和政府 补助之间融资约束便产生了一定的中介效应。

       最后，笔者在此文中分析了采用何种方式来降低或者是解除制造业企业融资 约束问题，在此基础上加大研发投入项目的力度，从政府、金融市场、企业三个 方面提出了对策建议，指出政府补助对制造业企业融资发挥着重要的作用，理清 了政府补助、融资约束和制造业企业研发投资的逻辑关系，对理论研究体系进行 完善。能够让制造业企业融资渠道更加丰富，也能够为政府完善法律法规和优化金融环境提供有用的建议。

Innovation is not only an important driving force to promote social development and scientific and technological progress, but also an important engine for a country's economic development. Creating a new country must be a country's active innovation, and it is also the trend of future development. For a country's innovation system, the manufacturing industry has always occupied important positions, which belongs to the indispensable factors that drive national innovation, and have a close relationship with national productivity and future economic development trends. However, there are still many problems, including lack of innovation and lack of research and development. The main reason for these issues is that the R & D project itself has more uncertainties, the investment is large, and the reward period is long. Manufacturing enterprises must have high financing needs. As far as it is, the financing environment of the manufacturing enterprise is not optimistic, and a large part of the project has been stopped by the lack of funds. In the face of financing discrimination and immature environment, government subsidies can make corporate financing channels more perfect, reduce financing pressure, on the one hand, enabling manufacturing companies to have higher enthusiasm to carry out investment activities, on the other hand, to ensure R & D projects Work well. Therefore, the manufacturing financing will be affected by government subsidies to some extent, on this basis, affecting the R & D investment activities of manufacturing enterprises.

The study used a variety of theories, including entrusted agents and information disseminated, comprehensively uses research methods such as empirical research and theoretical analysis, and chooses financing constraints as intermediary variables. The impact, accurate judgment of the role of financing constraints, manufacturing enterprise R & D activities and government subsidies, the study selected by the study is between 2015 to 2019, manufactured in two stock markets in Shenzhen and Shanghai Industry enterprises, a total of 6284 research samples, the main research conclusions are as follows: (1) Government subsidies enable manufacturing companies to increase research and development, and then get better research and development results, this result is in non-state manufacturing enterprises and governments The subsidy is more obvious; (2) Government subsidies can make the financing challenges facing manufacturing enterprises have been strongly relieved; (3) In terms of manufacturing companies, the financing constraints can play a more obvious inhibitory effect; (4) Government subsidies It can make the influence of financing constraints, and it is also possible to accelerate the development of investment in companies, so the financing constraint between manufacturing enterprises R & D and government subsidies produce a certain intermediary effect.

Finally, the author analyzed what kind of way used to reduce or lift the financing constraints of manufacturing enterprises, and put forward countermeasures in the three aspects of government, financial market, and enterprises on this basis. It is pointed out that government subsidies play an important role in financing of manufacturing enterprises, and clarify the logical relationship between government subsidies, financing constraints, and manufacturing enterprises, and improve the theoretical research system. Ability to make manufacturing corporate financing channels are more rich, and they can also provide useful comments and recommendations for government perfect laws and regulations and optimize financial environments.