4832 
4713研发补贴一直被政府视为缓解企业融资约束的重要手段，已有文献对于研发补贴的研究主要强调其资源效应，却忽略了研发补贴对于缓解企业融资约束的信号效应。文章选取2008-2015年沪深A股上市公司的数据，探讨了研发补贴、信息不对称与企业融资约束之间的关系。结果表明，融资约束问题仍然普遍存在于中国企业之中，而研发补贴可以有效缓解企业融资约束。进一步的研究发现，“信号效应”是研发补贴缓解企业融资约束的一个重要的隐藏机制，它通过降低企业与外部投资者之间的信息不对称问题增加更多的外源融资。最后，文章通过研发补贴的“信号效应”的异质性分析，发现研发补贴对于中小规模的、处于成长阶段的、低市场化程度地区和动荡的行业环境中的企业影响更大。
研发补贴与融资约束：信号效应的检验
摘要
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引用本文
李骏, 万君宝. 研发补贴与融资约束：信号效应的检验[J]. 上海财经大学学报, 2019, 21(6): 81-95.
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