71 
57有效稳定民营企业长期创新战略对核心技术突破意义重大。文章借助地方政府欠款清理这一准自然实验场景，基于研发决策的动态视角实证检验了欠款清理对民营企业研发投入跨期平滑的作用效果与影响机制。研究发现，地方政府欠款清理有助于企业实现研发投入的跨期平滑，具体表现为显著降低当期研发投入对营业收入的敏感性，且这种效应在企业面对不利市场冲击时更为明显；机制检验表明，地方政府欠款清理对企业研发投入跨期平滑的促进作用主要通过缓解企业的流动性约束以及提振微观主体经营预期两个方面实现；异质性检验结果表明，地方政府欠款清理的政策效果在政府来源欠款较多、经营不确定性较高及融资约束较大的样本中更显著；经济后果检验发现，地方政府欠款清理不仅能够促使民营企业研发投入实现跨期平滑，还能有效助力民营企业实现前沿领域核心技术突破并能助力新质生产力的发展。文章基于企业研发投入的动态视角，揭示了地方政府欠款清理影响民营企业研发决策的微观机理，对政府加强宏观调控以有效促进新质生产力发展具有重要借鉴意义。
地方政府欠款清理与民营企业研发投入跨期平滑
摘要
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引用本文
吴鼎纹, 陈松, 张振堃, 等. 地方政府欠款清理与民营企业研发投入跨期平滑[J]. 财经研究, 2025, 51(12): 62-76.
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