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利用2010—2014年深交所308家中小板上市公司面板数据,基于中小企业承担风险水平的视角,研究政府补贴对企业科技创新的作用。研究发现:政府补贴强度对企业科技创新活动呈“U”型影响;政府补贴和企业承担风险水平对中小企业科技创新活动具有挤入效应,高承担风险水平的企业在政府补贴下科技创新活动具有更高效率;企业承担风险水平对全部样本的科技创新活动不具有显著性,但是对民营企业的科技创新活动具有显著的正向作用。
Using the panel data of 308 listed SMEs in 2010-2014 in Shenzhen Stock Exchange, this paper studies the role of government subsidies in the innovation of science and technology in enterprises based on the perspective of SMEs taking risks. The results show that the intensity of government subsidy has a “U” effect on the scientific and technological innovation activities of enterprises; the government subsidies and the risk levels borne by enterprises have a crowding-in effect on S & T innovation activities of small and medium-sized enterprises; and that enterprises with high risk-taking levels are scientifically innovative under government subsidies Activities have a higher efficiency; the level of risk-taking enterprises for all samples of scientific and technological innovation activities are not significant, but the private-owned science and technology innovation activities have a significant positive effect.