政府补贴与创新质量：经济政策不确定性与金融科技的作用

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-29 DOI:10.1016/j.frl.2025.107658

Jianwang Liu , Weifeng Xia

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引用次数: 0

摘要

本文利用2013 - 2022年中国上市公司的数据，考察了政府补贴对创新质量的影响。它还考虑了外部冲击，特别是经济政策不确定性（EPU）和金融技术（FINTECH）。结果表明，政府补贴显著提高了企业的平均创新质量和整体创新质量。然而，EPU削弱了这种积极影响，而金融科技则加强了这种积极影响。稳健性测试证实了这些发现的可靠性。该研究强调了增加政府补贴、减轻EPU和推进金融科技发展的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Government subsidies and innovation quality: The role of economic policy uncertainty and financial technology

Using data from Chinese listed companies between 2013 and 2022, this paper examines how government subsidies influence innovation quality. It also considers external shocks, particularly economic policy uncertainty (EPU) and financial technology (FINTECH). The results show that government subsidies significantly enhance both average and overall innovation quality. However, EPU weakens this positive effect, while FINTECH strengthens it. Robustness tests confirm the reliability of these findings. The study underscores the importance of increasing government subsidies, mitigating EPU, and advancing FINTECH development.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance