经济社会的发展离不开创新，创新是推动社会发展的第一动力。目前我国社 会研发投入现状表现为研发投入总量在不断增加，研发投入结构也在不断优化， 但与发达国家相比，仍存在一定差距。在此背景下，我国政府不断发挥引导作用， 激励全社会加大对研发创新的投入，特别是加大对基础型和应用型研究领域的研 发投入；不断优化社会资源的配置效率，形成以企业为主体，市场为导向的格局； 不断发挥政府的管理职能，加大对研发项目的政策支持力度；不断加强法律制度 建设，为社会的科技创新活动提供良好的制度环境。因此，在面对国内外如此激 烈的竞争环境以及政府政策的导向作用下，讨论如何促进企业研发投入具有重大 的现实意义。 国内外学者已经就政府补助、债务融资与研发投入三者之间的关系进行了多 角度的探讨。论文在借鉴其他学者研究的基础上，从优序融资理论、信息不对称 理论、委托代理理论和信号传递理论出发，以2012年—2018年A股制造业上市 企业为研究对象，分析债务融资对企业研发投入的影响，以及政府补助在两者关 系中所起到的调节作用。研究结果表明：债务融资抑制了企业的研发投入，具体 而言，与国有企业相比，债务融资对非国有企业研发投入的抑制作用更强；与开 发式创新投入相比，债务融资对企业探索式创新投入的抑制作用更强。在分析政 府补助的调节效应发现，在全样本回归分析中，政府补助负向调节债务融资与企 业研发投入二者之间的关系，即政府补助缓解了债务融资对企业研发投入的抑制 作用；基于研发投入异质性分析中，政府补助缓解了债务融资对探索式创新投入 以及开发式创新投入的抑制作用；在国有企业与非国有企业两个分样本组中，政 府补助负向调节债务融资与企业研发投入两者之间的关系，调节效应没有因企业 性质的不同而存在显著差异。 本文探讨了债务融资与异质性研发投入的关系，以及政府补助对二者关系的 调节作用。根据分析结果，本文的政策建议如下：企业自身应强化监督约束机制， 完善内部治理制度；増强自律性和自我约束，合理利用政府补助；成立多方战略 联盟，建立研发中心。政府应该建立科学合理的评估体系，强化财政补助对象的 针对性与客观性；促进金融市场化改革，加强企业信用体系的建设；完善产权保 护制度。 关键词：债务融资；政府补助；研发投入；制造业企业 II Abstract Economicandsocialdevelopmentisinseparablefrominnovation,and innovationisthefirstdrivingforceforsocialprogress.Ingeneral,China'stotalR&D investmenthasincreasedyearbyyear,anditsstructurehasbeencontinuously optimized,However,comparedwithdevelopedcountries,thereisstillacertaingap. Onthisbackground,theChinesegovernmentcontinuestoplayaguidingrole, inspiringthewholesocietytoincreaseinvestmentinresearchanddevelopment innovation,especiallyinbasicandappliedresearchareas;continuouslyoptimizethe allocationefficiencyofsocialresources,formapatternthattakestheenterpriseasthe mainbodyandthemarketastheguidance;constantlyexertthegovernment's managementfunctionsandincreasepolicysupportforR&Dprojects;constantly strengthentheconstructionoflegalsystemstoprovideagoodinstitutional environmentforsocialscientificandtechnologicalinnovationactivities.Therefore,in thefaceoffierceinternationalcompetitionandtheenthusiasticcallofthegovernment, itisofgreatpracticalsignificancetostudyanddiscusshowtoincreasetheR&D investmentofenterprises. Scholarsathomeandabroadhavediscussedtheimpactofgovernmentsubsidies anddebtfinancingonR&Dinvestmentfrommultipleperspectives.Basedonthe researchofotherscholars,andbasedonthepriorityorderfinancingtheory, informationasymmetrytheory,principal-agenttheoryandsignaltransmissiontheory, takingA-sharemanufacturinglistedcompaniesasresearchobjectsfrom2012to 2018,thispaperanalyzestheimpactofdebtfinancingontheenterprisesR&D investmentandthemoderatingroleofgovernmentsubsidiesintherelationship betweenthem.Theresultsofthestudyshowthat:Debtfinancinginhibitscorporate R&Dinvestment.Specifically,comparedwithstate-ownedenterprises,debtfinancing hasastrongerinhibitoryeffectonnon-state-ownedenterpriseR&Dinvestment; comparedwithdevelopment-typeinnovationinvestment,theinhibitoryeffectof innovativeinvestmentisstronger.Intheanalysisoftheadjustmenteffectof governmentsubsidies,itwasfoundinthefullsampleregressionanalysisthat governmentsubsidiesnegativelyregulatestherelationshipbetweendebtfinancing andenterpriseR&Dinvestment,thatis,governmentsubsidiesalleviatetheinhibitory effectofdebtfinancingonenterpriseR&Dinvestment;Basedontheanalysisofthe heterogeneityofR&Dinvestment,governmentsubsidiesalleviatetheinhibitoryeffect III ofdebtfinancingonexploratoryinnovationinputanddevelopmentinnovation input;Inthetwosub-groupsofstate-ownedenterprisesandnon-state-owned enterprises,therelationshipbetweengovernmentsubsidynegativeadjustmentdebt financingandenterpriseR&Dinvestment,theadjustmenteffectdoesnotdiffer significantlyduetothenatureoftheenterprise; Thisarticleexplorestherelationshipbetweendebtfinancingandheterogeneous R&Dinvestment.Andtheadjustmenteffectofgovernmentsubsidiesonthe relationshipbetweenthem.Accordingtotheanalysisresults,thepolicy recommendationsofthisarticleareasfollows:enterprisesshouldstrengthenthe supervisionandrestraintmechanismandimprovetheinternalgovernancesystem; stubbornlyself-disciplineandself-restraint,usegovernmentsubsidiesreasonably; establishstrategicalliances,andestablishresearchanddevelopmentcenters.The governmentshouldestablishascientificandreasonableevaluationsystem,strengthen thepertinenceandobjectivityoffinancialsubsidypolicytargets;promotefinancial market-orientedreforms,strengthentheconstructionofcorporatecreditsystems,and improvethepropertyrightsprotectionsystem. KeyWords:DebtFinancing;GovernmentSubsidies;R&DInvestment; ManufacturingEnterprise IV 目录 摘要.................................................................................................................................I Abstract..........................................................................................................................II 第1章绪论..................................................................................................................1 1.1研究背景及意义............................................................................................1 1.1.1研究背景..............................................................................................1 1.1.2研究意义..............................................................................................3 1.2文献综述........................................................................................................3 1.2.1研发投入的相关研究..........................................................................3 1.2.2债务融资的相关研究..........................................................................6 1.2.3政府补助的相关研究..........................................................................8 1.2.4文献评述............................................................................................10 1.3研究内容与方法..........................................................................................10 1.3.1研究内容............................................................................................10 1.3.2研究方法............................................................................................11 1.4创新之处......................................................................................................11 第2章相关概念与理论基础....................................................................................12 2.1相关概念......................................................................................................12 2.1.1政府补助............................................................................................12 2.1.2债务融资............................................................................................12 2.1.3研发投入............................................................................................12 2.2理论基础......................................................................................................13 2.2.1优序融资理论....................................................................................13 2.2.2信息不对称理论................................................................................13 2.2.3委托代理理论....................................................................................14 2.2.4信号传递理论...............................