关键词: 控股权性质, 金融错配, 技术创新, 政府补贴效应

Abstract:     It is important for financial institutions to bring such functions as financial intermediation, risk diversification and revenue assessment into play to improve a nation′s technological innovation capacity, and whether or not to be able to finance enough external equity funds and debts will have an important impact on enterprises′ technological innovation activity and their according technological innovation strategies. However, there exists serious binary ownership financial misallocation under the background of binary ownership economic structure and government′s dominance on financial resource allocation. As misallocation of limited and scarce financial resource appears, not only does it make those enterprises with stronger innovation aspiration and higher innovation efficiency fall into financing dilemma, it always results in the distortion of capital price and the loss of financial system′s risk diversification and revenue assessment functions, which will hider enterprises from conducting technological innovation and thus improving their technological innovation capability.
     As an important measure to encourage enterprises to innovate, subsidies are often used by many governments. Although previous studies have paid much attention to discuss the influence mechanism, conducive pathway and the policy effect of government subsidies on enterprises′ R&D and innovation outputs under the hypothesis of financial resource being allocated reasonably, and further attention has been paid to discuss the influence of government subsidies on encouraging  enterprises with different ownership to innovate, there exist few studies discussing government subsidies′ policy effect under the background of financial resource being misallocated. Accordingly, this paper is aimed to discuss the policy effect and conducive mechanism of government subsidies on technological innovation of enterprises confronted with financial misallocation constraints from the perspective of different enterprise′s ownership.
     After analyzing the impact of financial misallocation on enterprises′ technological innovation with different ownership and the according government subsidy effect theoretically, this paper constructed enterprise′s financial misallocation degree measuring model firstly. And then a specific measurement was conducted using the data of listed companies in China′s A stock market from 2012 to 2019 as a sample, which was used to continue the following empirical test. As is found out: (1) Although financial misallocation can improve state-owned companies′ technological innovation outputs, it decreases private companies′ technological innovation outputs and hinders the improvement of both state-owned and private companies′ original invention capability seriously. (2) Not only can government subsidy help to alleviate the negative effect of financial misallocation on private companies′ technological innovation outputs and their original invention capability, but stimulate them to increase their R&D under financial misallocation circumstance. (3) Government subsidies can not do any help to improve state-owned companies′ R&D and their technological innovation outputs yet. 
      Compared with the existing literature, the possible margin contributions of this paper lie in: (1) A model to measure enterprises′ financial misallocation degree was constructed based on financing need theory creatively. Not only does it enrich existing financial misallocation measuring method, it also provide references for further research concerning enterprises′ financial misallocation problems. (2) The policy effects of government subsidies on encouraging enterprises to innovate were discussed from both financial misallocation constraint and enterprises′ ownership difference perspectives, which will complement the previous literature concerning the relationship between government subsidies and enterprises′ technological innovation. (3) The results acquired in this paper can help regional governments to optimize their financial resource allocation and perfect their government-subsidy mechanism in order to improve local enterprises′ original invention capability.  

Key words:  nature of controlling interest, financial misallocation, technological innovation, government subsidy effect