Abstract：The main reason of enterprises' financing difficulties is information asymmetry,the public R&D subsidies can help the enterprises to send signals about their qualities.Using propensity score matching(PSM)and the Shenzhen SE listed technological companies as a sample,this paper analyzed the influence of public R&D subsidies on external financing.It is found that the public R&D subsidies can improve the debt financing,but not the equity financing.The results provide a new idea to solve the financing constraint,and can also help the making and delivery of public R&D subsidies policies
李爱玲,王振山. 政府研发资助能否帮助企业获得外部融资[J]. 中国科技论坛, 2015(12): 115-119.
Li Ailing,Wang Zhenshan. Are the Public R&D Subsidies Able to Improve the External Financing of Enterprises?. , 2015(12): 115-119.
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