关键词: 研发补贴, 税收优惠, 政策组合, 融资约束, 研发投入, 混杂因素

Abstract: Based on the propensity score matching method, this paper explored the impact of research and development subsidies, tax incentives, and their mix on corporate research and development investment from the perspective of financing constraints using the data of Chinese listed companies from 2008 to 2019. It removed confounding factors to make the research results more accurate. The results show that there is a significant difference between the results of removing confounding factors and not removing confounding factors, indicating that the presence of confounding factors would lead to biased results. Under the condition of removing confounding factors, the research and development subsidies or tax incentives have a promoting effect on corporate research and development investment without financing constraints but it is difficult for research and development subsidies or tax incentives to have the original promoting effect on corporate research and development investment when there are financing constraints. However, regardless of whether the corporate is faced with financing constraints, the policy mix of research and development subsidies and tax Unmarked can significantly promote corporate research and development investment. Therefore, the policy mix has a more significant and stable impact on corporate research and development investment than a single policy. This paper contributes to enriching the theoretical research in this field, and providing important reference significance for the formulation of relevant policy mixes in China.

Key words: research and development subsidies, tax incentives, policy mix, financing constraints, research and development investment, confounding factors