Abstract
Purpose The purpose of this paper is to analyze the impact of fiscal and tax policies and financing constraints on R&D investments of small and medium-sized enterprises;and provide useful references for the government and financial institutions to formulate relevant policies. Design/Methodology/Approach This paper takes the non-financial enterprises listed on the SME Board of Shenzhen Stock Exchange from 2010 to 2018 as the research object;establishes a series of variables according to the research content;and establishes a multiple linear regression model;and then it makes correlation analysis and regression analysis on the data with SPSS software. At last;it tests the robustness of the model. Findings Through this study;we find that fiscal and tax support policies have a positive effect on SME R&D innovations;financing constraints are significantly negatively correlated with SME R&D innovations;and financing constraints will significantly inhibit the positive effect of fiscal and tax support on SME R&D innovations. Research Implications This paper deeply analyzes the influence of objective factors on the R&D investment of enterprises from the three aspects of government (policy);financial institutions (capital) and enterprises;the results can provide more targeted references for the formulation of policies.
Published Version
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