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中文摘要：
我国政府对高技术产业实施了政府研发补贴政策以缓解其融资约束。在我国转型经济背景下，政府仍然在资源配置的过程中占据重要地位，其政策选择对企业的未来发展具有重要影响。政府对企业进行研发补贴前也会进行深度调研，因此获得政府补贴除了能够直接给企业带来现金收益外，还有可能向市场传递了相关的利好信号。基于此，利用我国高技术产业1998--2008年间的面板数据分析了政府补贴在缓解企业研发融资约束方面的作用。结果发现，政府研发补贴有助于促进企业获得更多的银行贷款。进一步分析显示，这种促进作用仅在非国有企业以及市场化程度较低的地区显著。
英文摘要：
The government gives high-tech industry subsidies to relax its financial constraint. In the context of economic transition, government still plays an important role in the allocation of resources. Government＇s policy has important impact on industry＇s development. Before R＆D subsidy, government would do a survey to the enterprises, so the subsidy can bring enterprises cash benefit and also transfer a good signal of the enterprises. This paper studies government subsidies＇ function of transferring signal. Using the data on China＇s high-tech industry, the empirical results indicate that government subsidies can transfer signal and it is more significant in non-state owned industries and with worese external market conditions. The results are very important for alleviating financial constraints of non-state owned industries and improving the efficiency of allocation of capital.
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