Abstract: The influence of the degree of financing constraints on the performance of Industry-University-Institute collaborative innovation projects that implemented by Guangdong province and led by the enterprises has been analyzed, and the regulatory effect of the government subsidies on the relationship has also been analyzed. The results show that the influence of the degree of financing constraints on the performance of Industry-University-Institute collaborative innovation projects is negative. The regulatory effect of the government subsidies on the relationship is positive which means that the government subsidies can mitigate the negative impact of financing constraints on the innovation performance of Industry-University-Institute collaborative innovation projects to some extent. Compared with state-owned enterprises, the government subsidies are more effective to relieve the financing constraints that non-state-owned enterprises facing in product innovation. But the government subsidies have smaller effect on relieving the financing constraints that non-state-owned enterprises facing in patent research and development.

摘要： 本文以广东省产学研合作项目为例，分析和探讨了企业所面临的融资约束程度对由企业主导的产学研合作项目创新绩效的影响，同时分析了政府补贴对该影响的调节作用。研究结果表明，企业所面临的融资约束程度对由企业主导的产学研合作项目的创新绩效具有显著的负向影响，而政府补贴则对该影响具有显著的正向调节作用，即政府补贴可以在一定程度上缓解融资约束对产学研合作创新绩效的负向影响。同时从所有制的角度来看，与国有企业相比，政府补贴对非国有企业在产品创新方面所面临的融资约束问题改善的作用更为明显，而对专利研发方面所面临的融资约束问题改善的作用相对较小。