4.1.3. Mitigating Financing Constraints

Column (3) in Table 10 shows that the coefficient of sub was 0.00962, which was significant at the 10% level, indicating that government subsidies are conducive to enterprises obtaining more external financing. This alleviates enterprise financing constraints and promotes an increase in the quantity of technological innovation [41].

In general, these three mechanisms were significant. In comparison, the role of improving the attention of enterprises was greater, while the role of alleviating financing was relatively small.
