融资约束与企业研发投资——来自中国工业企业的微观证据

发布时间：2017-12-31 06:25

本文关键词：融资约束与企业研发投资——来自中国工业企业的微观证据　出处：《中央财经大学学报》2017年05期 　论文类型：期刊论文

【摘要】：基于微观企业层面的数据,本文检验了融资约束对企业研发投资支出的影响。研究结果发现,企业融资能力对企业的研发投资支出具有显著正向作用,企业融资能力增加1%,企业的研发投资支出将增加0.34%。融资约束对企业研发投资支出的作用程度具有个体差异性,并且受到企业所在地区金融发展水平的影响。伴随企业规模的扩大,融资能力对于企业研发投资支出的促进作用随之增大。分样本的研究发现,相对于大规模企业,中小规模企业的研发投资支出对于融资能力的变化较不敏感,且其从地方金融市场获得支持的力度相对较小。私营企业相对于国有企业在创新和研发方面更具有积极性,一旦获得融资,其投资于研发支出的比例更大,然而私营企业获得的地方金融支持却低于国有企业。最后,基于地方金融发展水平与融资能力交叉项的回归分析表明,地区金融发展水平的提高降低了企业研发支出对于信贷融资能力的依赖性。
[Abstract]:The micro enterprise level based on the data, this paper examines the impact of financing constraints on corporate R & D investment spending. The results of the study showed that the ability of financing on corporate R & D investment expenditure has a significant positive effect, the financing capacity of enterprises increased by 1%, corporate R & D investment spending will increase 0.34%. financing constraints have individual differences on the extent of the R & D investment spending, and is influenced by the level of financial development in the area of business. With the expansion of business scale, the financing capacity of enterprises to promote the role of R & D investment spending increases. The study found that compared with large enterprises, small and medium enterprises in R & D investment expenditures for financing capacity is not sensitive to and from the local get support of the financial market is relatively small. Private enterprises compared with the state-owned enterprises in terms of innovation and development of more Enthusiasm, once to obtain financing, its investment in R & D spending a greater proportion of private enterprises to obtain financial support but place is lower than the state-owned enterprises. Finally, the return to the local financial development and financing ability of cross terms based on analysis showed that the level of regional financial development reduce the dependence of R & D expenditures on credit financing ability.

【作者单位】：天津外国语大学国际商学院;南开大学经济学院;对外经济贸易大学中国WTO研究院;
【基金】：国家自然科学基金重点项目“推动经济发达地区产业转型升级的机制与政策研究”(项目编号:71333007) 天津市科技发展战略研究计划项目“全球价值链视角下基于《中国制造2025》的天津市产业转型升级问题研究”(项目编号:15ZLZLZF00170)
【分类号】：F425;F832.4;F273.1
【正文快照】： 一、引言新古典经济学认为技术创新是经济增长的重要源泉,大量研究也表明了科技发明和创新活动对于一国经济的持续发展存在重要作用。近年来,中国经济面临内外部环境重大变化,其在寻求转变经济发展方式和经济增长新动力时将目光聚焦于科技创新。2015年的中央经济工作会议提

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