融资约束对我国中小企业研发投资的影响研究

发布时间：2019-01-30 10:36

【摘要】：现代企业越来越重视自身产品的创新,创新来源于企业的研究与开发（RD）活动，成功的研发能够极大提升企业产品的核心竞争力,促进企业发展。目前,我国中小企业的研发投资水平普遍较低，笔者认为这是造成目前我国中小企业生存困难的根源所在。现已有的大量学术研究都比较关注于影响研发投资的非融资因素，但研发投入的资金供给不足可能是造成中小企业研发强度低的首要问题。越来越多的国外学者已经开始关注研发投资受到融资约束的问题，他们的研究结果证明制约研发投入的主要影响因素之一便是研发投资的融资约束问题，而国内在研发投资的融资约束这一问题上的研究还不是很多。本文基于2007-2012年80家深圳中小板上市公司的平衡面板数据，，以中小企业的信用评级作为融资约束指标的衡量，对我国中小企业RD融资约束问题进行了回归分析。实证研究的结果证明，我国中小企业中普遍存在研发投资的融资约束问题；我国中小企业RD投资的融资约束问题在国有控股企业和非国有控股企业之间，以及大规模企业和小规模企业之间存在差异，非国有股权中小企业和较小规模的中小企业受到的融资约束程度更严重。从融资渠道来看，内部融资对我国中小企业的研发投资有显著正向影响，债务融资与中小企业的研发投资没有显著关系，说明中小企业的研发投资很难从债务融资渠道获得资金支持。本文分析发现，我国中小企业上市公司股权融资的目的甚少是为了研发投资，且对于中小企业整体来说，能够满足条件上市融资的只占了极少数。实证结果说明我国中小企业的研发投资从外部融资渠道获得资金支持比较困难，内部资金是研发投资的主要甚至是唯一来源，在中小企业内部资金有限的情况下，研发投资受到较大的融资约束。
[Abstract]:Modern enterprises pay more and more attention to the innovation of their own products. The innovation comes from the research and development of (RD). Successful R & D can greatly enhance the core competitiveness of enterprise products and promote the development of enterprises. At present, the level of R & D investment of small and medium-sized enterprises in our country is generally low. A large number of academic researches have paid more attention to the non-financing factors that affect R & D investment, but the shortage of R & D investment may be the primary problem that causes the low R & D intensity of small and medium-sized enterprises. More and more foreign scholars have begun to pay attention to the problem that R & D investment is restricted by financing. Their research results prove that one of the main influencing factors of R & D investment is the financing constraint of R & D investment. However, the domestic research on the financing constraints of R & D investment is not much. Based on the balance panel data of 80 listed companies in Shenzhen from 2007 to 2012, this paper makes a regression analysis of the RD financing constraints of SMEs in China, taking the credit rating of SMEs as a measure of financing constraints. The results of the empirical research prove that the financing constraints of R & D investment are common in the small and medium-sized enterprises in China. There are differences between state-owned holding enterprises and non-state-owned holding enterprises, as well as between large-scale enterprises and small scale enterprises. Non-state-owned SMEs and small-sized SMEs are more severely constrained by financing. From the perspective of financing channels, internal financing has a significant positive impact on R & D investment of SMEs in China. Debt financing has no significant relationship with R & D investment of SMEs. It shows that R & D investment of small and medium enterprises is difficult to obtain financial support from debt financing channel. This paper finds that the purpose of equity financing of SMEs listed companies in China is very little for R & D investment, and for SMEs as a whole, only a few of them can meet the requirements of listed financing. The empirical results show that the R & D investment of SMEs in China is difficult to obtain financial support from external financing channels, and internal funds are the main or even the only source of R & D investment. R & D investment is subject to greater financing constraints.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F275;F273.1;F224

【共引文献】