债务期限结构与民营企业研发投资——基于银企关联的视角

发布时间：2018-03-26 12:11

本文选题：融资性负债　切入点：高管关联　出处：《系统工程理论与实践》2017年07期

【摘要】：民营制造业拥有较强的创新热情和创新能力,但同时也面临着严重的融资约束和信贷歧视.基于此,本文采用A股民营制造业上市公司数据,从银企关联的视角实证检验了不同期限结构的融资性负债对企业研发投资的影响.研究发现:银企关联的存在明显削弱了短期、长期负债对于研发投资的约束,且对长期融资性负债的作用更为显著;进一步区分银企关联结构的检验发现,相对于高管关联,持股关联在其中的作用更显著,且对于小型公司、高科技公司及金融生态环境较差地区公司的影响更大.特别地,我们还发现建立持股关联的小型公司、高科技公司,其短期负债的约束作用同样被显著削弱.本文的研究结论更加深入地阐释了银企关联在中国民营企业创新中的重要作用,为这种非正式制度对市场化的替代作用及其合理性提供了证据支持,并丰富了金融发展、融资约束与企业创新领域的研究视角及相关文献.
[Abstract]:Private manufacturing industry has strong innovation enthusiasm and innovation ability, but it also faces serious financing constraints and credit discrimination. This paper empirically tests the influence of financing liabilities with different term structure on enterprise R & D investment from the perspective of bank and enterprise association. It is found that the existence of bank and enterprise association obviously weakens the constraints of short-term and long-term liabilities on R & D investment. And the effect on long-term financing liabilities is more significant. The test of further differentiating the relationship structure of banks and enterprises found that the relationship of shareholding is more significant than that of senior executives, and for small companies, High-tech companies and companies in areas with poor financial and ecological conditions have a greater impact. In particular, we have also found that small companies with shareholding links, high-tech companies, The binding effect of short-term liabilities has also been significantly weakened. The conclusion of this paper further explains the important role of bank-enterprise linkages in the innovation of private enterprises in China. It provides evidence support for the substitution and rationality of this informal institution to marketization and enriches the research perspective and relevant literature in the field of financial development, financing constraints and enterprise innovation.
【作者单位】：安徽财经大学会计学院;北京航空航天大学经济管理学院;首都经济贸易大学会计学院;
【基金】：国家自然科学基金(71572007) 国家社会科学基金(14BJY206,15CGL017) 安徽省高校教育厅自然科学重点项目(KJ2017A431)~~
【分类号】：F275;F276.5

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