集团化经营与企业研发投资——基于知识溢出与内部资本市场视角的分析  

Business Group and R&D Investment——An Analysis from the Perspective of Knowledge Spillover and Internal Capital Market

作　　者：黄俊[1] 陈信元[1] 

机构地区：[1]上海财经大学会计与财务研究院,邮政编码200433

出　　处：《经济研究》2011年第6期80-92,共13页Economic Research Journal

基　　金：教育部人文社会科学重点研究基地重大研究项目(07JJD630007;08JJD630005);教育部人文社会科学研究青年项目(10YJC790094);上海市哲学社会科学规划课题(2009BJB020);上海晨光计划;上海财经大学"211工程"三期重点学科建设项目的资助

摘　　要：针对企业集团这一普遍存在于新兴市场的经济组织,本文基于我国经济转轨的实际,利用中国工业企业数据,深入考察了集团化经营对企业研发投资的影响。研究发现,通过提高企业研发的效应乘数及降低融资成本,集团化经营促进了企业研发,具体表现为集团企业的研发投资显著高于非集团企业。基于制度环境的分析显示,在产权保护越弱的地区,集团化经营对企业研发投资的提升作用更加明显。本文研究证实,集团内部研发投资存在知识溢出效应,即集团企业的技术进步不仅依赖于自身的研发投入,也受惠于其他成员企业的研发投资,而且内部资本市场的构建使得集团企业的研发投资与其他成员企业的现金流相关联。In this paper we use China industrial corporate data to study the influence of group structure, a popular economic form of firm in emerging market, upon one firm＇ s R＆D investment. We find that group affiliation can increase firm motivation in R＆D through increasing the multiplier effect of R＆D investment and decreasing financing cost. This conclusion is strongly evidenced in weaker property protection areas. Further, our analysis supports that R＆D activity of business group has a spillover effect. That is, the technology improvement of group firm is not only attributed to its own R＆D investment, but to R＆D investment of other group members. Finally, R＆D expenditure by group firm is positively correlated with cash flow of other group members through the internal capital market.

关 键 词：企业集团 研发投资 产权保护 知识溢出 

分 类 号：F273.1[经济管理—企业管理] F224[经济管理—国民经济]