资本市场促进了高新技术企业研发投入吗——基于中国上市公司动态面板数据的证据  

Capital market,financial constraints and high-tech enterprises' R&D expenditure: evidence from China' listed firms dynamic panel data model with GMM estimation

作　　者：夏冠军[1] 陆根尧[1] 

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018

出　　处：《科学学研究》2012年第9期1370-1377,共8页Studies in Science of Science

基　　金：国家自然科学基金面上资助项目(71173250);教育部人文社会科学基金项目(10YJA630078)

摘　　要：企业研发投入需要大量资金长期持续性的投入,外部股权融资的获取是影响企业研发投入的关键因素。本文首先就资本市场对企业研发投入的影响进行了理论分析,然后基于中国高新技术上市公司动态面板数据,用系统GMM方法实证检验了外部股权融资对企业研发投入的影响。研究发现,资本市场提供的外部股权融资促进了高新技术上市公司的研发投入,并且这种正向影响对规模小的企业更为明显。因此,应鼓励研发密集型中小企业上市,以促进企业研发投入。Due to requirement a massive and sustained influx of funding over a long period of time for Firms＇ R＆D investment, exter- nal equity financing resource for firms＇ R＆D investment is a key factor affecting. In this paper we at first theoretically analyses the im- pact of capital market on firms＇ R＆D investment. Subsequently, Using the dynamic panel Data on China＇ high - tech listed firms with GMM Estimation; we empirically investigate external equity financing＇ s influence on high -tech firms＇ R＆D investment. The study finds that external equity financing offered by capital market has a positive effect on the firms＇ R＆D investment, particularly for small firms. This article gives new empirical evidence for it and insights into the microcosmic mechanism of the effect of Chinese capital mar- ket on the real economy.

关 键 词：资本市场 外部股权融资 企业研发投入 

分 类 号：F281.5[经济管理—国民经济]