政治联系、债务融资与企业研发投入——来自中国上市公司的经验证据  

Political Connections,Debt Financing,and Firm R&D Investment:Evidence from Listed Companies in China

作　　者：王宇峰[1] 张娜[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410079

出　　处：《财经理论与实践》2014年第3期60-64,共5页The Theory and Practice of Finance and Economics

基　　金：湖南省社科基金(13YBA075)

摘　　要：以2009~2012年连续四年披露研发投入的中国上市公司为样本,实证检验政治联系、债务融资对企业研发投入行为的影响。结果表明,企业的研发投入面临债务融资约束,债务融资比例(银行借款)与研发投入强度之间呈现负相关关系,长期借款对研发投入强度的债务制约作用比短期借款更大,政治联系对企业的研发投入产生了"挤占"效应,抑制了R&D投资,虽然给企业带来了一定的长期债务资源,但并未能如预期产生显著的"资源效应",扭转企业债务融资困境。On the basis of listed companies R^D investment data from 2009 to 2011 ,this pa- per empirically studies the influence of political connection and debt financing have on a firm＇s R＆D investment. It is suggested that there is an inverse correlation between the ratio of debt financing （bank loans） and the R＆D investment intensity. Due to a large amount of short-term debts, firms fail to reverse the debt financing constraints. Although political connections bring certain long-term debt resources to firms, they fail to generate significant ＂resource effect＂ and do not drive up firms＂ R＆D investment as expected. On the contrary, political connections also bring ＂crowding-out＂ effect.

关 键 词：研发投入 债务融资 债务期限结构 政治联系 

分 类 号：F830.59[经济管理—金融学]